Shift in trend towards developing sustainable products is expected to remain a key driving factor for bio-based ethylene market over the next six years. Increasing feedstock prices coupled with stringent environmental regulations by agencies such as FDA, EPA and REACH in order to reduce green house gases (GNG) expected to significantly augment bio-based ethylene market over the forecast period. Bio-based ethylene derived polyethylene has huge potential for substituting petrochemical derived ethylene in myriad industrial applications such as lubricants, plasticizers, additives, detergents, medical devices and packaging.
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Global market is still at infancy stage with companies involved in R&D to manufacture sustainable ethylene coupled with scaling up of industrial process for product commercialization. Major petrochemical based ethylene manufacturers are shifting focus to develop bio-based ethylene in order to capture market at initial developmental stages. Companies such as IFPEN, Axen and Total had launched joint proprietary technology known as Atol, for making bio-based ethylene commercially available in market. Other market participants such as Dow Chemical Company, Alberta, Cargill and Suiker Unie are involved in research for developing bio-based ethylene production technology. High initial investment costs coupled with establishment of novel manufacturing technologies is expected to posses challenge for industry participants. Advancement with technologies and early market penetration is expected to provide growth opportunities for bio-based ethylene industry participants.
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North America is expected to witness significant growth rates owing to favorable governmental regulations on use of bio derived products and technological advancements. Other significant demand is expected from emerging economy of Asia Pacific owing to presence of large scale ethylene manufactures shifting focus to produce bio-based ethylene. China from Asia Pacific is expected to witness higher growth rates owing high ethylene manufacturing capacities.
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