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Bio-Based Construction Polymer Market size is expected to witness expansive growth during the forecast years 2023-2032.
Higher R&D spending for the development of eco-friendly renewable products will facilitate the use of bio-based polymers in the construction sector. These polymers are derived from natural sources and can potentially reduce plastic waste on the planet. Its demand is expected to increase as a result of growing government concerns about waste disposal and initiatives associated with LEED certification. Strict regulations over the use of traditional plastic should motivate manufacturers to develop biopolymers for construction applications.
Rising acceptance of polymers made without fossil fuels, advancements in biotechnology along with growing initiatives to cut production costs should augment product use. However, factors such as the widespread use of conventional petroleum-based polymers, fluctuating raw material prices, higher production value, and a lack of consumer awareness about bio-based goods may impede market growth to some extent.
Based on the product, the bio-based construction polymer market is divided into polyethylene, epoxies, polyurethane (PUR), terephthalate (PET), cellulose acetate (CA), and others. The demand for insulation in the building & construction sector, particularly in Europe and the United States, is likely to increase the application scope of polyurethane bio-based polymers. The material holds deeper penetration into a wider range of construction applications. With the increase in the expansion of urban infrastructure around the world and the rising need for coatings & paints and adhesives, it is estimated that the bio-based construction polymer industry would grow at a decent pace in the years to come.
The use of bio-based construction polymers in pipes is projected to increase over the forecast period. These pipes are widely used in the making of panels, flooring products, and roofing applications. Because of their superior corrosion resistance, strength, lightweight, and durability qualities, these pipes play a significant role in the design of frames and profiles as well as the construction of bridges. Yet some factors such as the consistent use of plastic in insulation and pipe fittings may hamper product use.
Initiation of new construction projects, rapid economic growth, and entry of new products are predicted to significantly increase demand for bio-based construction polymers in the Asia Pacific by 2032. Ongoing efforts to improve infrastructure, particularly in China, Japan, India, and Indonesia have driven the need for paints and other materials that ease construction work. The favorable environment for bio-based products and the upsurge in public construction projects, particularly in developing countries, will fuel regional market expansion.
Some of the leading companies in the bio-based construction polymer market include Teijin Plastics, PolyOne (SK Capital), BASF SE, Kaneka Corporation, SK Chemicals, Covestro, Toyobo Co., Ltd., Bio-On, Mitsubishi Gas Chemical Company, NatureWorks LLC, and Evonik Industries (RAG-Stiftung). These players are focusing on new marketing strategies. For instance, in April 2021, Arkema announced intentions to start producing Amino 11 and Rilsan polyamide 11 at its latest factory on Jurong Island in Singapore in the first half of 2022.