NEW YORK, Sept. 9, 2021 /PRNewswire/ -- According to the latest The Insight Partners study on "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 market was valued at US$ US$ 414.34 million in 2019 and is projected to reach US$ 718.32 million by 2028; it is expected to grow at a CAGR of 6.4% from 2020 to 2028. The report highlights key driving factors and prominent market players along with their developments in the market.
North America held the second-largest share of the bio-based ethylene market in 2019, and it is estimated to register the highest CAGR during the forecast period. The market position of North America is attributed to the wider application of this material in the packaging and plastic production industries. The presence of key players such as Dow Chemical Company, Oxy Low Carbon Ventures (OCLV), and Enerkem is further influencing the market growth. Governments and industries in North America are nowadays looking forward to adopting solutions to diminish greenhouse gas emissions, which is driving them toward the use of bio-based ethylene as an alternative to petrochemical products.
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Nascent Stage of Bio-Based Ethylene Market to Provide Remarkable Growth Opportunities for the Global Bio-Based Ethylene Market
The bio-based ethylene market is in a nascent stage. The US, Brazil, Canada, and a few countries from Europe are pioneers in the production of bio-ethylene and bio-based polyethylene. Moreover, the US (using corn) and Brazil (using sugarcane) are the major producers of bioethanol, which account for 63% and 24% of the global production, respectively. Developing countries present huge potential for the growth of various international bio-based ethylene producers. Growing focus on environmental issues such as fossil fuel depletion, coupled with the stricter regulations for addressing these issues, would boost the bio-ethylene market growth in the coming years.
Bio-Based Ethylene Market: Segmental Overview
Based on raw material, the bio-based ethylene market is segmented into sugars, starch, and lignocellulosic biomass. The lignocellulosic biomass segment is expected to register the highest CAGR in the market during the forecast period. Lignocellulosic biomass is considered as the largest potential source of bioethanol as it is widely available at a low cost. The major advantage of using lignocellulosic feedstock instead of sugar and starchy biomass in the production of bio-ethylene is that it does not interfere with food processing, production, and supply, and can be produced on less arable land. Based on end-user industry, the market is segmented into packaging, detergents, lubricant, and additives. In 2019, detergent is projected to be the second-largest segment accounting for ~18% of the global market. The manufacturers of cleaning products, including detergent, are switching to bio-based raw materials from synthetic chemicals. Synthetic detergents are not fully biodegradable and cannot be decomposed by microbes present in sewage, which results in water pollution. Thus, many industries and consumers tend to prefer bio-based detergents produced using bioethanol and bio-ethylene.
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Bio-Based Ethylene Market: Competitive Landscape and Key Developments
Braskem S.A.; The Dow Chemical Company; LyondellBasell Industries Holdings B.V.; SABIC; Oxy Low Carbon Ventures (OLCV); and Enerkem are among the well-established players in the bio-based ethylene market. The major companies are highly focusing on increasing their production capacities to expand their market share. For instance, in June 2019, LyondellBasell and Neste announced the first parallel production of bio-based polypropylene and bio-based low-density polyethylene at a commercial scale.
Impact of COVID-19 on Bio-Based Ethylene Market
The ongoing COVID-19 pandemic has drastically altered the status of the chemical industry; this has also led to adverse effects on the growth of the bio-based ethylene market. The outbreak has distorted operational efficiency and disrupted value chains due to the sudden shutdown of national and international boundaries. For instance, China is the global hub of manufacturing and the largest raw material supplier for various industries. The lockdown of various plants and factories in the country affected the global supply chains and disturbed manufacturing activities, delivery schedules, and chemicals & material sales in 2020. Various companies have already announced possible delays in product deliveries and slump in future sales. However, governments of several countries are taking precautionary measures, encouraging vaccination, and imposing work safety measures to support industries in resuming operations. This is expected to improve supply and demand dynamics in the bio-based ethylene market in the coming months.
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