The global bio-polybutadiene market is expected to witness significant growth over the forecast period on account of rising demand for sustainable materials around the globe. Bio-polybutadiene is a type of biodegradable polymer material produced from renewable resources such as plant oils. The usage of the material for production helps in decreasing the environmental impacts, which has increased its demand for the manufacturing of tires.
The vehicle manufacturers are also highly opting for bio-polybutadiene for production of tires for the purpose of complying with the stringent regulation laid by various regions regarding the carbon emission from vehicles. For instance, according to European Commission, the carbon emission cap target for cars is to reach 95 grams per kilometer from 130 grams per kilometer by the year of 2024.
According to a study by the European Commission, the use of bio-polybutadiene in tire production could reduce carbon dioxide emissions by up to 1.5 million tonnes per year. This is expected to be the major driver in the growth of the product in the market as the manufacturers are required to opt for bio-polybutadiene for the production of tires.
The market for EVs is also growing rapidly, and this is driving demand for more sustainable tire materials. According to a report by the International Energy Agency, the number of EVs on the road worldwide is expected to reach 125 million by 2030, up from around 3 million in 2020. Tires account for a significant portion of the total weight of an EV, and bio-polybutadiene can help to reduce the environmental impact of EV tires, thus boosting the demand for the product.
Bio-polybutadiene is used in various applications such as tires, industrial goods, and consumer products. The material offers similar mechanical properties as conventional petroleum-based polybutadiene while reducing the dependence on fossil fuels. The increasing demand for sustainable and eco-friendly materials for production of tires, coatings and adhesives is expected to drive the growth of the market over the forecasted period.
Asia pacific is expected to witness high demand for the material over the forecast period owing to the growing demand from tire manufacturers. The region have presence of large-scale manufacturers of automotive industry such as KIA Motors, SAIC and Toyota, who are driving the demand for tires, thus resulting in growth of the market in the region.
The major players in bio-polybutadiene market include Evonik Industries AG, YOKOHAMA Europe and Versalis. The manufacturers are involved in the development of new technologies for producing the material. Additionally, the market is characterized by high competition and the players are further expected to increase their production capacities and distribution channels on account of rising use of the product.
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