Bio-based construction polymer market size is slated to grow substantially during the period 2021 to 2027 due to the presence of favorable government regulations across various parts of the world. The escalating concerns over the utility of petrochemical items have resulted in higher R&D investments for the development of eco-friendly renewable products.
The frequent usage of traditional petroleum-based polymers, higher production costs, fluctuations of raw materials, and dearth of awareness of bio-based products, may negatively impede the market growth to some extent. However, the swelling adoption of non-fossil fuel-based polymers and the rising progressions in biotechnology coupled with the increasing efforts to reduce the production cost are other factors influencing the market expansion.
On the basis of products, the bio-based construction polymer industry is segmented into epoxies, polyethylene, polyethylene terephthalate (PET), polyurethane (PUR), cellulose acetate (CA), and others. Among these, the epoxies segment is anticipated to expand with an increase in the number of construction activities worldwide and the mounting need for paints & coatings and adhesives. Rising adoption in wood & concrete repair is another significant factor influencing product adoption.
On the other hand, the market revenue from the polyurethane bio-based construction polymers is poised to rise owing to the higher need for insulation in the establishment of buildings, mainly in the European and U.S. territory. Increasing penetration across a diverse spread of construction applications to offer additional properties will also lead to segment progression.
Bio-based construction polymer market share from the pipe application will grow with rising adoption in the making of panels, flooring activities, and roofing. On account of their optimum corrosion resistance, sturdiness, lightweight, and durability attributes, pipes mark a wide presence in the construction of bridges and the designing of frames and profiles. The soaring penetration of plastics in pipe fittings and insulation are some other trends impacting market proliferation.
The consumption of bio-based construction polymers is expected to pick up significant momentum in the Asia Pacific region through 2027 owing to the mounting number of construction activities and rapid economic developments. Continuous infrastructural advancements, mainly in countries such as India, China, and Indonesia have led to the continuous requirement for paints. The favorable scenario of bio-based product political frameworks along with the surge in public construction activities specifically in the developing nations will boost the market growth in APAC.
Teijin Plastics, E. I. du Pont de Nemours, PolyOne (SK Capital), BASF SE, Kaneka Corporation, SK Chemicals, Mitsubishi Gas Chemical Company, Covestro, Toyobo Co., Ltd., Bio-On, NatureWorks LLC (Cargill, PTT Public Company Limited, PTT Chemical International Private Limited), and Evonik Industries (RAG-Stiftung) are some of the major bio-based construction polymer industry participants operating in the business.
These firms are actively placing targeted efforts on marketing strategies, including partnerships, acquisitions, and production expansions to strengthen their competitive footprint. They are also coming up with novel product launches for expanding their portfolio and global presence.
For instance, in May 2021, Arkema entered a deal to buy Agiplast, a leading plastic compounding company. The acquisition helped the company in offering a full service of bio-based and recycled high-performance polymers to its customers for improved materials circularity.
In another instance, in April 2021, Arkema announced plans of commencing the production of Amino 11 and Rilsan polyamide 11, its flagship high-performance polymer at the novel plant located on Jurong Island, Singapore during the first half of next year.
Impact of the COVID-19 crisis on bio-based construction polymer market forecast
In retortion to the ongoing COVID-19 outbreak, the demand for bio-based construction polymer suffered a severe blow considering the shutting down of construction sites across most countries in the world. The influx of operational restrictions and the disrupted supply chains brought major ructions to public engineering across the building materials (ECB) companies. However, the use of polymers in construction of hospitals during the crisis and the recovery added a positive edge to the market growth.