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Bio-Based Ethylene Market to Garner $718.32Mn, Globally, by 2028 at 6.4% CAGR: The Insight Partners

The Insight Partner

The Insight Partner

Need to Decrease Dependency on Fossil Fuels to Escalate Bio-Based Ethylene Market Growth During 2020–2028

NEW YORK, UNITED STATES, November 11, 2022 /EINPresswire.com/ -- According to our latest market study, titled " Bio-Based Ethylene Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Raw Material (Sugars, Starch, and Lignocellulosic Biomass) and End-User Industry (Packaging, Detergents, Lubricant, and Additives)”. The global bio-based ethylene market was valued at US$ 414.34 million in 2019 and is projected to be worth US$ 718.32 million by 2028, growing at a CAGR of 6.4% during the forecast period.

Global Bio-Based Ethylene Market Growth Values, Regional and Industry Scope:

Report Coverage- details
Market Size Value in- USD 414.34 Million in 2019
Market Size Value by-USD 718.32 Million by 2028
Growth rate- CAGR of 6.4% from 2020-2028
Forecast Period- 2020-2028
Base Year- 2020
No. of Pages- 131
No. of Tables- 56
No. of Charts & Figures- 70
Historical data available- Yes
Segments covered- Raw Material and End-User Industry
Regional scope- North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scope- US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverage- Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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Bio ethylene can be produced from biomass feedstock used for bio ethanol. Bio ethylene is now well known since it is used as a transportation fuel. Different types of natural resources such as sugars (sugarcane, sugar beets, and sweet sorghum), starch (corn and wheat), and lignocellulosic biomass (wood and grass), are used as raw materials in the production process. Bio ethylene is gaining importance from fuel additives, packaging, and detergent producing manufacturers. Industries looking for bio-based materials highly prefer utilizing bio ethylene in their products.

Bio-Based Ethylene Market: Competitive Landscape and Key Developments

Braskem SA, The Dow Chemical Company, LyondellBasell Industries Holdings B.V., SABIC, and Oxy Low Carbon Ventures (OCLV) are among the well-established players in the global bio-based ethylene market. Companies in this market have been continuously focusing on strategies such as product developments, plant expansions, and mergers and acquisitions to expand their footprint worldwide and fulfill the growing demand of the market. For instance, in February 2021, Braskem SA started expanding its production capacity of green ethylene which is the principal feedstock obtained from sugarcane ethanol used to produce renewable resins. The green ethylene is produced at the company's plant in Triunfo, the Rio Grande do Sul, whose capacity will be expanded from the current 200 kton/year to 260 kton/year. The expansion project was budgeted at US$ 61 million.

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Impact of COVID-19 Pandemic on Bio-Based Ethylene Market

The COVID-19 outbreak is adversely affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The global consumer goods industry is one of the significant industries suffering severe disruptions such as supply chain breaks, technology event cancellations, and office shutdowns. Several companies have already announced possible delays in product deliveries and slump in future sales of their products. Besides, the global travel bans imposed by countries in Europe, Asia, and North America are hindering business collaborations and partnership opportunities. All these factors are adversely affecting the consumer goods industry, which is restraining the growth of the bio-based ethylene market.

Bio-Based Ethylene Market Insights

Based on raw material, the global bio-based ethylene market is segmented into sugars, starch, and lignocellulosic biomass. The sugars segment led the market with the largest share in 2019. Bio ethylene is produced from bioethanol, which is a liquid biofuel widely utilized in the transportation sector. Sugar from sugarcane is a highly utilized raw material while producing bio ethylene, mainly in India and Brazil. In Brazil, production of bioethylene is economically competitive, owing to the wider availability of cheap sugarcane feedstock. Sugarcane, sugar beets, and sweet sorghum are quite easy to break down since the sucrose is a disaccharide, which can be further directly fermented into bio ethanol utilizing yeast. Sugar based bio-ethylene production is estimated to save about 60% of fossil energy as compared to petrochemical production since the process can further produce electricity.

By region, the bio-based ethylene market is segmented into North America, Europe, Asia Pacific (APAC), South America (SAM), and Middle East & Africa (MEA). North America is expected to be the fastest-growing market for bio-based ethylene in the coming years. The largest market share of Europe is primarily attributed to the presence of major manufacturers such as The Dow Chemical Company, Oxy Low Carbon Ventures (OCLV), and Enerkem. North America is anticipated to account for a remarkable share of the bio-based ethylene market during the forecast period, owing to the wide applications of this material in packaging and plastic production industries located in this region. Bio-ethylene is manufactured from bio-based materials, including starch, sugars, and lignocellulosic biomass.

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About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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