Why Is Asia-Pacific Largest Polypropylene Market?

A number of factors, primarily the increasing consumption of polypropylene in the manufacturing of food packaging products, hinged caps, sweet & snack wrappers, pipes, microwave containers, banknotes, automotive parts, and nonwoven polypropylene fibers, are expected to drive the growth of the polypropylene market at a significant rate in the years to come. A key trend presently is polypropylene compounds, wherein the base material is mixed with impact modifiers, additives, fillers, pigments, and strength enhancers, such as glass fiber and mineral fillers.

One of the prime factors propelling the polypropylene market is the surging consumption of the chemical in the packaging industry. As polypropylene resin has a high tensile strength, it is widely used in plastics production, owing to the increasing demand for plastics in the packaging industry. For instance, according to PlasticsEurope, in 2018, the global production of plastics stood at 359 million tons. Moreover, retailers and brand owners are responding to the consumer need for more-sustainable packaging materials. Thus, the surging need for rigid, sustainable packaging is fueling the consumption of polypropylene.

Moreover, the growing nonwoven polypropylene fiber sector is another key driving factor that boosts the growth of the polypropylene market. The demand for polypropylene staple fibers is increasing in applications such as needle punch durables for geotextiles, vehicle components, upholstered furnishings, indoor & outdoor carpets, blankets, and bedding. As per an article in the International Fiber Journal, 14.9 million tons of nonwoven roll goods were consumed in 2018. The staple fiber represented around 59% of the total sales of nonwoven, out of which polypropylene staple fibers accounted for an around 11% share.

Geographically, the Asia-Pacific polypropylene market held the largest revenue share in the past, and it is also expected to witness the fastest growth in the years to come. This is attributed to the surging consumption of the chemical in the packaging, transportation, machinery, consumer & institutional, building & construction, furniture & furnishings, and electrical & electronics industries of the region. Furthermore, APAC is home to some of the key companies in the market, such as Exxon Mobil Corporation, Washington Penn, PolyOne Corporation, A. Schulman, and Ferro Corporation.

Thus, the rising consumption of polypropylene for the production of food packaging and the growing nonwoven polypropylene fiber sector are expected to propel the market growth during the forecast period.

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Singapore Micromobility Market To Exhibit Over 60.0% CAGR during 2021–2030

The Singapore micromobility market reached a revenue of $15.8 million in 2020, and it is predicted to demonstrate a CAGR of 64.2% from 2021 to 2030 (forecast period). Furthermore, the market will attain a value of $1,817.9 million by 2030, as per the estimates of P&S Intelligence, a market research company based in India. The market is being driven by the burgeoning requirement for efficient transportation systems for short-distance commute, unfavorable automobile ownership regulations in several countries, and increasing road congestion, especially in urban areas. 

Singapore Micromobility Market - P&S Intelligence 

Singapore is a tiny country, with an area of only 728.6-square-km. As a result, the booming population and the surging number of vehicles are causing road congestion, especially in the major cities. Owing to this reason, the government is using the policy of bidding via which citizens are being granted a certificate of entitlement, which permits them to own a vehicle for only 10 years. Moreover, the cost of buying a personal vehicle is quite high in the country, because of the high import charges and the existence of the bidding process. 

Depending on vehicle type, the market is divided into e-bikes, e-pods, e-mopeds, e-scooters, scooters, and bikes. Amongst these, the e-scooters category is predicted to hold the largest share in the Singapore micromobility market during the forecast period. This will be because of the ability of e-scooter sharing services to solve the issue of first- and last-mile connectivity, unlike the other public transportation services in the country. When model is taken into consideration, the micromobility market is classified into multimodal and first- and last-mile. 

Of these, the dockless sharing system category is predicted to exhibit faster growth in the market in the coming years. The implementation of favorable government policies, soaring popularity of bikes, and the greater convenience provided by the vehicles under this sharing system in comparison to the vehicles under the docked system, are driving the advancement of this category in the market. The players operating in the industry are focusing on partnerships and collaborations in order to remain competitive and gain an edge over their rivals. 

Hence, it can be safely said that the market will demonstrate rapid expansion in the coming years, mainly because of the surging requirement for improved first- and last-mile connectivity, increasing road congestion, and unfavorable automobile ownership laws in the country. 

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Surging Road Congestion Driving Indonesian Micromobility Market

The Indonesian micromobility market revenue stood at $1.1 million in 2020, and it is expected to rise to $19,888.5 million by 2030. Furthermore, the market will register an explosive CAGR of 116.1% from 2021 to 2030 (forecast period), as per the estimates of the market research company, P&S Intelligence. The market is being driven by the burgeoning requirement for mitigating urban road traffic congestion, growing need for first- and last-mile connectivity, and the convenience and low cost of micromobility services. 

Indonesia Micromobility Market - P&S Intelligence 

With the mushrooming population, the number of vehicles running on Indonesia’s roads is surging, which is leading to road congestion, especially in urban areas. This is subsequently pushing up the demand for mobility solutions that reduce road congestion. As the vehicles included under micromobility are compact, need less space on roads, and can be parked easily, their demand is surging, on account of the rising road congestion in urban areas. Besides, micromobility is also providing a convenient and cost-effective method of traveling. 

The players operating in the Indonesian micromobility market are focusing on facility expansions to expand their customer pool and strengthen their position in the industry. For example, PT. Surya Teknologi Perkasa, which is a subsidiary of the digital distribution firm, PT M Cash Integrasi Tbk, announced the expansion of its e-bike and bike sharing services, namely, GOWES, in January 2020. The company deploys its fleet at seven parking points all over the BINUS campus in Indonesia. 

Hence, it can be safely said that the market will grow substantially in the coming years, primarily because of the rising requirement for better first- and last-mile connectivity and the surging road congestion in urban areas in the country. 

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How Is Rising Demand for Bio-based Packaging Boosting Green Chemicals Market Growth?

Prominent factors such as the rising demand for bio-based packaging materials and growing concerns over fossil fuel depletion are projected to drive the green chemicals market at a CAGR of 8.9% during 2020–2030. The market was valued at $9,413.1 million in 2020 and it is expected to generate $22,039.0 million revenue by 2030. Green chemicals are non-toxic and do not emit sulfur dioxide or particulate matter, as they are derived from plant or animal waste.

The increasing adoption of bio-based packaging materials, on account of the growing concerns being raised over environmental degradation, is one of the key growth drivers of the market. The packaging industry is generating a high demand for packaging materials derived from renewable sources, such as plant and animal waste, as they are cost-effective, non-toxic, and require less raw materials for production. As compared to traditional materials, bio-based packaging materials are easier to dispose of and thus, their growing adoption helps in reducing environmental pollution to a considerable degree.

At present, the players in the green chemicals market are launching new products to attain a notable position. For example, in October 2019, Braskem introduced a new 'I'm green' recycled polypropylene in the U.S. to include its entire portfolio of circular economy products as a part of its commitment to aid in the transformation of the plastic chain from a linear economy into a circular economy. In a circular economy, the materials are utilized, disposed of, and then recycled in a circular manner.

According to P&S Intelligence, Europe accounted for the largest share in the green chemicals market in 2020, and it is expected to maintain its dominance throughout the forecast period. This can be ascribed to the high-volume consumption of green chemicals in the personal care, packaging, food and beverages, and automotive industries, owing to the increasing environmental concerns in the region. Moreover, the surging focus of the chemical industry on developing sustainable and eco-friendly solutions will also boost the market growth in Europe.

Therefore, the rapid depletion of fossil fuel reserves and escalating demand for bio-based packaging materials will boost the market growth in the upcoming years.

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Surging Infrastructure Development Driving LED Lighting Market Growth

The global LED lighting market revenue stood at $55,201.9 million in 2020, and it will surge to $152,442.3 million by 2030, exhibiting a CAGR of 10.7% from 2020 to 2030 (forecast period), as per the estimates of P&S Intelligence, a market research company based in India. The market is being driven by the surging use of energy-efficient lighting solutions, falling costs of LED lights, and soaring infrastructure development activities across the world.

The luminaires category contributed higher revenue to the market in 2020, due to the surging adoption of these lights in industrial and commercial spaces and the implementation of favorable government policies. These lighting devices are easier to deploy, allow optic designers to use less light for illuminating an area and provide more light per every unit of power consumed than lamps. When installation type is taken into consideration, the market is classified into retrofit and new.

Of these, the retrofit category is predicted to demonstrate faster growth throughout the forecast period, owing to the rising requirement for replacing sodium-vapor and incandescent lamps with LEDs in several countries, such as the U.A.E, India, the U.S., South Korea, China, and Japan. Globally, Asia-Pacific (APAC) dominated the LED lighting market in the past, primarily because of the launch of supportive government initiatives in China, South Korea, and India regarding the deployment of energy-efficient lights.

This is attributed to the rising demand for replacing conventional lighting systems, such as compact fluorescent lamps (CFL), sodium-vapor lamps, and incandescent lights, with LEDs in commercial, industrial, and residential settings. Furthermore, the rising urbanization rate and growing focus on construction and infrastructure development are pushing up the demand for LEDs, owing to their greater energy-efficiency than conventional lights, in the APAC region. To meet the soaring requirement for LED lights, the players operating in the LED lighting market are focusing on product launches.

Hence, it can be safely said that the market will register rapid expansion in the coming years, primarily because of the increasing infrastructure development activities and burgeoning requirement for energy-efficient lights.

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Explosive Growth Expected in Japanese Micromobility Market During 2021–2030

The Japanese micromobility market reached a value of $39.4 million in 2020, and it is predicted to demonstrate a CAGR of 78.7% from 2021 to 2030 (forecast period). According to the estimates of P&S Intelligence, a market research organization based in India, the market will generate a revenue of $11,663.0 million by 2030. The market is being driven by the soaring concerns being raised over the rising air pollution levels and transportation costs, surging need for efficient transportation systems for commuting short distances, and increasing demand for lesser road congestion. 

In Japan, the popularity of micromobility services has increased massively over the last few years. This has been mainly because of factors, such as their greater ease of functioning, low pricing, and high availability. Moreover, these services are highly convenient for daily commuters, as these services not only reduce the overall cost of travel, but also reduce the travel time, owing to their swift and compact nature. The option of low-cost travelling also encourages consumers to avail these services for last-mile or first-mile connectivity. 

The Japanese micromobility market is also divided, based on model, into multimodal and first- and last-mile. Between these, the first- and last-mile category is predicted to contribute higher revenue to the market in the forthcoming years, due to the entry of various players in the industry and the enactment of favorable government policies in the country. When sharing system is taken into consideration, the market is divided into dockless and docked categories. Of these, the dockless category will demonstrate faster growth throughout the forecast period, primarily because of the surging adoption of the dockless bike sharing model by several companies, owing to its fewer capital requirements than the docked systems. 

Hence, the market will register massive growth in the coming years, mainly because of the surging road congestion levels and the rising requirement for better first- and last-mile connectivity and convenient mobility solutions in the country. 

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How Is Efficient Transportation Demand Strengthening Thailand Micromobility Market?

Factors such as the burgeoning demand for efficient transportation systems and increasing availability of cost-effective micromobility services are expected to drive the Thailand micromobility market at a robust CAGR, of 98.7%, during the forecast period (2021–2030). According to P&S Intelligence, the market was valued at $11.8 million in 2020 and it is expected to generate $15,102.1 million revenue by 2030. Moreover, the soaring air pollution levels and rising traffic congestion will also augment the demand for micromobility services in the country.

At present, the demand for micromobility services in Thailand is driven by the escalating demand for efficient transportation systems to bridge the first- and last-mile connectivity. First- and last-mile refers to the distance that commuters have to cover between a transportation hub to their point of origin or destination. Over the years, this distance has been covered by personal vehicles or walking because shared or public transport are incapable of bridging this gap. Thus, to meet the booming demand for a reliable last-mile connectivity system, the people of Thailand are opting for micromobility services.

In recent years, the mounting investments being made in micromobility service providing companies has become a major trend in the Thailand micromobility market. Several market players are focusing on procuring funds from prominent venture investors, automotive original equipment manufacturers (OEMs), and investors, owing to which the competition has intensified among them. Leading service providing startups, such as Neuron Mobility Pte. Ltd., Ofo Inc., and Grab Holdings Inc., have raised heavy funding to introduce new services and products to meet the last-mile connectivity needs.

At present, the Thailand micromobility market is fragmented due to the presence of numerous players, such as Grab Holdings Inc., Haupcar Company Limited, Ofo Inc., E-Revolution Co. Ltd., Falcon Go, Mobike, Anywheel Pte. Ltd., Innotra Co. Ltd., Neuron Mobility Pte. Ltd., and Go Scoot Bangkok. Currently, the market players are engaging in service expansion to gain a competitive edge. For example, in January 2018, Mobike started its operations in Chiang Mai, Thailand, with the support of the national government agencies, such as the Tourism Authority of Thailand (TAT) and the municipal council of the city, and local universities, businesses, and other community groups.

Thus, the mounting demand for efficient transportation systems and low-cost associated with micromobility services are the key contributors to the market growth.  

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