Bio-based Polypropylene In Medical Devices Market, By Product Type, By Application, By Country, and By Region - Industry Analysis, Market Size, Market Share & Forecast from 2023-2030
Bio-based Polypropylene In Medical Devices Market size was valued at USD 12.2 Million in 2022, expanding at a CAGR of 18.5% from 2023 to 2030.
An alternative to conventional polypropylene, which comes from fossil fuels, is called "bio-based polypropylene", which is a kind of polypropylene polymer created from sustainable biological resources like plants or other biomass. Usually, polypropylene is extracted or synthesized from biomass sources such as corn, sugarcane, or other plant components to produce bio-based polypropylene.
Bio-based Polypropylene In Medical Devices Market- Market Dynamics
Growing product launch drives market expansion
The increasing product launch is expected to propel the market growth during the forecast period. For instance, in July 2023, VersaflexTM HC BIO thermoplastic elastomer (TPE), Avient Corporation's newest bio-derived healthcare product, is now available. The original Versaflex HC BIO BT218 grade was created as a more environmentally friendly substitute for biopharmaceutical tubing. It is made with around 40% first-generation biomass content, which leaves a smaller carbon footprint than other options.
Bio-based Polypropylene In Medical Devices Market- Key Insights
As per the analysis shared by our research analyst, the global Bio-based Polypropylene In Medical Devices market is estimated to grow annually at a CAGR of around 18.5% over the forecast period (2023-2030)
The Bio-based Polypropylene In Medical Devices industry is projected to grow at a significant rate due to the growing sustainability initiatives
Based on product type segmentation, the Lignocellulosic Biomass segment is expected to capture a substantial revenue share during the forecast period
Based on application segmentation, the Heart Valve Structures segment is expected to hold the largest market share during the forecast period
Based on region, the Asia Pacific is expected to dominate the market during the forecast period
Bio-based Polypropylene In Medical Devices Market- Segmentation Analysis:
The Global Bio-based Polypropylene In Medical Devices Market is segmented based on Product Type, Application, and Region.
Based on the product type, the market is bifurcated into Starch, Sugars, Lignocellulosic Biomass and Others. The Lignocellulosic Biomass segment is expected to capture a substantial revenue share during the forecast period. Dry plant materials, or lignocellulosic materials, are widely distributed in the natural world. Its strength comes from the combination of an aromatic polymer and carbohydrate polymers. One of the key materials utilized in the manufacture of bioproducts, bioethanol, electricity, and heat is lignocellulosic material. A blend of cellulose, lignin, hemicellulose, and tannins constitutes lignocellulosic material.
Based on the application, the industry is segmented into Surgery Sutures, Heart Valve Structures, Surgical Mesh and Others. The Heart Valve Structures segment is expected to hold the largest market share during the forecast period. Globally, the cardiac sector of the medical business is seeing a surge in demand for technical breakthroughs due to the rising prevalence of heart disorders and cardiac arrest deaths. During the forecast period, this is expected to increase demand for the bio-based polypropylene heart valve structures field.
Bio-based Polypropylene In Medical Devices Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. The Asia Pacific is expected to dominate the market during the forecast period. The demand for bio-based polypropylene in medical devices is expected to grow during the projected period due to factors such as an ageing population, increased healthcare expenditures, and technological advancements in emerging nations like China and India. According to the World Health Organization, China had 254 million older adults (60 years of age or older) and 176 million older adults (65 years of age or older) by 2019. 402 million individuals, or 28% of the population, are predicted to be over 60 by 2040. The Ministry of Health and Family Welfare (MoHFW) of the Government of India released the country's 2022-2023 budget, which includes a medical expenditure of USD 10.49 billion (Rs. 862 billion). Furthermore, the need for the use of bioplastics in medical applications has increased due to technological advancements in countries like China, Japan, and Southeast Asia. This is expected to drive the market growth in the region.
Bio-based Polypropylene In Medical Devices Market- Competitive Landscape:
The key players in the Bio-based Polypropylene In Medical Devices market have adopted various strategies such as product launches, acquisitions, partnerships and others to capture a strong share of the industry. Some of the prominent players are Mitsui Chemicals, Inc., SABIC, Borealis AG, LyondellBasell Industries Holdings B.V., Braskem, Total S.A., Danimer Scientific, FKuR Kunststoff GmbH, GREENMANTRA and Avient Corporation among others.
Recent Developments:
In January 2023, the biggest manufacturer of polyolefins in the Americas, Braskem is also a leader in the worldwide biopolymer industry and the first company to develop biopolymers on an industrial scale. Recently, the company announced an assessment of an investment in the production of carbon negative bio-based polypropylene (PP) in the United States. The project would turn bioethanol into physically separated bio-based polypropylene using Braskem's tried-and-true, in-house technology. For this endeavor, Braskem is looking into joint venture possibilities with several customers, suppliers, and brand owners.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL BIO-BASED POLYPROPYLENE IN MEDICAL DEVICES MARKET KEY PLAYERS
Mitsui Chemicals, Inc.
SABIC
Borealis AG
LyondellBasell Industries Holdings B.V.
Braskem
Total S.A.
Danimer Scientific
FKuR Kunststoff GmbH
GREENMANTRA
Avient Corporation
GLOBAL BIO-BASED POLYPROPYLENE IN MEDICAL DEVICES MARKET, BY PRODUCT TYPE
Starch
Sugars
Lignocellulosic Biomass
Others
GLOBAL BIO-BASED POLYPROPYLENE IN MEDICAL DEVICES MARKET, BY APPLICATION
Surgery Sutures
Heart Valve Structures
Surgical Mesh
Others
GLOBAL BIO-BASED POLYPROPYLENE IN MEDICAL DEVICES MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA
Table of Contents
1. Bio-based Polypropylene In Medical Devices Market Overview
1.1. Study Scope
1.2. Market Estimation Years
2. Executive Summary
2.1. Market Snippet
2.1.1. Bio-based Polypropylene In Medical Devices Market Snippet by Product Type
2.1.2. Bio-based Polypropylene In Medical Devices Market Snippet by Application
2.1.3. Bio-based Polypropylene In Medical Devices Market Snippet by Country
2.1.4. Bio-based Polypropylene In Medical Devices Market Snippet by Region
2.2. Competitive Insights
3. Bio-based Polypropylene In Medical Devices Key Market Trends
3.1. Bio-based Polypropylene In Medical Devices Market Drivers
3.1.1. Impact Analysis of Market Drivers
3.2. Bio-based Polypropylene In Medical Devices Market Restraints
3.2.1. Impact Analysis of Market Restraints
3.3. Bio-based Polypropylene In Medical Devices Market Opportunities
3.4. Bio-based Polypropylene In Medical Devices Market Future Trends
4. Bio-based Polypropylene In Medical Devices Industry Study
4.1. PEST Analysis
4.2. Porter's Five Forces Analysis
4.3. Growth Prospect Mapping
4.4. Regulatory Framework Analysis
5. Bio-based Polypropylene In Medical Devices Market: COVID-19 Impact Analysis
5.1. Pre-COVID-19 Impact Analysis
5.2. Post-COVID-19 Impact Analysis
5.2.1. Top Performing Segments
5.2.2. Marginal Growth Segments
5.2.3. Top Looser Segments
5.2.4. Marginal Loss Segments
6. Bio-based Polypropylene In Medical Devices Market Landscape
6.1. Bio-based Polypropylene In Medical Devices Market Share Analysis, 2022
6.2. Breakdown Data, by Key Manufacturer
6.2.1. Established Players' Analysis
6.2.2. Emerging Players' Analysis
7. Bio-based Polypropylene In Medical Devices Market - By Product Type