PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1443367
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1443367
Bio-Based Ethylene Market size was valued at USD 509.56 Million in 2023, expanding at a CAGR of 7.1% from 2024 to 2032.
Bio-based ethylene denotes ethylene manufactured from renewable feedstocks rather than fossil fuels, constituting a chemical compound integral to the production of numerous plastic and polymer goods. Diverging from conventional ethylene, sourced from crude oil or natural gas, bio-based ethylene provides a sustainable alternative by harnessing biomass sources. The process entails converting sugars found in plants or agricultural waste into ethylene through diverse biochemical and chemical processes.
Bio-Based Ethylene Market- Market Dynamics
Consumer preferences for sustainable products and heightened awareness of environmental issues linked to traditional petrochemicals to propel market demand
The market for bio-based ethylene is experiencing notable growth, propelled by increasing consumer preferences for sustainable products and heightened awareness of environmental issues linked to traditional petrochemicals. This growth is fueled by the merits associated with bio-based ethylene, encompassing a reduced carbon footprint, decreased reliance on fossil fuels, and enhanced performance of end-products. Participants in the bio-based ethylene market are strategically focusing on advancing technologies and expanding production capacities to meet the escalating demand.
Bio-Based Ethylene Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 7.1% over the forecast period (2024-2032)
Based on material segmentation, lignocellulosic biomass was the leading type in 2023
Based on application segmentation, packaging was predicted to show maximum market share in the year 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Bio-Based Ethylene Market is segmented on the basis of Material, Application, Distribution Channel, and Region.
The market is divided into three categories based on material: lignocellulosic biomass, starch, and sugars. In terms of raw material, the lignocellulosic biomass segment emerges as the dominant segment in the bio-based ethylene market in 2023. This dominance is attributed to the sustainable and renewable nature of lignocellulosic biomass, incorporating agricultural residues and forestry by-products, aligning with the increasing emphasis on eco-friendly and circular production practices. Companies are investing in advanced technologies to efficiently extract ethylene from lignocellulosic biomass, addressing both environmental concerns and the growing demand for sustainable raw materials in the bio-based ethylene industry.
The market is divided into four categories based on application: additives, detergents, packaging, and lubricants. Based on application, the packaging segment takes precedence in 2023. The intrinsic properties of bio-based ethylene, derived from sources such as lignocellulosic biomass, make it an attractive choice for sustainable packaging solutions. With a heightened global focus on reducing plastic waste and adopting environmentally friendly packaging materials, bio-based ethylene has gained prominence in the development of eco-conscious packaging solutions. The versatility of bio-based ethylene, coupled with the increasing consumer demand for sustainable packaging options, positions the "Packaging" application as a dominant segment in the bio-based ethylene market.
Bio-Based Ethylene Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Companies operating in the Bio-Based Ethylene sector are employing strategic approaches to advance sustainability and enhance market competitiveness. A notable strategy involves substantial investment in research and development, aiming to improve the efficiency of bio-based ethylene production processes through innovative technologies and sustainable feedstock sources. Furthermore, these companies are actively engaging in partnerships and collaborations across the value chain, including with agricultural stakeholders and biotechnology firms, to ensure a stable supply of bio-based feedstocks. Focus is also directed towards establishing robust certification standards and transparent communication about the environmental benefits of bio-based ethylene, aligning with the increasing demand for eco-friendly alternatives in the petrochemical industry.
In August 2023, joint venture agreement was signed between biopolymer producer Braskem and petrochemical company SCG Chemicals, to create Braskem Siam Company and inaugurate Southeast Asia's first bio-based ethylene plant in Thailand. The project is anticipated to produce 200kt of bio-based polyethylene from bio-ethanol dehydration.
GLOBAL BIO-BASED ETHYLENE MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Braskem S.A.
The Dow Chemical Company
LyondellBasell Industries Holdings B.V.
SABIC
OLCV
Enerkem
Others