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Bio-based Polyethylene Market worth over $1.5 Bn by 2032
- Published Date: February 7, 2023
Bio-based polyethylene Market size is anticipated to cross USD 1.5 billion by 2032, according to a new research report 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.
Rising preference for green packaging will proliferate consumption of sugarcane polyethylene
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.
Escalating packaged food consumption may augment biobased LLDPE adoption
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.
Browse key industry insights spread across 238 pages with 221 market data tables & 24 figures & charts from the report, “Bio-based polyethylene (PE) Market Size, By Raw materials (Sugar Cane, Sugar Beet), By Product (HDPE, LDPE, LLDPE), By Application (Food & Beverages, Agriculture, Pharmaceutical, Cosmetics & Personal Care, Textile) COVID-19 Impact Analysis, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
Shift in focus toward sustainability escalates the use of bio-PE in cosmetics & personal care packaging
In terms of the end-user, the bio-based polyethylene market value from the cosmetics and personal care segment surpassed 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.
Increase in drug spending to fuel bio-based PE integration in sustainable packaging across North America
North American bio-based polyethylene market is projected 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.
Product innovation strategies by major key players to strengthen the industry landscape
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.