New York, March 16, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Biobased Propylene Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Derivative (Polypropylene, Propylene Oxide, Acrylonitrile, Cumene, and Others)”, the global biobased propylene market growth is 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, rising sustainability concerns and increasing government focus on reducing greenhouse gas emissions and global warming.
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| Report Coverage | Details |
| 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 |
| Base Year | 2023 |
| No. of Pages | 101 |
| No. Tables | 25 |
| No. of Charts & Figures | 58 |
| Historical data available | Yes |
| Segments covered | Derivative |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Biobased Propylene Market: Competition Landscape and Key Developments
The key players operating in the biobased propylene market include Mitsui Chemicals, Inc.; Borealis AG; Global Bioenergies; The Dow Chemical Company; Cereplast, Inc.; and Trellis Earth Products, Inc. These market players are developing innovative processes to manufacture propylene from renewable biomass. Such strategic initiatives are expected to boost the market growth in the forthcoming years.
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Asia Pacific is projected to register the fastest growth in the global biobased propylene market over the forecast period. The presence of prominent companies in the region that are involved in developing innovative processes to produce propylene from biomass and high government support in terms of financial assistance are the key factors expected to drive the biobased propylene market in the near future.
Rising Government Support and Development of New Production Processes by Leading Manufacturers to Boost Market Growth:
Governments of various countries are taking initiatives to support sustainability goals. They are taking crucial steps to reduce their carbon footprints and contribute to the circular economy. Propylene production is not a sustainable process and leads to depletion of fossil fuels, increased greenhouse gas emissions, and global warming. Propylene is widely used to manufacture polypropylene, which is a thermoplastic used in bottles, caps & closures, food containers, shipping containers, etc. The governments are focusing on reducing plastic usage and production and promoting the recycling of plastics. For instance, the European Union promotes the use of bio-based, biodegradable, and compostable plastics to contribute to a sustainable plastics economy. In addition, the US Department of Agriculture (USDA) supports various programs to increase the research, development, and buyer/consumer awareness of bioplastics. Such initiatives are expected to support the growth of the biobased propylene market over the forecast period.
Moreover, manufacturers are developing new methods to produce propylene from renewable feedstock. For instance, Braskem and Mitsui Chemicals, Inc. have developed different methods to manufacture propylene from biomass. Such efforts by the key players in the market are also projected to boost market growth over the next few years.
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Biobased Propylene Market: Segmental Overview
Based on derivative, the biobased propylene market is segmented into polypropylene, acrylonitrile, propylene oxide, cumene, and others. The polypropylene segment is expected to account for the largest share in 2023. Polypropylene is a thermoplastic used to manufacture various products such as bottles, food containers, cosmetic packaging, automotive components and parts, medical equipment, fibers, and films. The demand for polypropylene is expected to grow exponentially over the next five years. Propylene used for polypropylene production is petroleum-based, which causes severe depletion of fossil fuels. It also leads to increased global warming and greenhouse gas emissions, which has raised concerns across different regions. As a result, manufacturers are developing new techniques to produce polypropylene from biobased propylene.
Impact of COVID-19 Pandemic on Biobased Propylene Market:
The COVID-19 pandemic has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The chemicals & materials industry is one of the major industries suffering serious disruptions such as supply chain breaks and shutdowns of the production plants. Global travel bans imposed by countries in Europe, Asia, and North America have been affecting business collaborations and partnership opportunities. The outbreak had distorted operational efficiency and disrupted the value chains due to the sudden shutdown of national and international boundaries, creating revenue loss and damage. However, the global marketplace is recovering from the losses. Manufacturers are permitted to operate with full capacity, and the governments of different countries also announced the relaxation of restrictions. This factor is projected to boost the growth of the biobased propylene market over the forecast period. Furthermore, rising vaccination rates and speedy recovery of the global marketplace are also expected to positively boost the market growth in the coming years.
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