What is Market Size for Biobased Propylene Market?
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 fueling the market growth, revenue estimation, and forecast, and market share analysis, along with the identification of significant market players and their key developments.
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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.
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Propylene is a fuel gas having a naturally pungent smell and is mostly used to produce polypropylene. Biobased propylene is being developed through the use of different raw materials such as ethanol, butanol, propane, isopropanol, vegetable oils, and methanol.
Based on derivative, the biobased propylene market is segmented into polypropylene, propylene oxide, acrylonitrile, cumene, and others. The polypropylene segment is expected to have the largest market share in 2023. Almost 65% of synthetic propylene is being used to produce polypropylene. Companies are developing biobased propylene for producing biobased polypropylene that can be used in various applications while reducing the dependence on fossil fuels for the production.
The global biobased propylene market is segmented into five main regions—North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South and Central America (SAM). In 2023, Europe is expected to be the dominating region in the global market. In Europe, the increased demand for biobased plastics and the focus on attaining a circular economy are having a positive impact on the development of the biobased propylene market in the region. Along with this, the presence of companies such as Global Bioenergies and Borealis AG is leading the development of biobased propylene across the region.
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 derivatives and geography. Based on derivatives, 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.
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