Austin, July 23, 2024 (GLOBE NEWSWIRE) -- The Bio-Based Construction Polymer Market Size is projected to reach USD 25.36 billion by 2032 and grow at a CAGR of 6.58% over the forecast period of 2024-2032.
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The rising demand for the building & construction sector drives the Market growth.
Bio-based construction polymers market growth is anticipated as a result of growing awareness of the usage of petrochemical goods and the growing use of renewable materials. Growing in prominence are bio-based building polymers made from sustainable materials such as cellulose and plant-based starches. Governmental organizations push for eco-conscious materials like bio-based polymers waving tax percentages or sliding grants toward those daring builders and developers who opt to go down the polymer path.
The United States Department of Agriculture Program, places biobased products at the top of the federal shopping list ensuring a steady demand for bio-based polymers and coaxing manufacturers to pump resources into their growth. On a similar note, The European Union Circular Economy Action Plan promoting sustainable circles while minimizing waste and maximizing resource recycled efficiency. China has a Green Building Material Labelling Program. The program is managed by the Ministry of Ecology and Environment in China and gives out labels to those construction materials that satisfy certain environmental standards. This initiative drives the market growth.
Technological developments are concentrated on restructuring manufacturing procedures, enhancing the characteristics and functionality of bio-based polymers, and strengthening their competitiveness regarding conventional materials like concrete and steel. Bio-based polymers with improved strength, resistance, and durability can be created in appreciation of advances in material science, biotechnology, and bioengineering. Technological developments also help to lower manufacturing costs and increase scalability, which increases the accessibility and economic viability of bio-based polymers for wider use in construction applications.
Bio-Based Construction Polymer Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 473.58 million |
| Market Size by 2032 | USD 7637.86 million |
| CAGR | 36.27% by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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Segmentation Analysis
By Product
- Cellulose Acetate
- Epoxies
- Polyethylene Terephthalate
- Polyurethane
On the bases of product segment polyurethane product type held the largest market share around 39.19% in the bio-based construction polymer industry. Due to its known with its unique performance attributes. As per the U.S. Department of Energy, polyurethane is thermally insulative, having an R-value around 6 to 7 each inch depth as a result, it is one of the best insulation materials used in such applications as roofing and wall insulation.
By Application
- Insulation
- Pipe
- Profile
- Others
Based on the application pipe segment held the largest market share of around 38% in 2023. These bio-based polymers have gained popularity, especially in the construction sector because they are able to satisfy this growing necessity of sustainable and at affordable solutions. According to the Environmental Protection Agency (EPA), construction ranks as one of the largest consumers of pipe material due to building up and modernization in infrastructure resulting from the necessity for operational water management systems. Bio-based pipes meet these requirements by offering a sustainable solution that contributes to the reduction of environmental load instead of conventional petroleum materials.
Regional Landscape:
Asia Pacific dominated the bio-based construction polymer market in 2023 with the highest revenue of around 38.30%. Growth in the Asia Pacific region's economy has started extraordinary levels of urbanization and huge infrastructure development projects, creating consistent demand for construction materials. Simultaneously, increased environmental consciousness against pressure towards sustainability has started compelling authorities globally to take initiatives in order to provide benefits for bio-based replacements. Such rapid growth, infrastructural advancements and a regulatory landscape inclined towards sustainable development collectively points to Asia Pacific leading the global bio-based construction polymer market.
Recent Developments
- In August 2023, a value chain was created by Neste, LyondellBasell, Biofibre, and Naftex to integrate natural fiber with bio-based polymers to create building components. This combination of natural fiber and polymers with detectable biobased content in building components contributes to the creation of carbon storage to fight climate change.
- In March 2023, BASF started producing Sovermol, Its first bio-based polyol, in India. This product meets the rapidly expanding need for environmentally friendly goods in Asia Pacific for use in New Energy Vehicles and protective industrial coatings.
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Key Takeaways:
- The market for bio-based construction polymers is poised for significant expansion due to increasing environmental concerns and stringent regulations.
- Government initiatives and policies promoting the use of bio-based materials are accelerating market growth.
- Bio-based polymers are finding applications in various construction components, including insulation, pipes, and flooring.
- The key players focused to increase their production plant investments will have a significant effect on the growth of the market.
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 Construction Polymer Market Segmentation, By Product
8. Bio-Based Construction Polymer Market Segmentation, By Application
9. Regional Analysis
10. Company Profiles
11. Competitive Landscape
12. Use Case and Best Practices
13. Conclusion
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