The global renewable polyethylene market is expected to register a CAGR of 18% by garnering a market value of US$ 5,082 million by the end of 2033. The growth of the market can be attributed to:
| Data Points | Key Statistics |
|---|---|
| Expected Market Value (2023) | US$ 971 million |
| Projected Market Value (2033) | US$ 5,082 million |
| Growth Rate (2023 to 2033) | 18% CAGR |
As consumers become more aware of the impact of plastic pollution on the environment, there is a growing preference for eco-friendly alternatives. Many businesses are responding to this demand by adopting sustainable practices and using Renewable Polyethylene in their products.
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Governments in North America, particularly the United States, are implementing policies and regulations to promote the use of renewable and sustainable materials. For instance, several states have passed legislation to ban single-use plastics, which has led to increased demand for renewable plastics like Renewable Polyethylene.
Consumers in North America are becoming more conscious of the impact of plastic pollution on the environment and are seeking out eco-friendly alternatives. This has created a growing demand for Renewable Polyethylene in products ranging from packaging to consumer goods.
The development of new and improved manufacturing processes for Renewable Polyethylene has made it easier and more cost-effective to produce in North America. This has helped to increase supply and reduce the cost of the material, making it more accessible to businesses.
Many businesses in North America are responding to the growing demand for sustainable products by adopting eco-friendlier practices and using renewable materials like Renewable Polyethylene in their products. This has created new opportunities for manufacturers and suppliers in the region.
The development of new and improved manufacturing processes for Renewable Polyethylene has made it easier and more cost-effective to produce. This is expected to increase supply and reduce the cost of the material, making it more accessible to businesses.
There is a growing interest in developing new and innovative products using Renewable Polyethylene. For instance, there is a significant potential for the use of Renewable Polyethylene in packaging, as well as in consumer goods like toys and furniture.
Many companies are partnering with each other to develop new products and technologies using Renewable Polyethylene. These collaborations are expected to drive innovation and accelerate the adoption of Renewable Polyethylene in various industries. Several major companies have already begun investing in renewable polyethylene. For example, in 2019, IKEA announced that it would switch to using renewable polyethylene in its products, while Coca-Cola has also started using renewable polyethylene in some of its bottles.
Overall, as consumers and companies become more environmentally conscious, the demand for renewable polyethylene is likely to continue growing, making it an important part of the transition to a more sustainable future.
Growing environmental concerns in recent times regarding traditional or fossil-derived polyethylene packaging are driving the substitution by renewable polyethylene. Some of the factors including lack of degradation, and drastically depleting natural resources have provided momentum to the adoption of renewable polyethylene compared to fossil-based polyethylene.
Renewable polyethylene (also known as Bio-polyethylene or Green Polyethylene) is synthesized from ethanol, which becomes ethylene after the dehydration process. Worldwide, a variety of feedstocks including sugarcane, sugar beet, and wheat grain are used for renewable polyethylene production.
Renewable polyethylene properties are identical to that of traditional polyethylene, with the added advantage of its environment friendly nature.Compatible physical properties of renewable polyethylene for use in products such as carry bags, bottles, and plastic films and also it's recycling are making it a popular choice of the end-users.
Recyclability is another one of the important properties of renewable polyethylene that increases its applications across various industries. Renewable polyethylene portfolio features nearly 30 grades of LDPE, HDPE and LLDPE families that caters to a wide range of applications such as packaging, agriculture, and automotive parts/components, among others. The huge majority of the aforementioned grades have around 80% to 90% renewable carbon content.
Principal Consultant
At the global level, increasing harmful environmental consequences of the over-utilization of conventional or fossil-based plastics have led the manufacturers to find alternative solutions and produce plastic by renewable resources or green sources. Concerns over the depletion of the world’s natural resources has also provided traction to bio-based or renewable polyethylene plastic adoption rates across the globe.
Moreover, renewable plastic is biodegradable and can be recycled in the same manner as conventional polyethylene owing to chemically identical. Growing plastic packaging industry is also acting as a key driving factor for renewable polyethylene demand during the foreseen growth of the market.
Increasing demand for flexible packaging across various industries such as food and beverages, automotive parts/components, consumer goods, etc. are projected to positive thrust to renewable polyethylene demand across the globe in the coming years.
One disadvantage associated with the renewable polyethylene is its reliance on the feedstock of agricultural waste. For large scale sourcing of agricultural waste also requires various sources such as fossil fuels, machinery, fertilizers, and pesticides, among many others. Such an aspect is expected to act as a challenging factor for the renewable polyethylene market growth in the near future.
Worldwide, North America followed by Europe is estimated to account for dominating share in global renewable polyethylene. The reason behind this is that the various norms and standards are implemented by the regulatory authorities of those regions over the usage of fossil-based polyethylene.
Such a factor compels manufacturers to develop novel technologies to synthesize plastic by agro-waste or biological/renewable resources. Although, the Asia Pacific region is expected to register prominent growth in the global renewable polyethylene market during the projected timeline of the market.
Owing to the growing investment to tackle challenges of the environmental impact such as GHG emissions, especially in the developing countries (China and India) of the Asia Pacific region, they are likely to pave the path for the robust growth of renewable polyethylene market in the coming years. Moreover, the market in the Middle East & Africa and Latin America regions are projected to witness substantial demand for the global renewable polyethylene market in the near future.
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Some of the key market participants identified across the value chain of the renewable polyethylene market are:
The Renewable Polyethylene research report presents a comprehensive assessment of the renewable polyethylene market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
It also contains projections using a suitable set of assumptions and methodologies. The research report on Renewable Polyethylene provides analysis and information according to market segments such as geographies, application, and product type.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various factors on renewable polyethylene market segments and geographies.
The global renewable polyethylene market can be segmented on the basis of product type, application, and region.
Chemicals & Materials
July 2023
REP-GB-5656
275 pages
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Renewable Polyethylene Market
