Bio-Based Ethylene Market Expected to Worth $718.32 Million Globally by 2028 at a CAGR of 6.4%: The Insight Partners

The Insight Partner

Need to Reduce Dependence on Fossil Fuels to Accelerate Bio-Based Ethylene Market Growth During 2020-2028

NEW YORK, USA, November 11, 2022 /EINPresswire.com/ — According to our latest market research, titled ” Bio-based ethylene market Forecast to 2028 – Impact of COVID-19 and Global Analysis – by raw material (sugars, starch and lignocellulosic biomass) and end-user industry (packaging, detergents, lubricants and additives)”. Global Bio-based Ethylene Market was valued at USD 414.34 Million in 2019 and is projected to reach USD 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 industrial scope:

Report cover – details
Market size value in – USD 414.34 million in 2019
Market size value of USD 718.32 million by 2028
Growth rate – CAGR of 6.4% from 2020 to 2028
Forecast Period – 2020-2028
Base year – 2020
Number of pages – 131
Number of tables – 56
Number of graphs and figures – 70
Historical data available – Yes
Segments Covered – Commodity and End User Industry
Regional scope – North America, Europe, Asia-Pacific, Middle East and Africa, South and Central America
National reach – United States, Canada, Mexico, United Kingdom, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, United Arab Emirates, Saudi Arabia, South Africa, Brazil, Argentina
Report Coverage – Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors and Trends

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Bioethylene can be produced from biomass feedstocks used for bioethanol. Bio ethylene is now well known since it is used as a transport fuel. Different types of natural resources such as sugars (sugar cane, sugar beet and sweet sorghum), starch (corn and wheat) and lignocellulosic biomass (wood and grass) are used as raw materials in the production process. Bioethylene is gaining in importance with manufacturers of fuel additives, packaging and detergents. Industries looking for biobased materials largely prefer to use bioethylene in their products.

Bio-Based Ethylene Market: Competitive Landscape and Key Developments

Braskem SA, The Dow Chemical Company, LyondellBasell Industries Holdings BV, 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 continuously focused on strategies such as product development, factory expansion, and mergers and acquisitions to expand their presence worldwide and meet growing market demand. For example, in February 2021, Braskem SA started to expand its production capacity of green ethylene which is the main raw material obtained from sugar cane ethanol used to produce renewable resins. Green ethylene is produced at the company’s plant in Triunfo, Rio Grande do Sul, whose capacity will increase from 200 ktonnes/year to 260 ktonnes/year. The expansion project was budgeted at $61 million.

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Impact of the COVID-19 pandemic on the bio-based ethylene market

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

Bio-Based Ethylene Market Overview

Based on feedstock, the global bio-based ethylene market is segmented into sugars, starch, and lignocellulosic biomass. The sugars segment dominated the market with the largest share in 2019. Bioethylene is produced from bioethanol, which is a liquid biofuel widely used in the transportation sector. Sugar cane sugar is a raw material widely used in the production of bioethylene, mainly in India and Brazil. In Brazil, the production of bioethylene is economically competitive, due to the greater availability of cheap raw materials based on sugar cane. Sugarcane, sugar beets, and sweet sorghum are fairly easy to break down since sucrose is a disaccharide, which can then be directly fermented into bioethanol using yeast. It is estimated that the production of bioethylene from sugar saves around 60% of fossil energy compared to petrochemical production since the process can generate more electricity.

By region, the bio-based ethylene market is segmented into North America, Europe, Asia-Pacific (APAC), South America (SAM), and Middle East and 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 mainly attributed to the presence of major manufacturers such as The Dow Chemical Company, Oxy Low Carbon Ventures (OCLV) and Enerkem. North America is expected to account for a remarkable share of the bio-based ethylene market over the forecast period owing to the numerous applications of this material in the packaging and plastic production industries located in this region . Bioethylene is made from bio-based materials, including starch, sugars and lignocellulosic biomass.

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