COVID-19 Impact on Bio-based Thermoplastic Elastomer Market
- The COVID-19 pandemic has impacted many countries across the globe. Various measures introduced to deal with the pandemic such as lockdowns, decrease in trade activities, and closure of various factories and workplaces in several countries could help save lives. However, these measures carry wide-ranging economic effects, which can induce an economic contagion.
- Manufacture of various consumer goods and other products across the globe came to a halt due to the unavailability of raw materials, shortage of labor, etc. This is expected to hamper the bio-based thermoplastic elastomer market.
Key Drivers and Restraints of Bio-based Thermoplastic Elastomer Market
- The bio-based thermoplastic elastomer market is expected to expand significantly during the forecast period. Rise in adoption of thermoplastic elastomers among various end-user verticals is boosting the bio-based thermoplastic elastomer market. Implementation of strict emission regulations is also driving the bio-based thermoplastic elastomer market.
- Bio-based thermoplastic elastomers entail high cost. Their manufacturing process is complex. Others products with similar properties are available in market. These products such as polyethylene, polyurethane, acrylonitrile butadiene styrene, and polypropylene are available at lower cost. The manufacturing process of bio-based thermoplastic elastomer entails high expertise and high temperature function devices. Therefore, it is expensive.
Bio-based Thermoplastic Elastomer: Material Segment
- Based on material, the global bio-based thermoplastic elastomer market can be segmented into synthesized bio-based polyester elastomer and polylactide.
- Synthesized bio-based polyester elastomers and polylactide are used to produce a new bio-based thermoplastic vulcanizate by dynamical crosslinking and mixing methods. Reprocessing of these materials gives excellent mechanical properties of thermoplastic elastomers for engineering and biomedical applications.
Bio-based Thermoplastic Elastomer: End-use Segment
- Based on end-use, the global bio-based thermoplastic elastomer market can be divided into automotive, medical, building & construction, electrical & electronics, household appliances, adhesives, sealants & coatings, footwear, and others
- Automotive and electrical & electronics segments are projected to gain higher share of the global market during the forecast period, due to the rise in penetration of electronic vehicles and presence of strict emission regulations around the world
- Developments in the medical segment of the thermoplastic elastomer processing industry is estimated to boost the bio-based thermoplastic elastomer market in the near future
Asia Pacific to Hold Leading Share of Bio-based Thermoplastic Elastomer Market
- In terms of geography, the bio-based thermoplastic elastomer market can be segmented into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa.
- China is the largest consumer of thermoplastic elastomers in the world. The country also has a significant market for automobiles. China is focusing on the development of new energy vehicles in order to reduce carbon emission. This is likely to drive the automotive industry, thereby boosting the demand for bio-based thermoplastic elastomers during the forecast period.
Key Manufacturers Operating in Bio-based Thermoplastic Elastomer Market
- BASF SE
- China Petroleum Corporation
- Evonik Industries AG
- Dow Chemical
- LyondellBasell Industries Holdings B.V.
- Huntsman International LLC.
Bio-based Thermoplastic Elastomer: Research Scope
Bio-based Thermoplastic Elastomer Market, by Material
- Synthesized Bio-based Polyester Elastomer
Bio-based Thermoplastic Elastomer Market, by End-use
- Electrical & Electronics
- Sealants & Coatings
Global Bio-based Thermoplastic Elastomer Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Bio-based Thermoplastic Elastomer: Introduction
- Bio-based thermoplastics elastomers are usually derived from renewable bio-based feedstock, such as plant oils, starches, and microbiota, as an alternate to traditional polymers from fossil resources. Bio-based content can be derived from raw materials such as polymers, fillers, plasticizers, or additives that have been produced from renewable feedstock.
- Bio-based polymers are environment-friendly and sustainable. Thermoplastic elastomer is a type of polymer that can be easily processed, reused, and recycled.
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