Global Bio-based Elastomers Market Size Study, by Product (Bio-based Thermoplastic, Bio-based Thermoset), by Application (Automotive, Footwear, Sports, Electrical & Electronics) and Regional Forecasts 2022-2032

Description

The Global Bio-based Elastomers Market, valued at USD 0.53 billion in 2023, is projected to expand at a CAGR of 13.90% from 2024 to 2032. The surging demand for sustainable and eco-friendly alternatives in multiple industries is driving the shift from petroleum-based elastomers to bio-based alternatives. These innovative elastomers, derived from renewable raw materials, offer superior biodegradability, enhanced performance, and reduced carbon footprint, making them highly attractive across industries such as automotive, footwear, sports, and electrical & electronics. Additionally, stringent environmental regulations and increasing governmental support for sustainable materials further bolster market growth.

The automotive sector stands as one of the key demand generators, leveraging bio-based elastomers to reduce vehicle weight, enhance fuel efficiency, and meet sustainability goals. Likewise, the footwear industry is increasingly incorporating these materials to produce eco-friendly, high-performance shoes. Companies are aggressively investing in R&D to develop highly durable, heat-resistant, and flexible elastomers, further advancing their adoption. Meanwhile, the electrical & electronics sector is utilizing bio-based elastomers for insulation, coatings, and flexible electronic components, propelling the market forward.

Despite promising growth prospects, challenges such as high production costs, raw material sourcing complexities, and limited scalability could hinder market expansion. However, ongoing technological advancements and economies of scale are expected to mitigate these issues in the coming years. Major market players are collaborating with research institutions and technology providers to enhance production efficiency and innovate cost-effective solutions. The increasing consumer inclination toward sustainable products is pushing manufacturers to ramp up production and diversify applications, thereby opening lucrative investment opportunities in the sector.

Regionally, Europe dominates the bio-based elastomers market, largely due to stringent environmental policies, high R&D investments, and a strong presence of key manufacturers. North America follows closely, with the U.S. leading the charge in the adoption of bio-based elastomers in automotive and consumer goods industries. Meanwhile, Asia-Pacific is emerging as the fastest-growing region, fueled by rising industrialization, supportive government policies, and a booming automotive sector in China, India, and Japan. Latin America and the Middle East & Africa are also gaining momentum, with growing awareness and increasing investments in sustainable materials.

Major Market Players Included in This Report:

BASF SE
Arkema S.A.
Dow Inc.
ExxonMobil Corporation
Evonik Industries AG
DuPont de Nemours, Inc.
LG Chem Ltd.
Mitsui Chemicals, Inc.
Zeon Corporation
Covestro AG
Braskem S.A.
Kuraray Co., Ltd.
Eastman Chemical Company
Trinseo S.A.
SABIC

The Detailed Segments and Sub-Segments of the Market are Explained Below:

By Product:

Bio-based Thermoplastic
Bio-based Thermoset

By Application:

Automotive
Footwear
Sports
Electrical & Electronics

By Region:

North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
Rest of Europe
Asia Pacific
China
India
Japan
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Years Considered for the Study:

Historical Year: 2022, 2023
Base Year: 2023
Forecast Period: 2024-2032

Key Takeaways:

Market Estimates & Forecasts for 10 years from 2022 to 2032.
Annualized revenues and regional-level analysis for each market segment.
In-depth geographical landscape analysis with country-level insights.
Competitive landscape, highlighting key market players and strategic initiatives.
Analysis of evolving industry trends and investment opportunities.
Actionable recommendations for stakeholders to navigate the shifting market landscape effectively.

Chapter 1. Global Bio-based Elastomers Market Executive Summary

1.1. Global Bio-based Elastomers Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
- 1.3.1. {By Product}
- 1.3.2. {By Application}
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendation & Conclusion

Chapter 2. Global Bio-based Elastomers Market Definition and Research Assumptions

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
  - 2.3.3.1. Availability
  - 2.3.3.2. Infrastructure
  - 2.3.3.3. Regulatory Environment
  - 2.3.3.4. Market Competition
  - 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand Side Analysis
  - 2.3.4.1. Regulatory Frameworks
  - 2.3.4.2. Technological Advancements
  - 2.3.4.3. Environmental Considerations
  - 2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

Chapter 3. Global Bio-based Elastomers Market Dynamics

3.1. Market Drivers
- 3.1.1. Rising Demand for Sustainable, Eco-friendly Alternatives
- 3.1.2. Supportive Government Policies and Stringent Environmental Regulations
- 3.1.3. Technological Advancements in Production Processes
3.2. Market Challenges
- 3.2.1. High Production Costs and Scalability Constraints
- 3.2.2. Raw Material Sourcing Complexities
3.3. Market Opportunities
- 3.3.1. Expansion of End-use Applications across Multiple Industries
- 3.3.2. Increased Investment in R&D for Cost-effective Solutions
- 3.3.3. Growing Consumer Preference for Sustainable Products

Chapter 4. Global Bio-based Elastomers Market Industry Analysis

4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter's 5 Force Model
- 4.1.7. Porter's 5 Force Impact Analysis
4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
4.3. Top Investment Opportunity
4.4. Top Winning Strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendation & Conclusion

Chapter 5. Global Bio-based Elastomers Market Size & Forecasts by Product 2022-2032

5.1. Segment Dashboard
5.2. Global Bio-based Elastomers Market: {Product} Revenue Trend Analysis, 2022 & 2032 (USD Million/Billion)
- 5.2.1. Bio-based Thermoplastic
- 5.2.2. Bio-based Thermoset

Chapter 6. Global Bio-based Elastomers Market Size & Forecasts by Application 2022-2032

6.1. Segment Dashboard
6.2. Global Bio-based Elastomers Market: {Application} Revenue Trend Analysis, 2022 & 2032 (USD Million/Billion)
- 6.2.1. Automotive
- 6.2.2. Footwear
- 6.2.3. Sports
- 6.2.4. Electrical & Electronics

Chapter 7. Global Bio-based Elastomers Market Size & Forecasts by Region 2022-2032

7.1. North America Bio-based Elastomers Market
- 7.1.1. U.S. Bio-based Elastomers Market
  - 7.1.1.1. {Product} Breakdown Size & Forecasts, 2022-2032
  - 7.1.1.2. {Application} Breakdown Size & Forecasts, 2022-2032
- 7.1.2. Canada Bio-based Elastomers Market
7.2. Europe Bio-based Elastomers Market
- 7.2.1. UK Bio-based Elastomers Market
- 7.2.2. Germany Bio-based Elastomers Market
- 7.2.3. France Bio-based Elastomers Market
- 7.2.4. Spain Bio-based Elastomers Market
- 7.2.5. Italy Bio-based Elastomers Market
- 7.2.6. Rest of Europe Bio-based Elastomers Market
7.3. Asia-Pacific Bio-based Elastomers Market
- 7.3.1. China Bio-based Elastomers Market
- 7.3.2. India Bio-based Elastomers Market
- 7.3.3. Japan Bio-based Elastomers Market
- 7.3.4. Australia Bio-based Elastomers Market
- 7.3.5. South Korea Bio-based Elastomers Market
- 7.3.6. Rest of Asia-Pacific Bio-based Elastomers Market
7.4. Latin America Bio-based Elastomers Market
- 7.4.1. Brazil Bio-based Elastomers Market
- 7.4.2. Mexico Bio-based Elastomers Market
- 7.4.3. Rest of Latin America Bio-based Elastomers Market
7.5. Middle East & Africa Bio-based Elastomers Market
- 7.5.1. Saudi Arabia Bio-based Elastomers Market
- 7.5.2. South Africa Bio-based Elastomers Market
- 7.5.3. Rest of Middle East & Africa Bio-based Elastomers Market

Chapter 8. Competitive Intelligence

8.1. Key Company SWOT Analysis
- 8.1.1. BASF SE
- 8.1.2. Arkema S.A.
- 8.1.3. Dow Inc.
8.2. Top Market Strategies
8.3. Company Profiles
- 8.3.1. BASF SE
  - 8.3.1.1. Key Information
  - 8.3.1.2. Overview
  - 8.3.1.3. Financial (Subject to Data Availability)
  - 8.3.1.4. Product Summary
  - 8.3.1.5. Market Strategies
- 8.3.2. Arkema S.A.
- 8.3.3. Dow Inc.
- 8.3.4. ExxonMobil Corporation
- 8.3.5. Evonik Industries AG
- 8.3.6. DuPont de Nemours, Inc.
- 8.3.7. LG Chem Ltd.
- 8.3.8. Mitsui Chemicals, Inc.
- 8.3.9. Zeon Corporation
- 8.3.10. Covestro AG
- 8.3.11. Braskem S.A.
- 8.3.12. Kuraray Co., Ltd.
- 8.3.13. Eastman Chemical Company
- 8.3.14. Trinseo S.A.
- 8.3.15. SABIC

Chapter 9. Research Process

9.1. Research Process
- 9.1.1. Data Mining
- 9.1.2. Analysis
- 9.1.3. Market Estimation
- 9.1.4. Validation
- 9.1.5. Publishing
9.2. Research Attributes