Pune, India – The global bio-based elastomers market is expected to be worth US$ 513 million in 2023 and US$ 1,901.8 million by 2033. During the forecast period of 2023 to 2033, the predicted growth rate is about 14%. 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 according to Future Market Insights.
Major crude oil-based elastomer manufacturers are extensively engaging in developing bio-based elastomers. End-use companies in the elastomer market also include sustainable materials in their product manufacturing, which can significantly impact 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.
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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 several 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.