growing at a CAGR of 7. 12% during 2020-2028. Bio ethylene can be produced from biomass feedstock used for bio ethanol. Bio ethylene is now well known since it is used as a transportation fuel.
New York, June 28, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Bio-Based Ethylene Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Raw Material and End-User Industry" - https://www.reportlinker.com/p06099447/?utm_source=GNW
Different types of natural resources such as sugars (sugarcane, sugar beets, and sweet sorghum), starch (corn and wheat), and lignocellulosic biomass (wood and grass), are used as raw materials in the production process.Bio ethylene is gaining importance from fuel additives, packaging, and detergent producing manufacturers.
Industries looking for bio-based materials highly prefer utilizing bio ethylene in their products.
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.
By region, the bio-based ethylene market is segmented into North America, Europe, Asia Pacific (APAC), South America (SAM), and Middle East & Africa (MEA).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.
The overall global bio-based ethylene market size has been derived in accordance with to both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the global bio-based ethylene market.
Read the full report: https://www.reportlinker.com/p06099447/?utm_source=GNW
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