Bio-based Elastomers Market Projected to Discern Stable Expansion by 2030

 Bio-based Elastomers Market Growth & Trends 

The global bio-based elastomers market size is expected to reach USD 1.3 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 13.9% from 2022 to 2030. The benefits provided by bio-based elastomers over crude oil-based elastomers regarding volatile organic compounds emissions are expected to contribute to the growth of the market. Major crude oil-based elastomer manufacturers are extensively engaging in developing bio-based elastomers.

End-use companies in the elastomer market are also including sustainable materials in their product manufacturing, which can significantly impact the market growth. For instance, in January 2022, The Goodyear Tire & Rubber Company launched a demonstration tire containing 70% sustainable-material content such as soybean oil and silica produced from rice husk ash to develop tires. Pela, a phone case manufacturing company in Canada, manufactures 100% compostable phone cases from Flaxstic, a bio-based material. This material includes a by-product of the flax oil seed harvest and a bio-based thermoplastic elastomer.

In April 2021, Audia Elastomers launched sustainable thermoplastic elastomers under the brand name AudiaFlex consisting of customizable grades that are produced from marine-based, bio-based, post-industrial, and post-consumer sources. On 17 November 2022, Asahi Kasei Corporation announced the beginning of the sale of Asadene BR and Tufdene S-SBR for the production of eco-friendly tires. These elastomers are manufactured by the mass-balance method with raw material derived from plastic waste and biomass.

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Bio-based Elastomers Market Report Highlights

• Bio-based thermoplastic elastomers dominated the market and accounted for more than 75.0% share of the overall revenue in 2021. The growing awareness related to eco-efficient and sustainable products to reduce greenhouse gas emissions and a number of thermoplastic elastomer manufacturers launching new variants of bio-based thermoplastic elastomers have contributed to the growth of bio-based thermoplastic elastomers
• The automotive application segment dominated the market in 2021. This is attributed to the growing use of bio-based elastomers in automotive trims, dashboards, mats, and tires. In September 2020, Linglong Tire in collaboration with the Beijing University of Chemical Technology launched bio-based rubber tires, which were showcased at the 22nd China International Industry Fair (CIIF) as an alternative to natural rubber
• North America emerged as the second-largest regional market in 2021. This is attributed to the supportive government policies for boosting the development and adoption of bio-based materials and the presence of a significant number of players operating in the market
• The high price of bio-based elastomers compared to crude oil-based elastomers is expected to restrain the market growth
• In February 2022, Huntsman International LLC helped KEEN, Inc., a global footwear manufacturer, to develop the Field to Foot sneakers soles from bio-based polyurethane elastomer

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Bio-based Elastomers Market Segmentation

Grand View Research has segmented the global bio-based elastomers market on the basis of product, application, and region:

Bio-based Elastomers Product Outlook (Volume, Tons; Revenue, USD Million, 2019 - 2030)

• Bio-based Thermoplastic Elastomers
• Bio-based Thermoset Elastomers

Bio-based Elastomers Application Outlook (Volume, Tons; Revenue, USD Million, 2019 - 2030)

• Footwear
• Automotive
• Sports
• Electrical & Electronics
• Others

Bio-based Elastomers Regional Outlook (Volume, Tons; Revenue, USD Million, 2019 - 2030)

• North America
  • US.
  • Canada
• Europe
  • Germany
  • Netherlands
  • France
  • UK.
  • Italy
• Asia Pacific
  • China
  • India
  • Japan
• Rest of World

List of Key Players of Bio-based Elastomers Market

• Dow
• FKuR
• BASF SE
• ARLANXEO
• Trinseo
• Eni S.p.A.
• Asahi Kasei Corporation
• DSM
• Mitsubishi Chemical Europe GmbH
• Arkema
• The Goodyear Tire & Rubber Company
• The Lubrizol Corporation
• KURARAY CO., LTD.
• Wacker Chemie AG
• Huntsman International LLC
• Covestro AG
• HEXPOL TPE
• Avient Corporation

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.