The growing demand for lightweight automotive materials and the increasing application of renewable polypropylene in the construction industry are driving the demand for the market.
Market Size – USD 37.9 Million in 2019, Market Growth - CAGR of 6.2%, Market Trends – The rise in eco-friendly polymer use in several industries.
VANCOUVER, BC, Oct. 22, 2020 /PRNewswire/ -- The global Renewable Polypropylene Market is forecasted to be worth USD 59.3 Million by 2027, according to a current analysis by Emergen Research. The renewable polypropylene market is forecasted to grow substantially owing to the rising demand from industries like automotive, construction, and electronics. The increasing concern of automotive manufacturers about greenhouse gas emissions resulted in the rising use of renewable polypropylene. Besides, government regulations for the use of lightweight materials in vehicles that help cars consume less fuel are expected to augment the renewable polypropylene market shortly.
However, the presence of various alternatives are anticipated to restrain market growth over the forecast period.
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Key Highlights from The Report
- In August 2017, Exxon Mobil Corporation announced the acquisition of Jurong Aromatics Corporation Pte Ltd. The deal will improve both sites' operational and logistical efficiencies and increase ExxonMobil's productivity.
- Over the forecast timeframe, the corn segment is anticipated to dominate market growth due to the high-water resistance ability of corn, and low costs lead to its increasing demand in various sectors.
- Due to the increasing use of this application in the automobile sector, the injection segment accounted for the largest market with a CAGR of 6.3% over the forecast period.
- Due to the demand for renewable polypropylene in the automotive segment, this segment is projected to dominate the market over the forecast timeframe. Renewable polypropylene can be used for various applications in the construction projects, which is expected to boost the segmental growth over the forecast period.
- Due to several regulations of the European commission endorsing the use of degradable polymers owing to its high renewable properties and low air pollution during the manufacturing process, Europe is expected to dominate the market over the forecast timeframe.
- During the forecast period, North America is expected to see substantial growth due to the rise in the use of biodegradable polymers by the construction industry in the region.
- Key participants include Global Bioenergies SA, Braskem SA, The Dow Chemical Company, Mitsubishi Chemical Holdings Corporation, Biobent Holdings, LLC, Neste Oyj, Exxon Mobil Corporation, Trellis Earth Products, Inc., LyondellBasell Industries N.V., and DuPont de Nemours, Inc., among others.
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Emergen Research has segmented the Global Renewable Polypropylene Market on the basis of source, application, end-use, and region:
- Source Outlook (Revenue, USD Million; 2017-2027)
- Application Outlook (Revenue, USD Million; 2017-2027)
- End-Use Outlook (Revenue, USD Million; 2017-2027)
- Regional Outlook (Revenue, USD Million; 2017-2027)
- North America
5. Rest of Europe
- Asia Pacific
3. South Korea
5. Rest of APAC
- Latin America
2. Rest of LATAM
- Middle East & Africa
1. Saudi Arabia
3. Rest of MEA
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At Emergen Research, we believe in advancing with technology. We are a growing market research and strategy consulting company with an exhaustive knowledge base of cutting-edge and potentially market-disrupting technologies that are predicted to become more prevalent in the coming decade.
With market-leading insights and an in-depth understanding of leading and niche technologies, our solutions address the most pertinent questions for your business needs. A major technological shift has been witnessed towards creating a 'Circular Economy,' fuelled by factors, such as the increased adoption of bio-based materials, along with other methods for achieving carbon neutrality. We are conversant in technologies, viz., Artificial Intelligence (AI), Augmented Reality (AR), Virtual Reality (VR), Robotic Process Automation (RPA), Smart Manufacturing, Internet of Things (IoT), Big Data Analytics, Machine learning, Nanotechnology, Edge Computing, Blockchain Technology, Cloud Computing, Vehicle Electrification, Advanced Maintenance Analytics, and Predictive Maintenance, among other prevalent and emergent technologies.
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