Pune, India – The market for bio-based elastomers is anticipated to reach US$ 513 million in 2023 and US$ 1,901.8 million in 2033, respectively according to Future Market Insights. It is anticipated that the growth rate will be close to 14% from 2023 to 2033. The market is expected to grow as a result of the advantages that bio-based elastomers have over those made from crude oil in terms of emissions of volatile organic compounds. For significant crude oil-based elastomer producers, the development of bio-based elastomers is a top priority.
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.
The U.S. in North America is expected to witness significant growth in the demand for bio-based elastomers. This is due to the fact the country hosts a number of conventional elastomer manufacturers such as Avient Corporation, Huntsman International LLC, The Lubrizol Corporation, Trinseo, and Dow that are now engaged in the development of bio-based elastomers.