Dublin, Aug. 03, 2023 (GLOBE NEWSWIRE) -- The "Carbon Dioxide Based Chemicals & Polymers Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type, By Application, By Region and By Competition" report has been added to ResearchAndMarkets.com's offering.
The Global Carbon Dioxide Based Chemicals & Polymers market is poised for impressive growth in the forecast period up to 2028
With the abundant, affordable, nontoxic, and renewable resource of carbon dioxide (CO2) finding increasing interest in organic synthesis, the conversion of CO2 into high-value fuels and commodities is gaining momentum.
Moreover, the use of CO2 in creating polymeric materials has become highly desirable due to the diverse properties it can impart to the materials, including superior thermal properties, aggregation-induced emission (AIE), amphipathy, and degradation. Carbon dioxide-based polycarbonates and their copolymers are in high demand by various industries, especially for foams, adhesives, and engineering plastics, owing to their excellent thermal properties.
Additionally, carbon dioxide-based amphiphilic polymers are finding applications in fields such as lithium-ion batteries, treatment, and bioimaging. Government regulations promoting the usage of eco-friendly products and the growth of industries utilizing carbon dioxide-based polycarbonates are significant factors influencing the market's growth and development.
Growing Demand from Plastic Manufacturing Industries Driving the Growth
Around 230 million tons of carbon dioxide is used yearly, predominantly for fertilizer production and oil recovery, where it is directly involved. CO2 is abundant and can be used directly by partially substituting materials produced from fossil fuels or indirectly by obtaining chemical intermediaries, such as methanol, for the synthesis of polymers.
Carbon dioxide is used as a raw ingredient in the manufacturing of polymers extracted from biomass and recycled from industries, and the process is known as carbon capture and utilization (CCU). Such innovative product is helping industries to reduce carbon emissions and use that carbon as a feedstock.
As carbon-based polymers have various advanced properties, they are used to make different products like lighting covers, car lights, mobile phone cases, adhesives, packaging, inks, paints, insulator, shock absorbers, and others with enhanced properties.
Hence, it will be an eco-friendly substitute for fossil fuel-based polymers with improved properties and influence the carbon dioxide-based chemicals & polymers market's growth in the forecasted period to attain.
Growing Demand for Eco-friendly Products to Achieve Sustainability
The increasing use of plastic products has contributed to the generation of a lot of plastic waste which is contributing to one of the major environmental problems the world is currently experiencing. In 2019, the world generated 460 million Metric tons of plastics. However, plastic consumption still kept on growing owing to the growing demand for plastic-based products.
Besides this, carbon dioxide (CO2) emissions are rising, released by different mediums such as vehicles, manufacturing units, and others. To tackle the issue, there is a rise in demand for carbon capture and utilization (CCU) as a solution to a business that offers feedstock produced by capturing carbon dioxide. The CCU proposed a solution for all the issues by providing degradable polymer, which helps to lower carbon emissions.
Government policies support such products as they help in sustainable development and encourage country development along with following global agenda such Paris environment agreement. These product helps to decrease plastic consumption without harming people's lifestyles and promote a petrochemical industry that observes waste carbon dioxide as a sustainable feedstock.
The product's properties that align with sustainable development are propelling the demand for carbon dioxide-based chemicals & polymers in the forecasted period.
Growing Research and Developments to Find New Applications
Companies such as Novomer, Inc., SK Innovation Co., Ltd, Cardia Bioplastics, and Covestro AG, are investing in R&D to patent the method and product.
For instance, Chemoautotrophic microbes are now being used in synthetic biological pathways to convert CO2 into chemicals, fuels, and even proteins because of recent advancements in genetic engineering and process optimization. Apart from these, strict regulation of plastic is going to propel market growth.
Recent Development
Carbon Recycling International (CRI) is working in the field to develop a production method that uses waste carbon dioxide and hydrogen gases that have been captured.
In China's Henan Province, CRI has just finished building the first CO2-to-methanol facility and making it commercially Viable. The cutting-edge facility uses Emissions-to-Liquids (ETL) technology created by CRI and initially shown at a pilot plant in Iceland.
Competitive landscape
Company Profiles: Detailed analysis of the major companies present in global Carbon Dioxide Based Chemicals & Polymers Market.
- Bayer Material Science
- China National Offshore Oil Company (CNOOC)
- Empower Materials Inc
- Econic Technologies Ltd
- Nanyang Zhongju Tianguan Low Carbon Technology Co., Ltd.
- Novomer, Inc.
- SK Innovation Co., Ltd
- Cardia bioplastics
- Covestro AG
- Asahi Kasei Advance Corporation
Market Trends & Developments
- Intense investment for ongoing R&D
- Product launches
- Merger and Acquisition
Report Scope:
Carbon Dioxide Based Chemicals & Polymers Market, By Type:
- Polycarbonate
- Polyurethane
- Polyethylene Carbonate
- Others
Carbon Dioxide Based Chemicals & Polymers Market, By Application:
- Packaging
- Coating
- Adhesive & Sealant
- Others
Carbon Dioxide Based Chemicals & Polymers Market, By region:
- North America
- United States
- Canada
- Mexico
- Asia-Pacific
- China
- India
- South Korea
- Australia
- Japan
- Europe
- Germany
- France
- United Kingdom
- Spain
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Egypt
- Turkey
For more information about this report visit https://www.researchandmarkets.com/r/tykwqs
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