Biobased Propylene Market is expected to reach US$ 83.69 million by 2028

Demand from End-Use Industries to Escalate Biobased Propylene Market Growth During 2023–2028

According to our latest market study on " Biobased Propylene Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Derivative (Polypropylene, Propylene Oxide, Acrylonitrile, Cumene, and Others)," the biobased propylene market size is expected to be valued at US$ 63.71 million in 2023 and is projected to reach US$ 83.69 million by 2028; it is expected to grow at a CAGR of 5.6% from 2023 to 2028. The report highlights key factors driving the market growth and prominent players and their progress in the market.

Biobased propylene is made from renewable sources and is primarily used to produce biobased polypropylene. The increased focus on attaining a circular economy has led to a rise in emphasis on sustainable manufacturing processes, which is positively impacting the global market growth.

Propylene is predominantly used to produce polypropylene, which has various applications and is mostly used for packaging. The increase in demand for bioplastics worldwide leads to an increased requirement for biobased polypropylene. The increased use of bioplastics will have the potential to reduce 30–70% of carbon dioxide emissions and approximately 42% reduction of carbon footprints. Along with this, a rise in demand for bioplastics from the packaging industry is leading to an increased demand for biobased polypropylene. Biobased propylene is a major raw material used for the production of biobased polypropylene. Moreover, biobased propylene is expected to replace traditional synthetic propylene and its consumption in various applications. These factors are expected to aid the biobased propylene market growth in the future. 

Mitsui Chemicals, Inc.; Borealis AG; Global Bioenergies; The Dow Chemical Company; Cereplast, Inc.; and Trellis Earth Products, Inc.; are among the well-established players constituting the majority of biobased propylene market share.

Impact of COVID-19 Pandemic on Biobased Propylene Market Growth

The COVID-19 pandemic negatively impacted the chemicals & materials industry due to the shutdown of manufacturing facilities, difficulty in procuring raw materials and components, and restrictions on logistic operations. The disruptions in the supply of raw materials to manufacturers hampered the production of biobased propylene. Moreover, the negative impact of the pandemic on the oil and diesel market severely affected propylene production. This has led to an increased focus from the manufacturers to develop biobased propylene in order to reduce the dependency on oil and diesel markets.

Biobased Propylene Market Size, by Region, 2023–2028

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 increasing demand for bioplastics which is due to the rising environmental concerns has led to a surge in the need for biobased polypropylene. This, in turn, is expected to have a positive impact on the market growth. Along with this, the governments of various countries are taking initiatives to support sustainability goals to reduce their carbon footprints and contribute to the circular economy which is providing a favorable market condition for the development of biobased propylene.

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