Press Release

Global Green Olefins Market to Accelerate at an Impressive CAGR of Around 13.66% during 2024–30

The Global Green Olefins Market is projected to grow at a CAGR of about 13.66% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. A growing preference for renewable and bio-based materials across industries like plastics, chemicals, and consumer goods, coupled with the implementation of strict regulations encouraging eco-friendly practices, have all contributed to the significant growth in the global demand for green olefins in recent years.

Moreover, lightweight cars are getting more attention from the automobile industry to improve fuel efficiency and reduce emissions. As bio-based materials, green olefins provide an environmentally friendly substitute for making lightweight components, aiding the industry in adhering to regulations. The need for green olefins is expected to increase within the coming years due to the automobile industry's growing embrace of environmentally friendly fuel alternatives to lower carbon emissions.

The cost competitiveness of green olefins in comparison to conventional olefins obtained from petrochemicals is a major challenge. Because bio-based olefins depend on feedstocks obtained from renewable sources, such as crops, waste biomass, or other bio-based materials, their production costs may be greater and hence affect their competitiveness in the market. Moreover, these feedstocks may be more expensive to produce and source, and their availability may present difficulties. These factors are anticipated to impede market growth and expansion over the projection period.

In addition, the demand for green olefins has expanded over the past few years due to developments in bio-refining technologies, government programs encouraging green alternatives, and a shift in consumer preferences toward sustainable economic practices. Concerns about efficient waste management are also growing significantly as a result of the ongoing increase in pre- and post-consumer trash. These include cosmetics, other packaging materials, and plastic containers, which frequently wind up in landfills and the water, upsetting both marine and terrestrial ecosystems. Therefore, all these factors are anticipated to augment market growth & expansion in the coming years, further states the research report, “Global Green Olefins Market Analysis, 2024.”

Global Green Olefins Market Segmentation Analysis

Ethylene Holds a Major Share of the Global Green Olefins Market

Based on type, the market is further bifurcated into ethylene, propylene, butadiene, and butylene. Among them, the ethylene segment holds a significant share of the market. Ethylene acts as a versatile building block for a wide range of industrial uses, spanning from plastics and packaging materials to solvents and synthetic fibers. Furthermore, the demand for ethylene is primarily fueled by the expansion of polyethylene-based consumer products, the rising need for PET fibers, bottles, and packaging, and the growing demand for PVC in construction and pipe applications. These factors are propelling the demand for market ethylene, thus ultimately resulting in the growth & expansion of the Green Olefins Industry.

North America to Dominate the Green Olefins Industry

North America would hold a major share of the market in the forecast period. The increasing consumer awareness about environmental sustainability, government initiatives in countries like the US and Canada to promote a bio-based economy, and a growing corporate commitment to utilizing sustainable raw materials are boosting the demand for green olefins in North America.

Moreover, countries like the US, Canada, etc., are facing plastic pollution issues due to the increasing adoption of plastic in industries like automotive, packaging, etc. According to the Government of Canada, in 2022, there were almost 3 million tons of plastic waste, and only a small fraction was recycled. Similarly, other North American countries, like the US and Mexico, also have high levels of plastic waste. Therefore, to mitigate such problems, the government authorities of the countries have been encouraging the adoption of sustainable raw materials to produce plastic, thus accentuating the need for olefins in the North America Green Olefins Market.

Global Green Olefins Market Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including Archer Daniels and Midland Company (ADM), BASF, Neste, Braskem, New Energy Blue, SABIC, Oleon NV, Gevo, India Glycols Limited, Occidental Petroleum Corporation (Oxy Low Carbon Ventures), Chevron Phillips Chemical Company LLC, and others, are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping up across various regions?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-2030?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?