Bio based polyolefins market has been witnessing strong growth in Asia Pacific region over the past few years on account of increasing popularity of bio based polyethylene and polypropylene. Stringent regulations regarding usage of synthetic polymers coupled with increasing environmental concerns are key factors driving the market growth over the forecast period. In addition, technological advancements and increased R&D activities in order to improve manufacturing processes and enhance product applications are further expected to accelerate the bio based polyolefins market growth over the next seven years. Demand for bio-based polyolefins is increasing owing to growing application scope in packaging industry. Increasing demand from end-use industries including films & sheets, injection molding, blow molding and fiber & tapes is expected to drive the market over the foreseeable period. In addition, increasing number of plants and rising production capacities in Asia Pacific region including China, India and South Korea is further expected to result in higher market share for the region over the next seven years. However, relatively high prices of bio based polyolefins as compared to synthetic polyolefins are anticipated to hinder the market growth.
Based on product, bio-based polyolefins market can be segmented into polypropylene, polyethylene and others including polyvinyl chloride (PVC), polystyrene (PS), polyvinyl acetate (PVA), polymethylmetacrylate (PMMA), polyacrylic acid (PAA). Polypropylene and polyethylene have been the largest product segments in the market owing to increasing application scope in packaging, automotive & transportation, and building & construction sectors. Strong growth of these end-use industries owing to increasing government spending is expected to boost the market over the forecast period. New product developments in terms of bio based polyhydroxyalkanoates (PHA) and polylactic acid (PLA) are expected to accentuate market opportunities over the forecast period.
Major applications of bio-based polyolefins include packaging, building & construction, automotive & transportation and others including blow molded bottles, stretch & shrink films and detergents. Packaging emerged as the leading application segment on account of shifting demand from synthetic polymers to bio based polyolefins in 2013. Automotives and transportation is the second largest market for bio based polyolefins owing to its increased application in manufacturing automotive parts. Moreover, building & construction is expected to witness strong growth in the bio based polyolefins market over the forecast period on account of increasing construction projects in emerging countries such as India, China and Brazil. Other end-use applications such as blow molded bottles, stretch & shrink films and detergents are expected to boost demand for these bio based polyolefins over the foreseeable period. Asia Pacific was the largest market for bio-based polyolefins in 2013 followed by Europe and North America. Asia Pacific has huge installed plant capacities in various countries such as China, India, South Korea and Saudi Arabia. North America and European market is expected to witness considerable growth owing to large number of end-use industries present in the regions.
Key players in the bio based polyolefins market include SABIC, Procter & Gamble Co., The Dow Chemical Company, and Braskem.
Avail customized purchase options to meet your research needs:
Get your queries resolved from an industry expert. Request for a free product review before report purchase.
Speak to the report author to design an exclusive study to serve your research needs.
A testimonial for service excellence represented in the form of BBB "A" Accreditation.
Your personal and confidential information is safe and secure.