Research shows biobased polyethylene market to reach $1.5bn by 2032

In Delaware, Global Market Insight reported that the bio-based polyethylene market valuation is projected to reach $1.5 billion by 2032. “The high preference for biobased alternatives to fossil raw materials is likely to foster the demand for bio polyethylene in the textile sector. The increased consumption of energy and natural resources and the growing environmental footprint have influenced textile manufacturers to take steps toward sustainability. These trends will promote the use of bio-based PE as a green raw material in textile manufacturing,” the research firm said. North American bio-based polyethylene market is poised to depict over 14.5% CAGR through 2032, driven by the mounting expenditure on drug development in the region, Global Market Insight said. “According to data from the U.S. Department of Health and Human Services, in 2021, the healthcare system spent $603 billion on prescription drugs, with retail drugs accounting for $421 billion of spending in the country. In addition, the growing preference for natural and eco-friendly solutions among cosmetics consumers will proliferate the requirement for bio-based polyethylene for packaging applications, bolstering the regional market outlook.”

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