Global Bio-based Elastomers Market Report 2023-2028: Rising Demand from the Automotive and Footwear Industries with Bio-Based Thermoplastic Set to be at the Forefront of Growth
Wednesday, September 6, 2023
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.
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Global Bio-based Elastomers market is anticipated to grow significantly through 2028 due to increasing demand from the automotive industry
Manufacturers 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 Industry
Elastomers 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 Sector
Due 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 Product
With 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.
Market Dynamics
Drivers
-- Rising demand from Automotive Industry
-- Growing demand from Footwear Sector
-- Increasing demand from Electrical & Electronics Sector
Market Trends & Developments
-- Product Launches
-- Merger's & Acquisitions
-- Technological Advancements
Challenges
-- High cost of Product as compared to other alternatives
-- Complexity in Manufacturing Process
Competitive landscape
Company Profiles: Detailed analysis of the major companies present in the global Bio-based Elastomers market.
-- Dow Inc
-- FKuR Kunststoff GmbH
-- Audia Elastomers
-- BASF SE
-- Trinseo PLC
-- Koninklijke DSM N.V.
-- Eni S.p.A.
-- Arkema S.A.
-- Asahi Kasei Corporation
-- Kuraray Co., Ltd.
Report Scope:
Bio-based Elastomers Market, By Product:
-- Bio-based Thermoplastic
-- Bio-based Thermoset
Bio-based Elastomers Market, By Application:
-- Automotive
-- Footwear
-- Sports
-- Electrical & Electronics
-- Others
Bio-based Elastomers Market, By Region:
-- North America
-- United States
-- Mexico
-- Canada
-- Europe
-- France
-- Germany
-- United Kingdom
-- Spain
-- Italy
-- Asia-Pacific
-- China
-- India
-- South Korea
-- Japan
-- Thailand
-- South America
-- Brazil
-- Argentina
-- Middle East & Africa
-- South Africa
-- Saudi Arabia
-- UAE
For more information about this report visit https://www.researchandmarkets.com/r/2w4rep
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