Pune, India – The global bio-based elastomers market is expected to be worth $513 million in 2023 and $1,901.8 million by 2033. During the forecast period of 2023 to 2033, the predicted growth rate is about 14% according to Future Market Insights. 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.
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.
Key players in the Bio-based Elastomers market are Dow; FKuR; BASF SE; ARLANXEO; Trinseo; Eni S.p.A.; Asahi Kasei Corporation; DSM; Mitsubishi Chemical Europe GmbH, Ltd.; Arkema; The Goodyear Tire & Rubber Company; The Lubrizol Corporation; KURARAY CO., LTD.; Wacker Chemie AG; Huntsman International LLC; Covestro AG; HEXPOL TPE; and Avient Corporation.