Biobased Polypropylene Market Developing Trade With SWOT And Forecast 2031

Biobased Polypropylene Market Introduction:

·         Polypropylene, also termed as polypropene, is a type of thermoplastic polymer resin. It can be employed in a wide range of applications such as textiles, labeling and packaging, plastics, stationery, and laboratories. Biobased polypropylene has features similar to synthetic polypropylene. However, it is manufactured from biobased raw materials such as corn, sugarcane, and beet.

·         The global biobased polypropylene market can be segmented based on manufacturing process, application, and region. In terms of manufacturing process, the market can be bifurcated into fermentation and gasification. Among these, fermentation is the leading segment. Demand for ethanol derived biobased polypropylene is estimated to increase significantly during the forecast period due to its high acceptance from the market. In terms of application, the biobased polypropylene market can be divided into injection, textile, films, food packaging industry, and others. Among these applications, demand for biobased polypropylene is projected to increase in the food packaging industry and the films segment during the forecast period. Additionally, a rise in trend of using lightweight films in the automotive industry is estimated to propel the demand for biobased polypropylene during the forecast period. Biobased polypropylene is extensively employed in packaging of food products such as vegetables, meat, and confectionery products.

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Key Drivers of Biobased Polypropylene Market

·         Demand for biobased polypropylene has been increasing due to a rise in its consumption in various industries. Additionally, factors such as growing need for reduction of GHG emission and rising demand for bio-derived products due to environment concerns are projected to propel the demand for biobased polypropylene during the forecast period.

·         Increase in initiatives to minimize carbon emissions and surge in investments in R&D activities to develop biobased polypropylene are anticipated to fuel the market in the next few years. Furthermore, a rise in the demand for sugarcane, soya, and corn from the food & beverage industry impacts the availability of raw materials required in the manufacture of biobased polypropylene. This may hamper the market during the forecast period.

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Restraints of Biobased Polypropylene Market

·         Significant availability of substitute products including polylactic acid and biobased PET is estimated to restrain the market in the next few years. Lack of universal directives pertaining to applications of biobased polypropylene is expected to restrain the market during forecast period. Every country has different directives pertaining to applications of biobased polypropylene. Companies find it difficult to deal with these county-wise regulations, which in turn hinders investment in biobased polypropylene market and consequently, it is projected to restrain the market during the forecast period.

·         High cost of production and distribution is the major factor restraining the biobased polypropylene market.

COVID-19 impact on Biobased Polypropylene Market

·         The COVID-19 pandemic is hampering the demand for biobased polypropylene in numerous applications. Several governments across the globe enforced a lockdown as a measure to curb the spread of the coronavirus. This lockdown led to the slowdown and halt in manufacturing operations, restrictions on supply and transport, and infrastructure slowdown, which hampered the demand for biobased polypropylene.

·         Key players operating in the biobased polypropylene market are primarily tier I and tier II manufacturers and suppliers. Manufacture and supply chain facilities of these manufacturers have spread across various countries in Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Many of these players have halted their production output over the last few months due to the COVID-19 pandemic. The pandemic has negatively impacted the demand and supply chain of these materials. Thus, demand for biobased polypropylene market declined in 2020.

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North America to hold Major Share of Biobased Polypropylene Market

·         Based on region, the global biobased polypropylene market can be segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is a major region of the global biobased polypropylene market, as the U.S. EPA has imposed regulations on the adoption of biobased polypropylene. This, in turn, is propelling the demand for biobased polypropylene in the region.

·         The market in Europe is anticipated to expand at a rapid pace during the forecast period, followed by North America. The supportive regulatory framework from the governments in Europe toward adoption of biobased polypropylene propels the market in the region. The biobased polypropylene market in Middle East & Africa and Latin America is projected to expand at a moderate pace in the near future, due to the presence of developing economies in these regions.

Biobased Polypropylene Market Key Players

Major players operating in the biobased polypropylene market are adopting various organic and inorganic growth strategies such as joint ventures, mergers & acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development to increase their regional presence and business operations. Key players operating in the market include

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