The global bio based polyolefins market has been witnessing strong growth in the Asia Pacific region over the past few years on account of the 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. The demand for bio-based polyolefins is increasing owing to the growing application scope in the 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, an increasing number of plants and rising production capacities in the Asia Pacific region including China, India, and South Korea is further expected to result in a 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), polymethylmethacrylate (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. The 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 market 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. Automotive 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 Europe market are expected to witness considerable growth owing to a 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.
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The COVID-19 pandemic and subsequent halt in manufacturing activities shall have an impact on the supply availability of a variety of renewable chemicals. Furthermore, current disruption in trade shall also gravely impact the availability of chemical stocks in import-dependent countries. The report will account for Covid19 as a key market contributor.