PORTLAND, Oregon, November 30, 2018 /PRNewswire/ --
Increased focus on reducing carbon emissions, rise in adoption of specialty polymers, and preference for injection-molded parts due to their low weight drive the growth of the global bio based polypropylene market
Allied Market Research published a report, titled, Bio Based Polypropylene Market, by Application: Global Opportunity Analysis and Industry Forecast, 2018-2025. The report provides detailed analyses of the top winning strategies, market share & estimations, driving factors & opportunities, key market segments, and competitive landscape. According to the report, the global bio-based polypropylene market generated $32.03 million in 2017 and is expected to reach $53.03 million by 2025, registering a CAGR of 6.5% from 2018 to 2025.
Proactive measures to reduce carbon emissions, increased adoption of specialty polymers, and aggrandized preference for injection-molded parts due to their low weight drive the growth of the market. However, increasing availability of substitutes including bio-based PET and PLA hampers the growth of the market. On the other hand, growing usage of polypropylene films in various applications such as food packaging, shrink films, and others would create new opportunities in the industry.
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Injection application segment to retain lion's share by 2025
Injection application segment accounted for more than one-third of the total market share in 2017 and is expected to continue to maintain its dominant position by 2025. This is attributed to the growing demand for injection molded parts across various end-user industries such as aerospace, automotive, and electrical & electronics. However, films application would register the highest CAGR of 7.4% from 2018 to 2025, owing to increasing applications in packaging such as tape liners, shrink wrap, food packaging, and others. The report also analyzes textile and other applications.
Europe to dominate in terms of revenue by 2025
Europe held the major market share in 2017, accounting for more than one-third share of the total market, owing to rise in demand for injection molded polypropylene for the production of automobiles and stringent regulations for curbing emissions from vehicles. This region is projected to retain its dominance through 2025. However, North America would register the fastest CAGR of 6.9% from 2018 to 2025, owing to increase in product consumption for injection molding in various industries including aerospace, electrical & electronics, and others.
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Leading market players
The leading market players analyzed in the report are Braskem, Biobent Polymers, SABIC, FKuR Kunststoff GmbH, Neste, Sinopec Group, Novamont SpA, Global Bioenergies, PTT Global, Trellis Earth Products, Inc., and DowDuPont. These players have adopted different strategies such as collaborations, mergers & acquisitions, joint ventures, partnerships, expansions, and others to gain a strong position in the industry.
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