Global Bio-Based Thermoplastic Elastomer Market Segmentation, By Type (Synthesized Biobased Polyester Elastomer and Natural Biobased Polyester Elastomer), Application (Automotive, Electrical and Electronics, Medical, Sealants and Coatings, Footwear, and Others) – Industry Trends and Forecast to 2031.
Bio-Based Thermoplastic Elastomer Market Analysis
The bio-based thermoplastic elastomer (TPE) market is experiencing robust growth, driven by increasing environmental awareness and demand for sustainable materials. Bio-based TPEs offer the dual advantages of high performance and reduced environmental impact, making them attractive to industries seeking eco-friendly alternatives to traditional petroleum-based products. The automotive and medical sectors are significant contributors to this growth, as they increasingly adopt bio-based TPEs for their applications due to their flexibility, durability, and safety features. The rise in consumer demand for green products and the push for reduced carbon footprints further accelerate market expansion.
Bio-Based Thermoplastic Elastomer Market Size
Global bio-based thermoplastic elastomer market size was valued at USD 101.5 million in 2023 and is projected to reach USD 342.05 million by 2031, with a CAGR of 16.4% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include import export analysis, production capacity overview, production consumption analysis, price trend analysis, climate change scenario, supply chain analysis, value chain analysis, raw material/consumables overview, vendor selection criteria, PESTLE Analysis, Porter Analysis, and regulatory framework.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Synthesized Biobased Polyester Elastomer and Natural Biobased Polyester Elastomer), Application (Automotive, Electrical And Electronics, Medical, Sealants And Coatings, Footwear, and Others)
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Countries Covered
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U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina, Rest of South America
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Market Players Covered
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BASF SE (Germany), Bayer (Germany), China Petroleum Corporation (China), Evonik Industries AG (Germany), Dow Chemical (U.S.), LyondellBasell Industries Holdings B.V. (Netherlands), Huntsman International LLC. (U.S.), Lubrizol Corporation (U.S.), PolyOne (U.S.), L.Y.C. Group (China), L.G. Chemicals (South Korea), Arkema (France), Covestro AG (Germany), Tosoh Corporation (Japan), Kraton Corporation (U.S.), Exxon Mobil Corporation (U.S.), Celanese Corporation (U.S.), Asahi Kasei Corporation (Japan), Zeon Corporation (Japan), Teknor Apex (U.S.)
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Market Opportunities
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Bio-Based Thermoplastic Elastomer Market Definition
A bio-based thermoplastic elastomer (TPE) is a type of polymer that combines the properties of elastomers with the benefits of being derived from renewable, biological sources. Bio-based TPEs are produced using bio-based feedstocks, such as plant-derived polymers or agricultural by-products. Bio-based TPEs are used in various applications, including automotive parts, medical devices, consumer goods, and packaging, due to their sustainable nature and similar performance characteristics to their petroleum-based counterparts.
Bio-Based Thermoplastic Elastomer Market Dynamics
Drivers
- Rising Demand in the Automotive and Medical Sectors
The automotive and medical industries are increasingly embracing bio-based thermoplastic elastomers (TPEs) due to their superior flexibility, durability, and safety characteristics. In the automotive sector, bio-based TPEs are used in applications such as interior components, seals, and gaskets, where their ability to withstand mechanical stress and varying temperatures is highly valued. Similarly, in the medical field, these materials are utilized for medical device housings, tubing, and other components that require biocompatibility and resistance to sterilization processes. The growing emphasis on sustainability and performance in these sectors is driving the adoption of bio-based TPEs, contributing to market growth and encouraging further development of these advanced materials.
- Government Policies and Regulations
Many countries have implemented regulations and incentives designed to encourage the adoption of sustainable materials and technologies. These policies often include tax benefits, grants, and mandates for using environmentally friendly products. As a result, manufacturers are increasingly investing in thermoplastic elastomer products to comply with these regulations and take advantage of the associated benefits. This supportive regulatory environment not only drives the demand for bio-based TPEs but also accelerates the shift towards more sustainable practices across various industries. Government policies and regulations that promote the use of renewable materials and aim to reduce carbon footprints are significantly boosting the demand for bio-based TPEs.
Opportunities
- Innovation in Bio-Based Feedstocks
Research and development in bio-based feedstocks and manufacturing processes are crucial for advancing the bio-based TPE market. Innovations in this area focus on developing more cost-effective and high-performance thermoplastic elastomer materials by exploring new sources of renewable raw materials and improving production techniques. Advances such as genetically modified crops, algae-based polymers, and enhanced processing methods can lead to bio-based TPEs with better properties, such as increased strength, flexibility, and lower production costs. These developments can make bio-based TPEs more competitive with traditional materials and expand their applicability in various sectors, thus supporting market growth and fostering innovation.
- Growing Green Building Trends
As the construction industry increasingly adopts green building standards and eco-friendly materials, bio-based TPEs are becoming a preferred choice for applications such as insulation, roofing, and flooring. These materials align with green building goals by offering durability, low environmental impact, and potential for recycling. The growing emphasis on sustainability in construction projects not only drives demand for bio-based TPEs but also opens up new market segments and encourages further innovation in material development. The rise of sustainable construction practices and green building certifications presents significant opportunities for bio-based TPEs in architectural and construction applications.
Restraints/Challenges
- Higher Production Costs
Bio-based TPEs often face higher production costs compared to conventional TPEs, which can impact their price competitiveness in the market. The cost of bio-based raw materials, coupled with the need for specialized production processes, can result in higher prices for bio-based TPEs. These increased costs can make it challenging for manufacturers to offer competitive pricing, potentially increasing thermoplastic elastomer prices, and limiting market penetration and adoption.
- Limited Availability of Bio-Based Feedstocks
The supply of bio-based raw materials is constrained by various factors, including agricultural limitations and resource availability, which can impact the production and scalability of bio-based TPEs. The reliance on specific crops or natural resources for bio-based feedstocks can lead to supply shortages and price volatility. In addition, the need for large quantities of raw materials for widespread adoption can strain agricultural resources and affect sustainability.
This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Latest Developments in Bio-Based Thermoplastic Elastomer Market
- In September 2023, Trinseo, a leading materials solutions provider, unveiled a new transparent thermoplastic elastomer (TPE) grade specifically designed for footwear applications. This latest product innovation aims to offer enhanced performance and aesthetic qualities, making it ideal for modern footwear designs. The new TPE grade combines transparency with durability, providing both functional and visual benefits for various footwear application
- In June 2023, Avient announced the expansion of its reSound BIO biobased and reSound REC recycled content thermoplastic elastomer (TPE) portfolios. The expansion includes the introduction of a new range of halogen-free flame-retardant (HFFR) grades that incorporate both recycled and biobased resins
- In February 2021, DSM partnered with Sympatex Technologies to introduce a bio-based thermoplastic elastomer branded as Arnitel
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.
Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Bio-Based Thermoplastic Elastomer Market Scope
The market is segmented into two notable segments based on type and application. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Synthesized Biobased Polyester Elastomer
- Natural Biobased Polyester Elastomer
Application
- Automotive
- Electrical and Electronics
- Medical
- Sealants and Coatings
- Footwear
- Others
Bio-Based Thermoplastic Elastomer Market Regional Analysis
The market is analyzed and market size insights and trends are provided by country, type and application as referenced above.
The countries covered in the market report are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, rest of Middle East and Africa, Brazil, Argentina, and rest of South America.
North America is expected to dominate the market due to its well-established regulatory framework concerning plastic consumption and disposal. These structured regulations promote the use of eco-friendly materials and encourage industries to adopt sustainable practices.
Asia-Pacific is expected to be the fastest growing due to the region's rapid development in the construction and automotive industries. As countries within Asia-Pacific continue to expand their infrastructure and urbanization efforts, the demand for bio-based thermoplastic elastomers in construction applications is expected to rise.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Bio-Based Thermoplastic Elastomer Market Share
The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to market.
Some of the major players operating in the market are:
- BASF SE (Germany)
- Bayer (Germany)
- China Petroleum Corporation (China)
- Evonik Industries AG (Germany)
- Dow Chemical (U.S.)
- LyondellBasell Industries Holdings B.V. (Netherlands)
- Huntsman International LLC. (U.S.)
- Lubrizol Corporation (U.S.)
- PolyOne (U.S.)
- L.Y.C. Group (China)
- L.G. Chemicals (South Korea)
- Arkema (France)
- Covestro AG (Germany)
- Tosoh Corporation (Japan)
- Kraton Corporation (U.S.)
- Exxon Mobil Corporation (U.S.)
- Celanese Corporation (U.S.)
- Asahi Kasei Corporation (Japan)
- Zeon Corporation (Japan)
- Teknor Apex (U.S.)
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