The report forecasts the global bio polypropylene market to grow at a CAGR of 5.95% during the period 2017-2021.
The report, Global Bio Polypropylene Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the Key vendors operating in this market.
One trend in the market is sustainable packaging solutions. Multinational companies like Coca-Cola, Procter & Gamble, Heinz, and Danone are searching for better options for sustainable packaging of their products. The closures used in beverage bottles are usually made from bio PP, thereby providing an optimal solution for sustainable packaging. The industry refers to sustainable packaging as a highly biodegradable food packaging, which is an alternative to plastic, paper, and styrofoam.
According to the report, one driver in the market is rising preference of consumers for biodegradable products. According to a survey conducted by the European Commission in the 27 Member States of the European Union in 2012, only 15% of the EU citizens do not buy eco-friendly products. The survey was done under the Single Market for Green Products initiative adopted by the European Commission. Bio PP is extensively used for producing bottle closures for beverage bottles. The increasing inclination of consumers toward bio-based products, food, and beverages is urging the use of bio PP as packaging material due to its light weight and reduced wall thickness.
Further, the report states that one challenge in the market is increasing availability of shale gas. The expansion in production capacity of shale gas in the US is diminishing the cost of gas worldwide because of the decreasing demand for liquefied petroleum gas in the US. The plastics business is expected to recover as the US has been producing low-cost raw materials for the plastic industry. The abundant availability of natural gas and common gas in the liquefied state has been attracting huge investments to enhance the capacity for new plastic resins. Plastic resins need to be processed and additional substances need to be mixed to attain certain required properties.