BIO BASED ETHYLENE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
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Government regulations and policies supporting biofuels
Government legislations and incentives in various regions plays a pivotal role in boosting bio-based industrial economy. Stringent environmental protection laws and carbon emission reduction targets compel industries across Europe and North America to actively pursue renewable and recycled content options. Favorable regulatory frameworks providing capital subsidies and purchase guarantees have encouraged investments in bio-ethylene capacity additions.
Developing Asian countries with huge population like China and India have also introduced supportive biofuel blending mandates as part of their long-term strategy for energy security and self-sufficiency. Progressive biofuel promotion policies are stimulating local manufacturers to set up projects utilizing agriculture waste and wood residues as feedstock. Latin American governments incentivize sugarcane and corn ethanol production which creates promising market for bio-ethylene.
Some nations offer tax credits and exemptions on biofuel production. Producers also benefit from grants and low interest loans for setting up advanced bio-refineries. Favorable trade policies permit duty-free import of required biotechnology and process licensing. Complimentary initiatives like campaigns promoting biodegradable carrier bags and food packaging have raised commercial viability of bio-based products. With green growth prioritized on development agendas, adoption of policies advancing circular bioeconomy bodes well for global bio-ethylene industry.
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