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Bio-based polyethylene (PE) Market Analysis
- Report ID: GMI4333
- Published Date: Feb 2023
- Report Format: PDF
Bio-based polyethylene Market Analysis
The bio-based polyethylene market value from the sugar beet raw material segment reached USD 180 million in 2022, owing to its ability to create composites with lightweight bearing properties, when combined with PLA and other biodegradable polymers. PLAs combined with around 50% sugar beet pulp content can also create biodegradable thermoplastic composites suited for use in disposable food packaging. In April 2022, Tjoapack invested over USD 10.8 million for expansion projects at its Etten-Leur pharma packaging facility in the Netherlands. Development such as these are bolstering the demand for bio-based PE products such as pharma plastic bags and containers made using sugar beet pulp.
The HDPE product segment of bio-based polyethylene market valued at USD 190 million in 2022, on account of the extensive availability of bio-based materials. With the growing rate of online food ordering, the adoption of aggregator websites, such as Uber Eats, has surged considerably. Based on the PYMNTS’ ConnectedEconomy Monthly Report, close to 36.5% of consumers from the Pacific order grocery products online.
Since HDPE is certified as a food-grade polymer, it is gaining significant traction in the manufacture of food storage containers. Thus, with the growing consumption of convenience foods, it is likely that the use of HDPE in the food and beverages sector.
The bio-based polyethylene market from the pharmaceutical end-user segment is set to exhibit nearly 14.5% gains through 2032, on account of the strong focus on curbing environmental footprints. According to studies, scientists are suggesting that the pharmaceutical sector will have to mitigate emissions by close to 59% from 2015 levels to comply with the targets stated in the Paris Agreement. Such factors will encourage packaging manufacturers to bring efficient, durable, and lasting solutions to the mainstream. Increasing sustainability efforts in the pharmaceutical sector are also resulting in a shift from plastics to sustainable components, and in turn, bolstering the consumption of bio-based PE materials.
Asia Pacific bio-based polyethylene market is anticipated to register more than 14% CAGR through 2032, given the mounting preference for innovative solutions such as Korean cosmetics. Sales of Korean skincare and cosmetic products are reaching record highs in recent years, with strong sales in APAC countries including Indonesia. Furthermore, the high inclination toward bio-pharma packaging will influence companies to make significant strides with bio-PE solutions, thereby strengthening the regional market outlook.
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Bio-based Polyethylene Market Scope
