DUBLIN, Aug. 29, 2023 /PRNewswire/ -- The "Bio-based Elastomers Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Product, By Application, By Region, and Competition" report has been added to ResearchAndMarkets.com's offering.
Global Bio-based Elastomers market is anticipated to grow significantly through 2028 due to increasing demand from the automotive industryManufacturers of conventional elastomers are being compelled to create partially or fully bio-based elastomers in response to the growing demand for using bio-based products to reduce carbon footprints. Elastomer, raw material producers are working together technologically to deliver bio-based raw materials. As a result, there is a large enough supply of bio-based raw materials available to produce bio-based elastomers.For instance, in May 2021, U.S.-based Lummus Technology signed an agreement with Synthos to commercialize its technology for the development of bio-based butadiene, which acts as an adequate monomer supply for bio-based elastomer production.Moreover, increasing demand for bio-based elastomers from the HVAC industry and from the construction industry to produce materials such as tube adhesives and coatings helps to expand the market in the forecast period.Rising Demand from Automotive IndustryElastomers are used in flooring, instrument panel skins, gaskets, bellows, sound management, belts, and hoses inside automobiles. In addition, it may be employed in practically all sections of the automobile, including tires such as base tires, sidewalls, treads, wiring, cables, and coatings.
Materials used in automobile interiors must adhere to laws governing odor, fogging, and volatile organic compounds (VOCs) and regulations for Vehicle Interior Air Quality (VIAQ). The bio-based elastomers have a high proportion of bio-based components and less volatile organic compounds (VOC), which is encouraging the automobile sector to use them.Moreover, the growth of the market is largely attributable to the rising demand for lightweight materials in the automobile sector to provide greater economy and design flexibility. High-performance bio-based elastomers give manufacturers the benefits of design and steel-like strength, which reduces total weight and limits greenhouse gas emissions.For instance, according to the International Organization of Motor Vehicle Manufacturers, the total number of vehicles produced in 2021 was more than 80 million.Therefore, all the aforementioned factors, in turn, are expected to drive the demand for bio-based elastomers during the forecast period.Growing Demand from Footwear SectorDue to the usage of materials like leather, polyvinyl chloride, polyurethane, and rubber that end up in landfills, the manufacture of footwear has a substantial negative impact on the environment. Several major sporting goods companies focus on the production of entirely biodegradable, high-performance athletic footwear, which may have a favorable impact on the market for bio-based elastomers.For instance, Nike employed 50% bio-based thermoplastic polyurethanes (TPU) and 50% Pebax Renew, a castor-based thermoplastic elastomer produced by Arkema that comprises about 97% renewable-based components in their GS football boot.Therefore, increasing the use of bio-based elastomers in the footwear domain will lead to the growth of Global Bio-based Elastomers Market during the projected period.Bio-Based Thermoplastic will be the Key ProductWith an equivalent shore hardness ranging from 55 shore A to 80 shore A, they are becoming more widely used in automotive applications as an alternative to conventional crude oil-based elastomers. Bio-based thermoplastic polyolefin, bio-based thermoplastic styrene block copolymer, bio-based thermoplastic polyamide, and bio-based thermoplastic polyurethane elastomers are some of the bio-based thermoplastic elastomers that have been created, and put on the market.Increasing demand for biobased products anticipated the growth of Global Bio-based Elastomers Market in the upcoming years.
Rising demand from Automotive Industry
Growing demand from Footwear Sector
Increasing demand from Electrical & Electronics Sector
Market Trends & Developments
Merger's & Acquisitions
High cost of Product as compared to other alternatives
Complexity in Manufacturing Process
Competitive landscapeCompany Profiles: Detailed analysis of the major companies present in the global Bio-based Elastomers market.
FKuR Kunststoff GmbH
Koninklijke DSM N.V.
Asahi Kasei Corporation
Kuraray Co., Ltd.
Report Scope:Bio-based Elastomers Market, By Product:
Bio-based Elastomers Market, By Application:
Electrical & Electronics
Bio-based Elastomers Market, By Region:
Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/2w4rep
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