(MENAFN- GetNews) According to a new report by Grand View Research, Inc. The global bio based construction polymer market size was USD 11.87 billion in 2015. The global bio based construction polymer market size is expected to reach USD 33.26 billion by 2024. Rising concern regarding the use of petrochemical products coupled with increasing adoption of renewable products is expected to propel the bio-based construction polymers market.
The global bio based construction polymer market size is expected to reach USD 33.26 billion by 2024 according to a new report by Grand View Research, Inc. Rising bio-based polymer demand in various applications in the construction sector such as cladding panel, FRP bridge section, and glazing sealant is expected to remain a key driving force for the market growth.
Increasing regulatory intervention to decrease the dependency on petrochemical products and to reduce carbon and Green House Gas (GHG) emissions has driven end use industries to adopt bio based products as a replacement to fossil fuel based polymer. Policies such as Lead Market Initiative and Bio-preferred are anticipated to encourage the use of bio-based raw material for polymer production.
Bio based construction polymer market is highly fragmented among small domestic companies and multinational players. Key players in the market include Mitsubishi Gas Chemical, Tate & Lyle, DuPont de Nemours, BASF, Toyobo, SK Chemicals, Bio-On, Nature Works, Synbra, Kaneka TEPHA and Ube.
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High demand for epoxies and cellulose acetate coupled with growing construction activities in emerging economies of Asia Pacific and South America such as China, India, and Brazil are anticipated to fuel industry growth significantly.
PLA and PHA are used to develop various bio-based materials such as bio-based plastics and thermoplastic composites that are used in decking, fences, and bridges in building and construction industry. This is anticipated to propel the market growth over the next eight years.
Further key findings from the report suggest:
- The global bio based construction polymers market demand was 4.88 million tons in 2015 and is expected to reach 11.64 million tons by 2024, growing at a CAGR of 10.2% from 2016 to 2024
- Epoxies accounted for over 24% of overall market volume in 2015 owing to high demand from coatings and adhesive application. Polymer modified bitumen emulsions are used to build roads and facilitate to maintain asphalt quality.
- Pipe application segment dominated the global demand and is anticipated to grow at a CAGR of 9.6% from 2016 to 2024. The rising construction activities, particularly in India and China, may be attributed to the high growth in this particular segment.
- Asia Pacific accounted for 31.5% of the global demand in 2015 and is anticipated to witness the fastest growth over the next eight years. The high growth may be attributed to growing infrastructure, particularly in India and China.
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Increasing R & D to develop eco-friendly renewable products has increased the use of bio based polymers in the construction industry. However, high production cost and less developed global supply value chain are expected to hinder the growth. Global bio based product demand is not entirely capitalized to realize the economies of scale and the market is less developed to compete with well-established petroleum based products. A recent breakthrough in technology has shifted focus towards manufacturing bio based polymers from bacterial fermentation. The technology involves synthesizing monomers from renewable sources such as fatty acids, cellulose, and starch.
The favorable regulatory scenario in various countries and initiatives by regional governments in support of biopolymers are expected to have a positive impact on bio based construction polymers market growth over the forecast period. Government regulations such as the Lead Market Initiative (U.K.) and BioPreferred (U.S.) favor the use of bio based raw materials for polymer production. Major manufacturers are shifting their focus to developing sustainable technologies and are collaborating with various individual bio based technology firms to manufacture these polymers.
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Grand View Research has segmented the bio based construction polymer market on the basis of product, application:
Global Bio Based Construction Polymer Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
- Cellulose Acetate (CA)
- Epoxies
- Polyethylene terephthalate (PET)
- Polyurethane (PUR)
- Others
Global Bio Based Construction Polymer Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2024)
- Pipe
- Profile
- Insulation
- Others
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Key applications include pipe, profile, and insulation. Other applications include wire, flooring, and film. The major demand for the bio-based polymer is centered specifically from Original Equipment Manufacturers (OEMs). Manufacturers have formed partnerships with other major players from different end-use industries to meet the growing demand from various end-use industries, such as bio-plastic and construction. In March 2015, Bio On strengthened its collaboration with COPRAB with new investments in biopolymers owing to increased efficiency and high performance of the Bio on product.
Use of plastics compounding is also increasing in pipes and fittings segments supported by their reduced cost structures, long life span, corrosion resistance and light weight. Typical applications where bio based construction polymers are used include window and door profiles, pipes and guttering, cement, flooring, glazing, sealants and adhesives, insulation, building panels, and roofing.
Growing trend of using bio based polymers in profiles used in bridge engineering for all composite structures is anticipated to propel the market growth over the forecast period. Profile application is expected to witness the fastest CAGR of 10.6% over the next eight years. Other construction applications include bridge bearings, FRP bridge section, glazing sealant, concrete molds, concrete jointing, cladding panel, and floorings anchor fixings.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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