Pune, India -- (SBWIRE) -- 11/06/2018 -- The main objective of this report is to define, describe, and forecast the global "Bio-Based Polypropylene" market on the basis of types of applications, major sectors, deployment models, organization size, and regions. The report contains an analysis of the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges). It aims to strategically analyze the micromarkets with respect to individual growth trends, prospects, and their contribution to the market. The report attempts to forecast the market size for 5 major regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. It contains key vendor profiles and comprehensively analyzes their core competencies. The report also tracks and analyzes competitive developments, including partnerships, collaborations, acquisitions, new product developments, and R&D activities in the market. According to the report, the global bio-based polypropylene market is projected to grow at a CAGR of 5.3% over the forecast period of 2018-2024.

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IKEA and Neste confirm large-scale production of renewable, bio-based polypropylene plastic.

In Jan 2018- IKEA has collaborated with Neste Corporation to utilize renewable residue and waste raw materials in the production of plastic products. It will be the first large-scale production of renewable, bio-based polypropylene plastic globally. IKEA is a Swedish-founded multinational group that designs and sells ready-to-assemble furniture, kitchen appliances, and home accessories and other useful products that tries to create a positive impact on people and the planet while growing the business, which includes using more renewable and recycled materials and explores new materials for IKEA products.

The pilot at a commercial scale of PP and PE plastic, chosen to contain 20 percent renewable content, will start during fall 2018. The production of bio-based plastics will be based on Neste's 100 percent renewable hydrocarbons. IKEA will use the new plastic in products that are part of the current product range, such as plastic storage boxes, starting with a limited number of products. As capacities improve, more products will follow.

"The production of bio-based plastics at a commercial scale is a major achievement in the cooperation between Neste and IKEA, while it also marks a significant milestone in Neste's strategy. IKEA is the first company to benefit from the developed supply capability that helps companies and brand owners towards replacing fossil-based raw materials with sustainable bio-based raw materials," said Senior Vice President Tuomas Hyyryläinen from Neste's Emerging Businesses business unit.

Rising Demand for Degradable and Light-Weight Bio-Based Materials  in Packaging and Automobile Industry to Drive the Bio-Based Polypropylene Market

The rising demand for degradable and light-weight bio-based materials in packaging and automobile industry are the major drivers for the growth of the bio-based polypropylene market. The need to reduce the weight of vehicles will drive the growth of bio-polypropylene in the automotive industry. Furthermore, several companies are adopting bio-based raw materials instead of fossil-based raw materials for the production of biodegradable plastic products to reduce the emission of greenhouse gases that will propel the growth of bio-based polypropylene market. However, the use of sugarcane and vegetable crops creates pressure on the food supply and the presence of cost-effective synthetic polymers hinders the growth of bio-based polypropylene. Moreover, the rise in technological innovations in the field of biotechnology and bio-based products for reducing the dependence on fossil raw materials will create an opportunity for the growth of bio-based polypropylene. 

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North America region to hold the dominant position in the bio-based propylene market

Geographically, North America region holds the dominant position in the bio-based propylene market owing to the growth of the automobile industry in this region. Europe is a leading market owing to an increase in regulations to control non-degradable plastic usage. Asia-Pacific is the fastest growing market and is expected to dominate the bio-based propylene market owing to the rise in the automotive industry in this region. The need to reduce the weight of vehicles will drive the growth of bio-polypropylene in Asia-Pacific region.

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