The global bio-based elastomers market size is expected to reach USD 1.3 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 13.9% from 2022 to 2030. 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.
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. On 17 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.
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Bio-based thermoplastic elastomers dominated the market and accounted for more than 75.0% share of the overall revenue in 2021. The growing awareness related to eco-efficient and sustainable products to reduce greenhouse gas emissions and a number of thermoplastic elastomer manufacturers launching new variants of bio-based thermoplastic elastomers have contributed to the growth of bio-based thermoplastic elastomers
The automotive application segment dominated the market in 2021. This is attributed to the growing use of bio-based elastomers in automotive trims, dashboards, mats, and tires. In September 2020, Linglong Tire in collaboration with the Beijing University of Chemical Technology launched bio-based rubber tires, which were showcased at the 22nd China International Industry Fair (CIIF) as an alternative to natural rubber
North America emerged as the second-largest regional market in 2021. This is attributed to the supportive government policies for boosting the development and adoption of bio-based materials and the presence of a significant number of players operating in the market
The high price of bio-based elastomers compared to crude oil-based elastomers is expected to restrain the market growth
In February 2022, Huntsman International LLC helped KEEN, Inc., a global footwear manufacturer, to develop the Field to Foot sneakers soles from bio-based polyurethane elastomer
Grand View Research has segmented the global bio-based elastomers market on the basis of product, application, and region:
Bio-based Elastomers Product Outlook (Volume, Tons; Revenue, USD Million, 2019 - 2030)
Bio-based Thermoplastic Elastomers
Bio-based Thermoset Elastomers
Bio-based Elastomers Application Outlook (Volume, Tons; Revenue, USD Million, 2019 - 2030)
Electrical & Electronics
Bio-based Elastomers Regional Outlook (Volume, Tons; Revenue, USD Million, 2019 - 2030)
Rest of World
List of Key Players of Bio-based Elastomers Market
Asahi Kasei Corporation
Mitsubishi Chemical Europe GmbH
The Goodyear Tire & Rubber Company
The Lubrizol Corporation
KURARAY CO., LTD.
Wacker Chemie AG
Huntsman International LLC
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