Bio polypropylene (PP) market size is likely to be valued at USD 40.3 million by 2022; as per a new research report by Global Market Insights, Inc. Increase in lightweight plastics demand to optimize vehicle fuel efficiency and decrease overall weight is likely to drive the bio PP market size. These materials also find use in applications such as pressure vessels, medical technology and wind turbines, another factor which should drive overall demand.
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Injection applications led bio PP market share and accounted for over 52% of the global consumption in 2014. These applications are likely to witness significant gains, due to their use in manufacturing of injection molded parts for applications such as automotive, packaging, construction and electronics. Textile applications are anticipated to witness below average growth rate of 5.9%, from 2015 to 2022.
Stringent regulations from EPA and the EU (Regulation No.443/2009) specify reducing carbon footprints and increase vehicle fuel economy, which should help industry participants find market acceptance. Preference of substitute products such as PLA & bio PET coupled with shale gas production from hydraulic fracturing is anticipated to hamper industry growth.
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Key report insights suggest:
- Global Bio PP market size was estimated 11.4 kilo tons in 2014 and should register 18.0 kilo tons by 2022, growing at over 6% from 2015 to 2022.
- Europe bio PP market share dominated global demand and accounted for 37.6% of the total volume in 2014, and is likely to grow steadily over the forecast period. Favorable government regulations promoting bioplastics usage coupled with presence of automotive giants in countries such as France and Germany is likely to drive regional demand. Injection application demand in Europe registered over 2 kilo tons in 2014 and is likely to grow at a CAGR of 6.5% up to 2022.
- U.S. bio PP market share is likely to witness significant growth, at an estimated CAGR of 6.5% from 2015 to 2022. Asia Pacific accounted for less than 20% of the market share and is anticipated to witness moderate growth rates over the forecast period.
- Bio PP market share is presently at a nascent stage, with a number of companies focusing on raw material innovation to reduce cost. Companies operating in this market include Trellis Earth Product, Dow Chemicals, Global Bioenergies, Braskem and Biobent Polymers.