Bio-based polyethylene (PE) Market Size, By Raw materials (Sugar Cane, Sugar Beet), By Product (HDPE, LDPE, LLDPE), By Application (Food & Beverages, Agriculture, Pharmaceutical, Cosmetics & Personal Care, Textile) COVID-19 Impact Analysis, Regional Outlo

Bio-based polyethylene (PE) Market Size, By Raw materials (Sugar Cane, Sugar Beet), By Product (HDPE, LDPE, LLDPE), By Application (Food & Beverages, Agriculture, Pharmaceutical, Cosmetics & Personal Care, Textile) COVID-19 Impact Analysis, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2023 - 2032

Bio-based Polyethylene (PE) market is anticipated to register robust growth between 2023 and 2032, primarily owing to the increasing preference for environmentally friendly products. According to a new research by WWF, it was revealed that during the past five years, there has been a 71% rise in the search for sustainable goods.

Overall, the bio-based polyethylene (PE) market has been segmented in terms of raw materials, product, end-user, and region.

Based on raw materials, the others segment is set to grow at more than 13% CAGR through 2032. The others segment comprises barley, wheat, and corn. The demand is increasing significantly owing to their utilization in production of regular consumer items, cosmetics, secondary packaging items, technical components, and horticultural and agricultural products.

On the basis of product, the market is likely to be characterized by the LDPE (low-density polyethylene) segment. LDPEs boast of advantages such as high durability, flexibility, and corrosion resistance at low temperatures, which will lead to their increased adoption. Besides, frequent usage of LDPEs in prosthetics and orthotics will also fuel the market demand.

Citing an instance, the WHO claims that 35-40 million people need orthotics and prosthetics services across the globe. Moreover, the demand will increase during the coming years owing to the rising geriatric population, high rates of amputations due to traumatic injuries, and increasing traffic accidents due to expanding urbanization.

In terms of the end-user, the food & beverages segment was valued at USD 150 billion in 2022 and will gain further traction through 2032. Bio-based polyethylene products have been approved for food-grade packaging, which will add impetus to their demand during the foreseeable future. Besides, they are flexible, light, economical, and have long shelf lives, which will also contribute to their driving demand.

In the regional context, the Europe bio-based PE market is set to witness significant gains by 2032. The regional market growth can be accredited to the implementation of stringent regulations on the use of plastics, rising demand for bio-based products, and high disposable income, which is facilitating quicker adoption of biodegradable goods. For instance, on November 2022, as part of the European Commission’s circular economy package, the EU aims to slash waste and reduce emissions to help nations reach climate neutrality by 2050. As per reports, the new rules mandate targets for the quantity of recycled materials and urge shops, cafes, and hotels to switch to reusable packaging.