Publication Month: Feb 2022 | Report Code: TIPRE00027435 | No. of Pages: 101 | Category: Chemicals and Materials | Status: Published
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.
|Market Size Value in||US$ 63.71 million in 2023|
|Market Size Value by||US$ 83.69 million by 2028|
|Growth rate||CAGR of 5.6% from 2023 to 2028.|
|Forecast Period||2023 - 2028|
|No. of Pages||101|
|No. of Tables||25|
|No. of Charts & Figures||58|
|Historical data available||Yes|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
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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.
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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 "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