Bio-based Elastomers Market Size Worth $1.3 Billion By 2030

Bio-based Elastomers Market Growth & Trends 

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 Elastomers Market Report Highlights

• 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

Bio-based Elastomers Market Segmentation

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)

• Footwear

• Automotive

• Sports

• Electrical & Electronics

• Others

Bio-based Elastomers Regional Outlook (Volume, Tons; Revenue, USD Million, 2019 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • Germany

  • Netherlands

  • France

  • U.K.

  • Italy

• Asia Pacific

  • China

  • India

  • Japan

• Rest of World

List of Key Players of Bio-based Elastomers Market

• Dow

• FKuR

• BASF SE

• ARLANXEO

• Trinseo

• Eni S.p.A.

• Asahi Kasei Corporation

• DSM

• Mitsubishi Chemical Europe GmbH

• Arkema

• The Goodyear Tire & Rubber Company

• The Lubrizol Corporation

• KURARAY CO., LTD.

• Wacker Chemie AG

• Huntsman International LLC

• Covestro AG

• HEXPOL TPE

• Avient Corporation