Dublin, July 07, 2021 (GLOBE NEWSWIRE) -- The "Bio-Based Ethylene Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Raw Material and End-User Industry" report has been added to ResearchAndMarkets.com's offering.
The global bio-based ethylene market was valued at US$ 414.34 million in 2019 and is projected to be worth US$ 718.32 million by 2028, growing at a CAGR of 7.12% during 2020-2028.
Based on raw material, the global bio-based ethylene market is segmented into sugars, starch, and lignocellulosic biomass. The sugars segment led the market with the largest share in 2019. Bio ethylene is produced from bioethanol, which is a liquid biofuel widely utilized in the transportation sector.
Sugar from sugarcane is a highly utilized raw material while producing bio ethylene, mainly in India and Brazil. In Brazil, production of bioethylene is economically competitive, owing to the wider availability of cheap sugarcane feedstock. Sugarcane, sugar beets, and sweet sorghum are quite easy to break down since the sucrose is a disaccharide, which can be further directly fermented into bio ethanol utilizing yeast.
Sugar based bio-ethylene production is estimated to save about 60% of fossil energy as compared to petrochemical production since the process can further produce electricity. The production cost of sugarcane-based bio-ethylene is also very low. The greenhouse gas emissions caused by using fossil fuel can also be minimized by utilizing bio ethylene in the petrochemicals industry. Due to these benefits, most of the industries are adopting bio ethylene for various applications.
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 primarily attributed to the presence of major manufacturers such as The Dow Chemical Company, Oxy Low Carbon Ventures (OCLV), and Enerkem.
North America is anticipated to account for a remarkable share of the bio-based ethylene market during the forecast period, owing to the wide applications of this material in packaging and plastic production industries located in this region. Bio-ethylene is manufactured from bio-based materials, including starch, sugars, and lignocellulosic biomass.
Bioethanol is primarily utilized as a blend in transportation fuel, and it is further gaining importance in the automotive industry in this region, which is further influencing the market growth. The people living in North America and even the industry players are nowadays quite concerned about greenhouse gas emission; hence, they are adopting the bio ethylene as an alternative to petrochemical products. This is further bringing a positive outlook for the bio ethylene market in this region.
Ethylene is used as a feedstock for many downstream chemical products. It is one of the largest bulk chemicals and is extensively used in the production of plastics. Due to the wide-scale applications of ethylene, its demand is likely to continue to rise in the coming years. Traditionally, ethylene is manufactured from petroleum derivatives, which is resulting in the depletion of fossil fuels.
To overcome this problem, biomass feedstock is considered a reliable alternative for the manufacturing of bio-based ethylene. Bio-ethylene is produced from bioethanol, which is widely made using lignocellulose biomass such as wood, sugarcane, and corn-starch, thus, reducing the dependency on petroleum derivatives, as well as on fossil fuels. Bio-based products produced using local resources are also capable of cutting down a country's dependency on fossil fuel imports, thereby stimulating the domestic economy.
Further, bio-based ethylene reduces greenhouse gas emissions both during production and use. However, the environmental performance of bio-ethylene principally depends on the regional conditions of the production of bioethanol, emission of greenhouse gases caused due to the changes in land usage, and conditions of the necessary energy systems. However, bio-based ethylene can significantly decrease the environmental impact of chemical industries.
Thus, urgent need to reduce the dependency on fossil fuels and rise in awareness regarding environmental sustainability are bolstering the bio-based ethylene market growth. Bio-based ethylene and petroleum-based ethylene are chemically identical, and thus, the existing production capacities and equipment can be used to produce other downstream products, including plastics as usual, without having much impact on the existing market, which is another factor supporting the market growth.
Braskem SA, The Dow Chemical Company, LyondellBasell Industries Holdings B.V., SABIC, and Oxy Low Carbon Ventures (OCLV) are among the major players operating in the global bio-based ethylene market.
Key Topics Covered:
2. Key Takeaways
3. Research Methodology
4. Bio-Based Ethylene Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.3 Expert Opinions
5. Bio-Based Ethylene Market - Key Industry Dynamics
5.1 Key Market Drivers
5.1.1 Need to Decrease Dependency on Fossil Fuels
5.2.1 High Cost of Entire Production Set-Up
5.2.2 Biomass Availability in Case of Full Roll-Out
5.3.1 Nascent Stage of Bio-Based Ethylene Market
5.4 Future Trends
5.4.1 Alternative Sources of Biomass
5.5 Impact Analysis of Drivers and Restraints
6. Bio-Based Ethylene- Global Market Analysis
6.1 Global Bio-Based Ethylene Market Overview
6.2 Global Bio-Based Ethylene Market Forecast and Analysis
6.3 Market Positioning - Global Market Players Ranking
7. Bio-Based Ethylene Market Analysis - By Raw Material
7.2 Bio-Based Ethylene Market, By Raw Material (2019 and 2028)
7.5 Lignocellulosic Biomass
8. Bio-Based Ethylene Market Analysis - By End-Use Industry
8.2 Bio-Based Ethylene Market, By End-Use Industry (2019 and 2028)
9. Bio-Based Ethylene Market- Geographic Analysis
10. Impact of COVID-19 Pandemic on Global Bio-Based Ethylene Market
11. Global Bio-Based Ethylene Market -Industry Landscape
11.2 Strategy & Business Planning
11.3 Market Initiatives
12. Company Profiles
The Dow Chemical Company
LyondellBasell Industries Holdings B.V.
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