Report : North America Bio-Based Ethylene Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Raw Material (Sugars, Starch, and Lignocellulosic Biomass) and End-User Industry (Packaging, Detergents, Lubricant, and Additives)
Sugars Segment to Dominate North America Bio-Based Ethylene Market during 2020–2028
According to a new market research study on “North America Bio-Based Ethylene Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Raw Material and End-User Industry,” is expected to reach US$ 188.20 million by 2028 from US$ 110.34 million in 2020. The market is estimated to grow at a CAGR of 6.9% from 2020 to 2028. The report provides trends prevailing in the North America bio-based ethylene market along with the drivers and restraints pertaining to the market growth. Need to decrease dependency on fossil fuels are the major factor driving the growth of the North America bio-based ethylene market. However, issues associated with the moisture damage hinder the growth of North America bio-based ethylene market.
The US has the highest number of confirmed cases of COVID-19, as, compared to Mexico and Canada. This is likely to impact the chemicals & materials industry in the region as, due to the COVID-19, the supply chain is likely to get affected. In addition, the overall manufacturing processes, research, and development activities will also impact market growth.
The market bio-based ethylene is segmented into raw material, end-user industry, and country. Based on end-user industry, the market is segmented into packaging, detergents, lubricant, and additives. In 2019, packaging segment held a larger share of the North America bio-based ethylene market. Based on raw material, the market is segmented into sugars, starch, lignocellulosic biomass. In 2019, sugar segment held a larger share of the North America bio-based ethylene market.
Braskem S.A; The Dow Chemical Company; LyondellBasell Industries Holdings B.V.; SABIC; Oxy Low Carbon Ventures (OLCV); and Enerkem are among the leading companies in the North America bio-based ethylene market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Braskem is expanding its production capacity of green ethylene which is the principal feedstock obtained from sugarcane ethanol used to produce renewable resins. These materials can consequently claim to capture greenhouse gas CO2. The green ethylene is produced at the company's plant in Triunfo, the Rio Grande do Sul, whose capacity will be expanded from the current 200 kton/year to 260 kton/year. The expansion project was budgeted at US$61 million
The report segments the North America Bio-Based Ethylene Market as follows:
North America Bio-Based Ethylene Market – By Raw Material
- Lignocellulosic Biomass
North America Bio-Based Ethylene Market – By End-user Industry
North America Bio-Based Ethylene Market – By Country
Contact Person: Sameer Joshi
Email Id: firstname.lastname@example.org