Increasing demand from plastic manufacturing industries and growing demand for sustainable products are some of the key factors expected to drive the demand for the global Carbon dioxide-based chemicals & polymer market in the forecast period 2024-2028. According to TechSci Research report, “Global Carbon Dioxide Based Chemicals & Polymers Market- By Region, Competition Forecast and Opportunities, 2018-2028”, the Global carbon dioxide-based chemicals & polymer market is projected to grow at an impressive rate in the forecast period 2024-2028.
The Important Elements of Carbon Dioxide Based Chemicals & Polymers Market
Growing demand for adhesives, paints & coatings, sealants, elastomers, composite wood, medical equipment, and other products makes substantial use of polypropylene carbonate polyols during development. As government restrictions gradually encourage a reduced reliance on petrochemicals, the market for carbon dioxide-based polymers is anticipated to expand in the coming years at a bolstering rate.
Lack of product awareness and the high cost of raw materials is the key restraint for the carbon dioxide-based chemicals & polymer market. As it is one of the recent innovations, people, and businesses are not aware of the product, which makes the market face hindrance. Apart from this, the cost of the product is high as its new technology, limited access to raw material production methodology, and not being well commercialized are factors creating hindrances to market growth.
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The global carbon dioxide-based chemicals & polymer market is segmented based on type and application.
Based on application, market is divided into packaging, coating, adhesive & sealant, and others. The packaging segment is expected to experience the highest growth during the forecast period. Due to its characteristics like superior thermal properties, aggregation-induced emission (AIE), amphipathic, and degradation, it is used to make products that are used in packaging and demand by different end-user industries. The increasing infrastructural developments and flourishing construction industry worldwide are expected to create lucrative opportunities for the growth of the adhesive & sealant segment as well in the coming years.
Based on the region, the market is divided into North America, Asia Pacific, Europe, South America, Middle East & Africa. The Asia Pacific region is expected to register the highest growth during the forecast period. This can be attributed to the fact that countries like China, Vietnam, and India have the highest manufacturing units. Additionally, government norms for the use of environment-friendly plastics are factors to drive market demand in the region. Also, the flourishing construction industry in the region will increase the demand for carbon dioxide-based chemicals & polymers for use in adhesives and sealants.
Major companies operating in the global carbon dioxide-based chemicals & polymers market are:
- Bayer Material Science
- China National Offshore Oil Company (CNOOC)
- Empower Materials Inc
- Econic Technologies Ltd
- Nanyang Zhongju Tianguan Low Carbon Technology Co., Ltd.
- Novomer, Inc.
- SK Innovation Co., Ltd
- Cardia bioplastics
- Covestro AG
- Asahi Kasei Advance Corporation
In September 2022, SK Lubricants, a base oil unit of SK Innovation Co., Ltd in South Korea, launched its first-of-kind carbon offset lubricants. Now, SK Lubricants has a production capacity of 26,000 b/d of the Group III premium grade lubricant in the region to reduce carbon footprint.
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“Rising demand from end-user industries for the production of products such as lighting covers, car lights, mobile phone cases, adhesives, packaging, inks, paints, insulator, shock absorbers, and other applications are the reason driving the demand for carbon dioxide-based chemicals & polymers market. Government policies such as a single plastic ban, and encouraging use of the eco-friendly product to achieve sustainable development are expected to propel the product demand. Moreover, increasing investment in innovation to master the process for developing better carbon dioxide-based chemicals & polymers an economical rate is responsible for market growth and creating favorable conditions to drive the global carbon dioxide-based chemicals & polymer market growth till 2028.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Carbon Dioxide-Based Chemicals & Polymer Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Type (Polycarbonate, Polyurethane, Polyethylene carbonate, and Others), By Application (Packaging, Coating, Adhesive & Sealant, and Others), By Region and Competition, has evaluated the future growth potential of global carbon dioxide-based chemicals & polymer market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global carbon dioxide-based chemicals & polymer market.”
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