A recent report published by Infinium Global Research on bio-based construction polymers market provides in-depth analysis of segments and sub-segments in the global as well as regional bio-based construction polymers market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional bio-based construction polymers market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global bio-based construction polymers market. According to the report, the global bio-based construction polymers market is projected to grow at a CAGR of over 9% over the forecast period of 2022-2028.
The revenue generated by the market was over USD 10 billion in 2022 and is expected to reach about USD 18 billion in 2028 and is expected to grow with a CAGR of over 9% over the forecast period 2022-2028. Bio-based construction polymers are material that contains carbon originating from a renewable plant source that is used in the construction industry. They are derived from biomass and microorganisms as an alternative to petroleum-based polymers. Bio-based polymers can be made from agricultural by-products such as cornstarch and animal fats that do not harm the environment. Bio-based polymers find its application in various construction sectors such as flooring, cladding, and insulations. The use of bio-based construction polymers can improve waste management by recycling of materials, reuse product components, and reduce dependence on fossil fuels.
The assessment of the environmental impacts of petroleum-based construction polymers on the ecosystem is the driving factor for the growth of bio-based construction polymers. Renewably-sourced bio-polymers reduce the dependence on fossil fuels and provide durability and enable application-critical performance. Bio-based polyurethanes are used in buildings for piping, insulation and cladding panel. Additionally, the bio-based polymers are biodegradable as compared to alternative petroleum-based polymers that are resistant to decomposition. Furthermore, the increasing government concerns on waste disposal and programs like LEED certification and IGCC that aim at decreasing energy usage and carbon footprints promote the growth of the bio-based construction polymers market. However, the low awareness about bio-based products and the use of traditional petroleum-based polymers in construction hinders the growth of the bio-based construction polymers market. Moreover, the growing investments in R&D of bio based construction polymers offers opportunities for the growth. The COVID 19 outbreak has led to lockdowns in several countries across the world. Due to such lockdowns, the construction industry to incurred heavy losses. The demand for bio-based construction polymers during COVID-19 has decreased manifold. The halting of construction activities due to implementation of physical restrictions has been mainly responsible for decline in demand for bio based construction polymers. Supply chain disruptions has impacted the manufacturing of bio based construction polymers as sourcing of raw materials became challenging. Furthermore, the current orders also faced delays as the production facilities were closed or functioning with a bare minimum or with a limited workforce.
The increasing environmental concerns and stringent government regulations to reduce carbon footprints boosts the growth of bio-based construction polymers in the Asia Pacific region. The construction sector has been experiencing strong growth in Asia-Pacific, as the demand for commercial, industrial and residential buildings due to growing urbanization and strong economic and industrial growth. Also, the trend of sustainability is growing rapidly in the construction sector of Asia-Pacific. The leading market players are showing active interest in establishing their manufacturing plants due to growing demand for bio based construction polymers. Europe is the fastest growing region owing to the increase in the adoption of sustainable technologies. The favorable government policies for promoting clean technologies are expected to aid the growth of the bio-based construction polymers market.
The report on global bio-based construction polymers market covers segments such as application, and product. On the basis of application, the sub-markets include profile, insulation, pipe, and others. On the basis of product, the sub-markets include epoxies, polyethylene terephthalate (PET), polyurethane (PUR), cellulose acetate (CA), and others.
The report provides profiles of the companies in the market such as Avient Corporation, TEIJIN, DuPont de Nemours, Toyobo Co., Ltd, Bio-on SpA, NatureWorks LLC, Mitsubishi Gas Chemical Company, Inc., Evonik Industries, BASF SE, and SK Chemicals.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of bio-based construction polymers market. Moreover, the study highlights current market trends and provides forecast from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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