Bio-based Elastomers Market to be Dominated by Automotive Sector through 2028
Rising demand
from Automotive industry is expected to drive Global Bio-based Elastomers
market in the forecast period 2024-2028
According to TechSci Research
report, “Bio-based Elastomers
Market - Global Industry Size, Share, Trends, Opportunity, and Forecast,
2018-2028”, Global Bio-based Elastomers market is anticipated
to upsurge at an impressive rate in the forecast period 2024-2028. A significant factor fueling the growth of the Global Bio-based
Elastomers Market is the utilization of bio-based
elastomers in the automotive interior application such as cup holder liners, inlay
mats, fascia, and automotive exterior application such as tire, windshield wipers, sidewalls,
and treads. In addition, Increasing demand for light
weight vehicle to improve fuel consumption and reducing CO2 emission
further fuel the growth of Global Bio-based Elastomers
market.
For instance, in January
2022, the Goodyear Tire & Rubber Company introduced a demonstration tire
with 70% sustainable material content, including soybean oil and silica made
from rice husk ash to produce tires.
Furthermore, the market is
being further stimulated by growing demand from footwear, electrical, and electronics sectors.
However, high cost of product
as compared to other alternatives can slow down the market growth. Also, complexity
in manufacturing process can further slowdown the market growth.
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Global Bio-based
Elastomers Market is segmented based on product, application, and region.
Based on product, the market is segmented into
bio-based thermoplastic and bio-based thermoset. Bio-based Thermoplastic
segment is expected to hold the largest market share in the forecast period,
2024-2028. This is due to equivalent shore hardness and properties as compared
to conventional thermoplastic.
Based on application, the market is fragmented
into automotive,
footwear, sports, electrical & electronics, and others. Footwear segment is
expected to hold the largest market share in the forecast period, 2024-2028. This
is due to increasing demand for biodegradable high-performance footwear and reducing pollution created by use of leather,
polyurethane, polyvinyl chloride, and rubber.
Major
companies operating in the global Bio-based Elastomers market are:
- 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.
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“Europe
region is expected to grow at the highest rate during the forecast period due
to joint venture between European Union and the Bio-based Industries Consortium
to accelerate the consumption of bio-based content in various end-use
industries. Additionally, ban of rubber granules and use bio-based raw
materials for tire production is expected to create lucrative opportunities for
the market growth. Furthermore, in North America, growing demand for electric
vehicles due to supportive government policies is anticipated to increase the
demand for charging cables for electric vehicle creating huge prospects of
market growth during the forecast period,” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based global management consulting firm.
“Bio-based Elastomers Market- Global Industry Size, Share, Trends,
Opportunity, and Forecast, 2018-2028 Segmented By Product (Bio-based
Thermoplastic, Bio-based Thermoset), By Application (Automotive, Footwear,
Sports, Electrical & Electronics, Others), By Region, and Competition,
has evaluated the future growth potential of Global Bio-based Elastomers Market
and provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision-makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the Global Bio-based Elastomers Market.”
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