PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1397122
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1397122
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.
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.
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.
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.
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.
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.