Biobased propylene is considered a substitute for synthetic propylene, which is mostly used to produce polypropylene. The increased focus of manufacturing companies on sustainable manufacturing processes has led to a rise in emphasis on the development of biobased propylene.
Europe is expected to dominate the global biobased propylene market in 2023 and retain its dominance during the forecast period. Increased government support and rise in initiatives regarding the adoption of biobased plastics are leading to an increased demand for biobased polypropylene. The European Union (EU) promotes the application of biobased, biodegradable, and compostable plastics to contribute to a sustainable plastics economy. Along with the increased government support, the rise in demand for bioplastics from the packaging industry in Europe has led to the increasing adoption of biobased polypropylene. Thus, these factors positively impact the market across the region. Asia Pacific is expected to be the fastest-growing region for the bio-based propylene market. The increase in awareness owing to the rising hazards of conventional plastics on the environment and overall economy, coupled with rising government support such as funding and financial assistance is helping in developing the bio-based propylene market across the region.
The rise in government support related to the adoption of biobased materials has led manufacturers to develop biobased products such as biobased propylene. The increased initiatives from various governments worldwide for the adoption of biobased plastics will drive the market growth. The EU promotes the application of biobased, biodegradable, and compostable plastics to contribute to a sustainable plastics economy. Through its initiatives, the government of Japan has led to increased development of products made from biodegradable bioplastics and subsidized companies that produce paper alternatives to plastic. The rising government support for the adoption of biobased plastics will positively impact the market. Along with this, The US Department of Agriculture (USDA) is involved in and supporting various programs which are focused on increasing the research, development, and buyer/consumer awareness of bioplastics. The USDA’s BioPreferred Program works to raise the consumption and usage of biobased products through federal procurement and a certification and labeling initiative.
Based on derivative, the biobased propylene market is segmented into polypropylene, propylene oxide, acrylonitrile, cumene, and others. In 2023, the polypropylene segment is expected to dominate the global market. Various applications of polypropylene, including bottles, food containers, cosmetic packaging, automotive components and parts, medical equipment, fibers, and films, are driving the demand for polypropylene. The increase in awareness of global warming and the depletion of fossil fuels have led manufacturers to develop biobased propylene, which can, in turn, be used to produce biobased polypropylene.
Mitsui Chemicals, Inc.; Borealis AG; Global Bioenergies; The Dow Chemical Company; Cereplast, Inc.; and Trellis Earth Products, Inc. are among the key players operating in the biobased propylene market. The leading players adopt several strategies such as mergers & acquisitions and product launches to expand their geographic presence and consumer base.
The regional trends and factors influencing the Biobased Propylene Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Biobased Propylene Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 63.71 Million |
| Market Size by 2028 | US$ 83.69 Million |
| Global CAGR (2023 - 2028) | 5.6% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2028 |
| Segments Covered |
By Derivative
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Biobased Propylene Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Biobased Propylene Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The "Global Biobased Propylene Market Analysis to 2028" is a specialized and in-depth study of the chemicals & materials industry with a special focus on the global biobased propylene market trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The biobased propylene market is segmented based on derivative and geography. Based on derivative, the market is segmented into polypropylene, propylene oxide, acrylonitrile, cumene, and others. Based on geography, the market is segmented into five main regions—North America, Europe, Asia Pacific, the Middle East & Africa, and South and Central America.
The List of Companies - Bio-based Propylene Market
The global biobased propylene market is primarily driven by the rising awareness related to the negative impacts of petroleum-based plastics on the environment coupled with rising efforts by prominent players for developing new approaches to manufacture propylene from renewable feedstock.
Some of the prominent players operating in the global biobased propylene market include Mitsui Chemicals, Inc.; Borealis AG; Global Bioenergies; The Dow Chemical Company; Cereplast, Inc.; and Trellis Earth Products, Inc.
The biobased propylene market is still at a nascent stage and the report provides futuristic demand for biobased propylene. The scope of biobased propylene market is based on derivatives of propylene such as polypropylene, acrylonitrile, propylene oxide, cumene, and others. Moreover, based on geography the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South and Central America.
In 2023, Asia-Pacific is expected to be the fastest growing region within the global biobased propylene market owing to the presence of prominent players in the region such as Mitsui Chemicals Inc., coupled with strong government support for developing biobased polymers.
In 2023, Europe is projected to lead the global biobased propylene market owing to the rising sustainability concerns in the European Union (EU) countries.
Based on derivative, the polypropylene segment held the largest share in the biobased propylene market as biobased propylene is one of the major precursors for manufacturing polypropylene.