Dublin, April 01, 2022 (GLOBE NEWSWIRE) -- The "Biobased Propylene Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Derivative" report has been added to ResearchAndMarkets.com's offering.
The biobased propylene market 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.
Biobased propylene is made from renewable sources and is primarily used to produce biobased polypropylene. The increasing demand for bioplastics due to the rise in awareness about the environment has led to a surge in the need for biobased polypropylene. This, in turn, is expected to have a positive impact on the biobased propylene market.
Based on derivative, the global biobased propylene market is segmented into polypropylene, propylene oxide, acrylonitrile, cumene, and others. The acrylonitrile segment is expected to be the fastest-growing segment during the forecast period. Acrylonitrile is mostly prepared through a catalytic reaction of propylene in combination with ammonia and air.
The increased use of acrylonitrile in the aviation and medical industries is driving its demand. Along with this, an increased focus on making products with low CO2 emissions has led to the increasing demand for biobased acrylonitrile, which will lead to an increased focus on the development of biobased propylene.
Asia Pacific is expected to be the fastest-growing region for the biobased propylene market. The increased support from the government and initiatives taken by manufacturers to discover using biobased propylene to produce polypropylene due to rising concerns about greenhouse gas emission and global warming are positively impacting the growth of the biobased propylene market.
Many industries, such as the chemicals and materials industry, faced unprecedented challenges due to the COVID-19 pandemic. The shortage of raw material and labor, the shutdown of factories, and other operational difficulties under COVID-19 safety protocols negatively impacted the biobased propylene market. The lockdown heavily impacted the research and development side of biobased propylene, restraining the market's growth.
However, the introduction of the COVID-19 vaccine has further eased the situation, leading to a rise in business activities worldwide. The economies are reviving their operations, and the demand for biobased propylene is expected to rise globally in the coming years. Along with this, due to an overdependence on the gasoline and diesel markets, the manufacturers are now increasingly focusing on the development of biobased propylene, which will be developed using renewable sources.
Mitsui Chemicals, Inc.; Borealis AG; Global Bioenergies; The Dow Chemical Company; Cereplast, Inc.; and Trellis Earth Products, Inc. are among the leading players in the biobased propylene market.
These companies are adopting strategies such as mergers & acquisitions and product launches to expand their geographic presence and consumer bases.
Key Market Dynamics
Market Drivers
- Various Applications of Biobased Propylene
- Rising Government Support
Market Restraints
- High Availability of Synthetic Propylene
Market Opportunities
- Innovative Production Process to Produce Biobased Propylene
Future Trends
- Growing Sustainability Trend
Company Profiles
- Mitsui Chemicals, Inc.
- Borealis AG
- Global Bioenergies
- The Dow Chemical Company
- Cereplast, Inc
- Trellis Earth Products, Inc.
- BASF SE
- Braskem
- Corbion
- SABIC
For more information about this report visit https://www.researchandmarkets.com/r/be0wdi
Attachment
