Selbyville, Delaware,, March 27, 2023 (GLOBE NEWSWIRE) --
The bio-based polyethylene market valuation is projected to reach USD 1.5 billion by 2032, as reported in a research study by Global Market Insights Inc.
The high preference for bio-based alternatives to fossil raw materials is likely to foster the demand for bio polyethylene in the textile sector. The increased consumption of energy and natural resources and the growing environmental footprint have influenced textile manufacturers to take steps toward sustainability. These trends will promote the use of bio-based PE as a green raw material in textile manufacturing.
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The bio-based polyethylene market value from the sugarcane raw material segment exceeded USD 260 million in 2022, on account of the shift toward sustainable packaging solutions and the strong demand for renewable resources. For example, in August 2021, the Union Ministry of Environment, Forest, and Climate Change announced the Plastic Waste Management Amendment Rules, which identified 20 single-use plastic products to be phased out by 2022. These factors will boost the popularity of green packaging and consequently fuel sugarcane-based materials.
The bio-based polyethylene market revenue from the LLDPE product segment is expected to reach USD 240 million by 2032, owing to its emergence as a favorable plastic sheeting film with high flexibility. Other qualities such as resilience, excellent tensile strength, malleability, and conformability make the product applicable for non-packaging, stretch or shrink film, and food and non-food packaging. The increasing rate of food processing and sales of ready-to-eat goods will therefore create lucrative prospects for the biobased LLDPE market outlook, especially in emerging nations.
In terms of the end-user, the bio-based polyethylene market value from the cosmetics and personal care segment crossed USD 124 million in 2022, due to the growing burden of plastic pollution. Based on estimates from the Center of International Environment Law, 99% of plastics are made from fossil fuel-based chemicals, leading to increasing climate and environmental justice implications. This is encouraging cosmetics and personal care product manufacturers to utilize sustainable alternatives to petrochemical-based plastics, such as bio-based PE, to curb their environmental footprint. Furthermore, the rising consumer expectation for eco-friendly cosmetics packaging is set to amplify bio-based polyethylene production.
North American bio-based polyethylene market is poised to depict over 14.5% CAGR through 2032, driven by the mounting expenditure on drug development in the region. According to data from the U.S. Department of Health and Human Services, in 2021, the healthcare system spent USD 603 billion on prescription drugs, with retail drugs accounting for USD 421 billion of spending in the country. In addition, the growing preference for natural and eco-friendly solutions among cosmetics consumers will proliferate the requirement for bio-based polyethylene for packaging applications, bolstering the regional market outlook.
Some key companies profiled in the bio-based polyethylene market include Toyota Tsusho Corporation, The Dow Chemical Company, LyondellBasell, Kuraray Co., Ltd., Braskem, Mitsui Chemicals, BASF, FKuR, SABIC, and Avery Dennison. These firms are incorporating various strategies such as innovative product developments, acquisitions, collaborations, and business footprint expansions to boost their customer base and gain a competitive edge over rivals in the global bio-based polyethylene (PE) market.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Bio-based polyethylene Industry analysis 3600 synopsis, 2018–2032
2.1.1 Business trends
2.1.1.1 Global market estimates & forecast, 2018-2032, (Million Units) (USD Million)
2.1.2 Raw material trends
2.1.2.1 Global market estimates & forecast by raw material, 2018-2032, (Kilo Tons) (USD Million)
2.1.3 Product trends
2.1.3.1 Global market estimates & forecast by product, 2018-2032, (Kilo Tons) (USD Million)
2.1.4 End-user trends
2.1.4.1 Global market estimates & forecast by end-user, 2018-2032, (Kilo Tons) (USD Million)
2.1.5 Region trends
2.1.5.1 Global market estimates & forecast by region, 2018-2032, (Kilo Tons) (USD Million)
Chapter 3 Bio-Based PE Industry Insights
3.1 Industry Segmentation
3.2 Industry Landscape
3.2.1 Impact of COVID-19 outbreak
3.3 Industry ecosystem analysis
3.4 Technology Landscape
3.5 Bio-based polyethylene industry addressable potential, 2023-2032
3.6 Comparative analysis of synthetic PE v/s bio-based PE
3.7 Synthetic Market Overview, by region, 2018-2032 (Kilo Tons) (USD Million)
3.8 Regulatory Landscape
3.9 Pricing analysis 2017 – 2032
3.10 Impact forces
3.10.1 Growth drivers
3.10.2 Industry Pitfalls & Challenges
3.11 Innovation & sustainability
3.12 Biobased feedstock analysis for Polyethylene
3.13 Bio Based PE circular economy
3.14 Market strategies for new entrants
3.15 Growth potential analysis, 2021
3.16 Porter’s Analysis
3.17 PESTEL analysis
3.18 Impact of Russia-Ukraine War on bio-based polymers market
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
