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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