The scope of our recent study on " Biobased Propylene Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Derivative (Polypropylene, Propylene Oxide, Acrylonitrile, Cumene, and Others) and Geography" includes the factors fuelling the market growth, revenue estimation, and forecast, and market share analysis, along with the identification of significant market players and their key developments.
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.
Propylene is a fuel gas with a distinct, strong odor and is primarily utilized for manufacturing polypropylene. Biobased propylene can be produced from various raw materials, including ethanol, butanol, propane, isopropanol, vegetable oils, and methanol.
The biobased propylene market is categorized by derivative, with segments including polypropylene, propylene oxide, acrylonitrile, cumene, and others. By 2023, the polypropylene segment is predicted to hold the majority market share. Presently, around 65% of synthetic propylene is utilized for manufacturing polypropylene. As an effort to reduce dependency on fossil fuels for production and to diversify applications, companies are developing biobased propylene to produce biobased polypropylene for various purposes.
The global biobased propylene market is divided into five primary regions: North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South and Central America (SAM). By 2023, Europe is projected to be the dominant region in the global market. The increased demand for biobased plastics and the focus on achieving a circular economy in Europe are positively impacting the growth of the biobased propylene market in the region. Furthermore, the presence of companies like Global Bioenergies and Borealis AG is driving the development of biobased propylene throughout Europe.
Impact of COVID-19 Pandemic on Biobased Propylene Market
The biobased propylene market faced a negative impact from the COVID-19 pandemic at first, as manufacturing facilities shut down, and transportation and logistics were restricted. The shutdown of manufacturing units also caused delays in ongoing development processes for biobased propylene by companies. However, with governments in various countries lifting previous restrictions and the introduction of COVID-19 vaccines, businesses are gradually recovering. The resumption of manufacturing units is also contributing to the development of biobased propylene. As a result, there has been a rise in business activities worldwide.
The "Global Biobased Propylene Market Analysis to 2028" is a comprehensive and specialized study of the chemicals and materials industry, primarily focusing on analyzing the trends in the global biobased propylene market. The report's objective is to offer a detailed overview of the market through a thorough market segmentation analysis. The biobased propylene market is categorized based on derivatives and geography. By derivative, the market is segmented into polypropylene, propylene oxide, acrylonitrile, cumene, and others. Geographically, the market is divided into five main regions: North America, Europe, Asia Pacific, the Middle East & Africa, and South and Central America.
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