Wilmington, Delaware, United States, May 10, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – Rise in demand for sustainably-produced polybutadiene in the tire industry is likely to offer significant opportunities to companies in the market.
An increase in the usage of eco-friendly additives in the production of plastics, such as polystyrene and acrylonitrile butadiene styrene (ABS), is anticipated to propel the global Bio-Polybutadiene Market. The market was valued at US$ 46.1 Mn in 2022.
An increase in demand for higher-performance grades of polybutadiene is expected to accelerate global Bio-Polybutadiene Market development. Extensive utilization of bio-polybutadiene as an impact modifier for polymers is anticipated to augment market size in the next few years.
Recent market trends underscore the pressing need to reduce the environmental impact of polybutadiene. This is driving research & development initiatives by chemical companies on the production of more environmentally-friendly elastomers.
Efforts to decarbonize the transportation sector across the world have led to rise in demand for sustainable rubber for high-performance fuel-efficient tires/eco-friendly tires. Advancement in technology for the production of butadiene from biomass is expected to augment market value. Examples are the introduction of novel purification technology and highly productive enzymes.
Market Scope:
| Market Revenue | USD 46.1 Bn | |
| Estimated Value | USD 99.4 Bn | |
| Growth Rate - CAGR | 8.9% | |
| Forecast Period | 2023 - 2031 | |
| No. of Pages | 207 Pages | |
| Market Segmentation | By Source, Application, End-use | |
| Regions Covered | North America, Latin America, Europe, Asia Pacific, Middle East & Africa | |
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Key Findings of Study
- Significant Demand for Sustainable Polymers in Multiple Industries: Rapid development of elastomeric materials that can be used for the production of environmental-friendly rubber products is anticipated to generate substantive revenue for companies. Growing utilization of sustainable polymers in the packaging, healthcare, and building & construction industries is poised to propel the bio-polybutadiene industry in the next few years.
Significant adoption of sustainable polymers in the automotive industry can be ascribed to rise in usage of eco-friendly tires. Government mandates to promote the electrification of public transport are expected to bolster demand for bio-polybutadiene-based products such as rubber materials for tires. - Surge in Preference for Sugarcane as Source Material: Based on source, the sugarcane segment is projected to constitute the leading share of the global market from 2023 to 2031. Increase in preference for sugarcane can be ascribed to abundant availability. This renewable raw material source is preferred over fossil fuels, as the sugarcane biomass can capture a large percentage of carbon dioxide, which makes it environmental-friendly.
Key Drivers
- Rapid pace of transition to electric vehicles in the automotive industries is a key driver of the Bio-Polybutadiene Market. Considerable increase in demand for eco-friendly tires for electric vehicles would bolster research & development of bio-polybutadiene-based rubber.
- Growing popularity of sustainable polymers in several end-use industries is a key factor driving the Bio-Polybutadiene Market. Intensive efforts by the chemical sector to produce highly sustainable elastomer materials are anticipated to broaden market outlook.
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Regional Growth Dynamics
- Asia Pacific is projected to constitute the leading market share from 2023 to 2031. The region accounted for 43.7% market share in 2022. Rapidly growing demand for bio-polybutadiene in various industries is anticipated to propel the market in Asia Pacific. Surge in utilization of environment-friendly polymers in a number of developing countries is expected to bolster market growth in the near future.
Significant demand for bio-polybutadiene in the construction and automotive sectors is likely to augment the market size in the region. China and India are anticipated to offer significant opportunities to companies in the region. - North America constituted 23.9% share of the global market in 2022. The region is projected to gain market share in the next few years. Presence of large number of bio-based polymer manufacturers in the region and rise in adoption of sustainable polymers in several end-use industries, especially automotive, are expected to propel the market. Considerable advancement in renewable processes to manufacture butadiene from biomass and other plant-based feedstock is anticipated to broaden market outlook in North America.
Competition Landscape
A few large-scale vendors currently hold a majority stake in the market.
Leading companies in the bio-polybutadiene industry are:
- Genomatica
- Versalis
- Evonik Industries AG
- Michelin
- LANXESS
- Synthos
- Green Dot Bioplastics.
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Bio-Polybutadiene Market Segmentation
Source
- Biomass
- Sugarcane
- Corn
- Others
Application
- Tires
- Packaging Materials
- Surgical Gloves
- Coating
- Green Concrete
- Others
End-use
- Rubber
- Packaging
- Healthcare
- Building & Construction
- Paints & Coatings
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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