A recent study by Persistence Market Research Ltd, reveals that bio-based polypropylene market will witness an unprecedented growth in the coming years.
Though synthetic polypropylene (PP) is widely used in a variety of applications such as textiles, stationery, plastic parts, and other consumer items, it renders negative impact on environment and health.
Also, the rising prices of petroleum based-compounds due to instability in the crude oil prices worldwide has compelled PP users to switch to alternative material. Increasing demand for lightweight and environmentally materials across several industries are also other important factors that will drive the bio-based PP market.
Bio-based polypropylene, on the other hand, is made of biomass such as corn, sugarcane, cereals, and vegetable oil. Using items made of bioplastic can contribute to mitigating potentially irreversible changes to the environment. It will also lead to the reduction in litter, saving of fossil resources and reduction in the carbon footprint.
Market size of Bio-based PP today:
The market volume of bio-based plastic is still low as compared to synthetic polypropylene. Nevertheless, the growth rates of the former are impressive. Bio-based plastic finds its application across several industries such as automobiles, medical devices, packaging, pipe systems, and textiles. Approximately, 2% of plastic manufactured worldwide is bio-based and has led to the creation of 220,000 jobs.
Presently, Europe is dominating the global bio-based PP market followed by North America and Asia-Pacific. In the US alone, the bio-based industry contributed to almost $393 billion and 4.2 million jobs. It is estimated that China and India will emerge as the key markets for bio-based due to the spurring growth in automotive and construction sectors in these countries. Because of its clear advantages, bio-based plastics can assist in creating a more sustainable world economy.