The global bio based construction polymers market 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.
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.
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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.
- 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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Grand View Research has segmented the bio based construction polymer market on the basis of product, application and region.