Research Nester’s recent market research analysis on “Renewable Polyethylene Market: Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitor’s analysis and a detailed overview of the global renewable polyethylene market in terms of market segmentation by product type, application, raw materials and by region.
Increasing Adoption of Circular Economy & Rising Adoption of Sustainable Initiatives in the corporate sector to Promote Global Market Share of Renewable Polyethylene
The concept of a circular economy, which focuses on minimizing waste and maximizing resource efficiency, is gaining traction. Renewable polyethylene plays a crucial role in this approach as it can be recycled and reused, reducing the reliance on virgin materials and contributing to a more sustainable and circular economy.
Additionally, many companies have adopted sustainability goals as part of their business strategy. They're actively looking for alternative sources of energy that can cut their carbon footprint and meet sustainability objectives. The demand for renewable polyethylene is driven by this increase in corporate sustainability concerns. Research Nester analysts have determined that 3426 companies worldwide are collaborating with the Science Based Targets Initiative (SBTi) to achieve decarbonization, which entails lowering carbon emissions.[R1]
Growth Drivers:
· Increasing demand for sustainable materials.
· Rising adoption in the automotive sector.
Challenges:
Fluctuating prices and limited availability, high production costs, and lack of standardization are some of the major factors anticipated to hamper the global market size of Renewable Polyethylene
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By application, the global renewable polyethylene market is segregated into agriculture, food & beverages, cosmetics, cosmetics & personal care, pharmaceuticals, and textiles. Amongst these food & beverages segment is anticipated to hold the majority market share, over the forecast period. On the other hand, the pharmaceutical segment is also estimated to garner significant market share owing to strong focus on reducing carbon footprint. These factors encourage packaging producers to bring effective, durable, and lasting solutions into mainstreaming. The shift from plastics to sustainable components is also a result of increased sustainability efforts in the pharmaceutical sector, which in turn increases the consumption of bio-based PE materials and thus stimulates the growth of the market.
By region, Asia Pacific’s renewable polyethylene market is set to attain a significant market share over the forecast period. The Asia Pacific region, including countries like China, India, Japan, and South Korea, is experiencing a remarkable surge in the demand for renewable polyethylene. This growth is fueled by a combination of factors. Firstly, there is a growing environmental awareness among people in the region, leading to a greater emphasis on sustainable alternatives to traditional plastics. Additionally, governments in these countries are implementing various initiatives and regulations to promote the use of renewable materials.
This report also provides the existing competitive scenario of some of the key players of the global renewable polyethylene market which includes company profiling of Saudi Basic Industries Corporation(SABIC), LyondellBasell Industries Holdings B.V., AVERY DENNISON CORPORATION, Plantic Technologies Limited, The Dow Chemical Company, TotalEnergies Corbion, Sealed Air Corporation, Respack Manufacturing Sdn. Bhd., FKuR Kunststoff GmbH, Sojitz Corporationm, and others.
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