The global bio-based elastomers industry is poised for substantial growth, with a projected market value of US$513 million in 2023 set to surge to US$1,901.8 million by 2033, reflecting an impressive growth rate of nearly 14% over the forecast period from 2023 to 2033. This expansion is largely driven by the environmental advantages of bio-based elastomers, which help reduce volatile organic compound emissions compared to their crude oil-based counterparts, leading major manufacturers in the crude oil-based elastomer sector to actively explore and develop bio-based alternatives.
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.
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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 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 Takeaways from Bio-based Elastomers Industry Study
- Bio-based thermoplastic elastomers dominated the market and accounted for more than 75.0% share of the overall revenue in 2022.
- The automotive application segment dominated the market in 2022. This is attributed to the growing use of bio-based elastomers in automotive trims, dashboards, mats, and tires.
- North America emerged as the second-largest regional market in 2022.
- The high price of bio-based elastomers compared to crude oil-based elastomers is expected to restrain the market growth.
- Europe accounted for the largest revenue share of more than 40.0% in 2022.
- The bio-based thermoplastic elastomers accounted for the largest revenue share of more than 75.0% in 2022.
- Automotive emerged as the leading application segment and accounted for more than 35.0% share in terms of revenue in 2022.
“Technology collaboration is being observed among elastomer raw material manufacturers to develop bio-based alternatives. Such instances create a sufficient supply of bio-based raw materials, enabling adequate production of bio-based elastomers,” says an analyst at Future Market Insights.
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Key Market Players
Major players are channeling efforts toward expanding their production capacities to strengthen their market share and cater to the growing demand. Market expansion is anticipated to be aided by the growing number of partnerships and collaborations among key players that are looking to increase their presence in the market. 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.
- 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.
- In 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.
- In August 2022, the Beijing University of Chemical Technology developed bio-based polyester elastomer soles for biodegradable footwear manufactured using corn stalk latex, bamboo fiber, and hemp fiber.
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Key Market Segments Covered in the Global Bio-based Elastomers Industry
By Product Type:
- Bio-based Thermoplastic Elastomers
- Bio-based Thermoset Elastomers
By Application:
- Footwear
- Automotive
- Sports
- Electrical & Electronics
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About Future Market Insights (FMI)
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