Austin, July 23, 2024 (GLOBE NEWSWIRE) -- The Bio-Based Polycarbonate Market Size is projected to reach USD 139.42 Million by 2032 and grow at a CAGR of 9.11% over the forecast period of 2024-2032.
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The increasing demand for optical products including cameras, glasses, and others is anticipated to boost the demand for the bio-based polycarbonate market.
The manufacturing of gadgets like computers, cameras, and cell phones is accelerating as consumers depend more and more on them. Lenses, screens, and protective casings are examples of important parts of these goods that frequently call for materials with particular optical qualities. Polycarbonate has been a favored material due to its remarkable transparency and resilience. Thus, to fulfill the demands of producing these devices, there is a clear correlation between the increase in demand for optical products and the increased need for polycarbonate, particularly its bio-based variation which drives the market growth.
The bio-based polycarbonate market is a rising trend of increasing environmental awareness and concern. Increasing awareness among consumers and preferences shift towards eco-friendly products, bio-based polycarbonates, derived from renewable resources have driven the market growth. Moreover, severe environmental regulations worldwide are raising the demand for cleaner alternatives, and bio-based polycarbonates.
In 2022, Mitsui Chemicals Inc. partnered with Teijin Limited announced to development of biomass-derived polycarbonate resins. This partnership's motive is to drive the eco-friendly product.
The use of sustainable and renewable materials is encouraged by government laws and regulations, which significantly contribute to the promotion of bio-based polycarbonate. These legislative frameworks promote the creation and application of environmentally friendly products by providing financial rewards, subsidies, and even requirements.
Bio-Based Polycarbonate Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 70.16 million |
| Market Size by 2032 | USD 139.42 million |
| CAGR | 9.11% by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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Key Players
Some of the major players listed in the Bio-Based Polycarbonate Market are Palram Industries Ltd., Covestro AG, Teijin Limited, SABIC, Avient Corporation, Teysa Technology Limited, Mitsubishi Chemical Corp, Roquette, Trinseo, Asahi Kasei Corporation, and others.
Segmentation Analysis
Based on the type segment optical grade held the largest market share in 2023.
The optical grade held the largest market share around 59.26% in the type segment in 2023. Bio-based polycarbonate is emerging as a leader due to its exceptional optical clarity, making it a sustainable product across various applications. This remarkable transparency translates perfectly to higher performance in optical components and eyeglass lenses. The booming demand for products like bullet-proof glass, helmets, sunglasses, safety glasses, and sports goggles creates an abundant ground for bio-based polycarbonate growth in these areas. Furthermore, the rise of 3D printing presents another exciting frontier. Bio-based polycarbonate compatibility with this technology is expected to be a key driver of market expansion. In essence, a bio-based polycarbonate isn't just an eco-friendly alternative, but useful in a diverse range of applications.
Based on the end-user segment transportation segment held the largest revenue share in 2023.
The transportation segment held the largest revenue share in the end-user bio-based polycarbonate market which is around 36% in 2023. This is owing to the automotive industry with the surging adoption of bio-based polycarbonate. This innovative material boasts a game-changing characteristic a significantly lighter weight compared to traditional options used in car parts. As a result, vehicles constructed with bio-based polycarbonate shed pounds overall, leading to a double environmental victory which drive the market growth.
Key Segments:
By Type
- Optical Grade
- General Purpose Grade
By Plastic Type
- Transportation
- Electrical and Electronics
- Building and Construction
- Optical Media
- Medical
- Packaging
Regional Landscape:
Asia Pacific dominated the market and held the largest market share around 39.22% in 2023. The bio-based polycarbonate market in this region is experiencing healthy growth owing to various factors. On the one hand, stricter government regulations are rapidly down on plastic waste, while on the other hand, public environmental consciousness is reaching new heights. This potent combination is creating a fertile ground for the adoption of sustainable alternatives like bio-based polycarbonate. Furthermore, developed economies within the region, like Japan and China, are hubs of technological innovation. They possess advanced capabilities and well-established infrastructure, creating an ideal environment for the development and implementation of bio-based polycarbonate solutions across various industries.
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Recent Developments
- In 2024, Fortum announced to establishment of a new biorefinery in India in Assam. This refinery is a Joint venture of Indian oil refinery company Numaligarh Refinery Limited, Fortum, and Chempolis.
- In June 2023, Origin Materials increased its expansion and developed the first commercial CMF plant. This expansion helped the company to increase its production and provide more products.
Key Takeaways:
- The Bio-based Polycarbonate Market size will increase due to the growing environmental concern and shift towards sustainability.
- The transportation segment held the largest revenue share in the end-user bio-based polycarbonate market.
- Asia Pacific held the largest market share in the Bio-based Polycarbonate Market.
- Key players have taken initiatives to invest more in partnerships will have a major impact on overall market growth.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Bio-Based Polycarbonate Market Segmentation, By Type
8. Bio-Based Polycarbonate Market Segmentation, By Plastic Type
9. Regional Analysis
10. Company Profiles
11. Competitive Landscape
12. Use Case and Best Practices
13. Conclusion
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