The renewable polyethylene market is projected to grow significantly, with an estimated valuation of USD 5,082 million by 2033, up from USD 971 million in 2023. This market is expected to experience a substantial CAGR of 18% from 2023 to 2033. In recent times, there has been a heightened awareness of environmental issues, particularly climate change and the deterioration of the environment. This has resulted in an increased demand for sustainable materials that can help reduce carbon emissions and minimize the negative impact on the environment. Renewable polyethylene, which is biodegradable and compostable, serves as an excellent eco-friendly alternative to conventional plastics that are derived from fossil fuels. These factors are driving the growth of the renewable polyethylene market.
In the projected period of 2023 to 2033, the renewable plastic market is expected to experience growth due to the increasing number of government projects promoting renewable packaging, the shift in consumer preferences towards recyclable and eco-friendly materials, and ongoing improvements in the packaging industry. Other factors like strict regulations against the use of non-recyclable plastics, reduced carbon emissions and energy consumption, and the availability of recyclable materials further aid the expansion of the renewable polyethylene market. Additionally, the global e-commerce industry’s expansion and technological advancements are expected to create substantial opportunities for the growth of the renewable plastic packaging market.
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Governments across the globe are implementing policies and regulations that encourage the adoption of renewable materials and lessen dependency on fossil fuels. For example, the European Union set a target of using at least 10% renewable energy in transport by 2020 which, in turn, bolstered the demand for renewable plastics like renewable polyethylene. The introduction of many new and enhanced manufacturing processes for polyethylene has made it easier and more cost-effective to manufacture which bodes well for the global prospects of the renewable polyethylene market. However, certain obstacles may hinder the market’s growth, including a lack of understanding of sustainability’s importance and the inadequate recycling infrastructure.
Key Takeaways:
- With many businesses adopting eco-friendly and sustainable practices and consumers becoming environmentally conscious, North America, particularly the US, will become a key market for renewable polyethylene.
- The renewable polyethylene market in the Asia Pacific will grow at a rapid rate owing to environmental protection measures taken by countries like China and India.
- Heavy dependency on agricultural waste may hinder the growth of the renewable polyethylene market.
- New and improved manufacturing processes increase supply and reduce the cost of the material which is expected to open up opportunities for various market participants.
Competitive Landscape
Braskem, Saudi Basic Industries Corporation (SABIC), Total Corbion PLA, Avery Dennison Corporation, LyondellBasell Industries N.V., Respack Manufacturing Sdn. Bhd., Sealed Air Corporation, The Dow Chemical Company, and Sojitz Corporation, among others, are a few of the significant players profiled in the renewable polyethylene market report.
In a competitive market, many participants are keen on product development and using advanced technology. These enterprises also employ strategic inorganic and organic tactics to enhance their market footprints. In a recent development, IKEA announced in 2019 that it would switch to renewable polyethylene in its products.
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More Insights Into Renewable Polyethylene Market
In its latest report, FMI offers an unbiased analysis of the global renewable polyethylene market, providing historical data from 2018 to 2022 and forecast statistics for 2023 to 2033. This report delivers a comprehensive study of market drivers, challenges, trends, and opportunities. To understand the global market potential, growth, and scope, the market is segmented based on product type(HDPE, LDPE, LLDPE), application (packaging, bags, bottles, plastic films, sports and footwear, agriculture, non-woven fibers, automotive parts and components, others), and region.
As per FMI estimations, based on region, the renewable polyethylene market in North America will present significant growth. The target market in this region, particularly in the US, will dominate the global marketplace. North America will be closely followed by Europe. Growing consumer awareness, various rules and regulations implemented by different government bodies all over the world, and measures taken by different businesses will aid the growth of the renewable polyethylene market in areas like North America and Europe. Thus, Europe, North America, and Asia Pacific will aid the global growth of the renewable polyethylene market.
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