LG Chem said Thursday it has entered into a joint development agreement with US renewable chemicals and biofuels company Gevo to commercialize biopropylene, a raw material for bioplastics, by 2026.

Under the agreement, the two companies will develop bioprorylene using Gevo’s patented technologies.

Gevo’s Ethanol-to-Olefins, or ETO, conversion technology facilitates the production of low-carbon ethanol to renewable olefins, which can replace traditional olefins – petroleum-based raw materials used in chemical and polymer products – as a sustainable alternative.

Biopropylene is an example of a renewable olefin that can replace fossil fuel-based products as an eco-friendly raw material for various plastic products. Because of its anticipated capability to reduce carbon emissions by up to 90 percent during production compared to traditional olefins, it is deemed a key player in the expected rapid growth of the bioplastic market.

Under their agreement, the two parties will collaborate to accelerate the pilot research, technical scale-up, and commercialization of biopropylene, which would mark the first within the industry globally.

Once commercialization is achieved, the company plans to replace petroleum products with biopropylene ones -- which have a low or negative carbon footprint -- in automobile interiors and exteriors, flooring and diapers.

“Our joint development agreement with Gevo will help LG Chem expand our sustainable and eco-friendly ventures by rooting our business portfolio in bio-based raw materials,” said Noh Kug-lae, president of LG Chem’s petrochemical business.