According to the latest research report by The Insight Partners Bio-Based Ethylene 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.
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Need to Decrease Dependency on Fossil Fuels to Escalate Market Growth During 2020–2028Due to its use as a fuel for transportation, bio ethylene is now well-known. The production process uses a variety of natural resources as raw materials, including sugars (sugarcane, sugar beets, and sweet sorghum), starches (corn and wheat), and lignocellulosic biomass (wood and grass). Manufacturers of packaging, detergents, and gasoline additives are beginning to place more emphasis on bio ethylene. Utilizing bioethylene in products is widely preferred by industries looking for bio-based materials.
As a result of the widespread production of bioethanol from lignocellulose biomass, including wood, sugarcane, and maize starch, there is less dependence on fossil fuels and petroleum derivatives. Bio-ethylene is manufactured from bioethanol. A nation’s reliance on the importation of fossil fuels can be reduced by employing domestic resources to generate bio-based goods, which will boost the domestic economy.
Necessity for Diminishing Dependency on Fossil Fuels
A large number of chemical products utilised downstream use ethylene as a feedstock. One of the biggest bulk chemicals, it is heavily utilised in the manufacture of plastics. Ethylene has numerous uses, thus its demand is expected to increase over the next few years. The production of ethylene traditionally involves petroleum derivatives, which contributes to the depletion of fossil fuels. Biomass feedstock is viewed as a trustworthy solution for overcoming this issue in the production of bio-based ethylene. As a result of the widespread production of bioethanol from lignocellulose biomass, including wood, sugarcane, and maize starch, there is less dependence on fossil fuels and petroleum derivatives. Bio-ethylene is manufactured from bioethanol.
The market for Bio-Based Ethylene is concentrated with some very well-established players. Some of the key players in the Bio-Based Ethylene Market include
- Braskem S.A.
- The Dow Chemical Company
- LyondellBasell Industries Holdings B.V.
- Shell Global
Bio-Based Ethylene Market is Segmented by Region/Country: North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America
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