Polycarbonates and related copolymers based on carbon dioxide have excellent thermal properties, making them popular in the foam, adhesive, and engineering plastics sectors. Carbon dioxide-based amphiphilic polymers have also been created, manufactured, and employed in lithium-ion batteries, treatment, and bioimaging. On the market, there are around 160,000 tons of carbon dioxide-based polymers. As a result, government legislation aimed at increasing the usage of ecologically friendly products, as well as the expansion of businesses that employ carbon dioxide-based polycarbonates, have a significant impact on market growth.
Global Co2 Based Polymers Market Driving Factors and Challenges
Growth is being driven by increased demand from the plastic manufacturing industries. Every year, around 230 million tons of carbon dioxide are released into the atmosphere, largely for the production of fertilizers and oil recovery, where it is directly involved. CO2 is abundant and can be used directly in partially replaced materials obtained from fossil fuels, or indirectly in polymer synthesis by getting chemical intermediaries such as methanol. Carbon dioxide is used as a raw material in the synthesis of polymers produced from biomass and recycled from industries, which is referred to as carbon capture and utilization (CCU). These new solutions help industries reduce carbon emissions and use the carbon as a feedstock.
The industry for CO2-based polymers has a number of significant challenges in its quest to become a viable and environmentally responsible substitute for the current generation of plastics derived from petroleum. Scalability of the production process is one of the most important problems. Although CO2-based polymers have a lot of potential to reduce greenhouse gas emissions, there are still problems with their cost-effectiveness and large-scale manufacture. For them to be accepted on a worldwide scale, the production process must be scaled up while maintaining cheap prices.
The development of economical and effective polymerization catalysts is another difficulty. For CO2-based polymers to convert carbon dioxide into components that can be used, certain catalysts are frequently needed.
Impact of COVID-19 on Global Co2 Based Polymers Market
The COVID-19 pandemic had a significant effect on the CO2-based polymer market. Obstacles for the industry included the global economic downturn and supply chain disruptions brought on by lockdowns and travel restrictions. The output of CO2-based polymers was harmed by the temporary closure of some manufacturing plants or their restricted operation. Moreover, the epidemic-induced decline in the demand for numerous non-essential products hindered the expansion of the market. However, as companies and consumers place a greater emphasis on sustainability in their purchasing decisions, there has been a growing recognition of the need for environmentally friendly and sustainable materials. This could have a favorable long-term effect on the market for CO2-based polymers.
Co2 Based Polymers Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Asahi Kasei, Avantium, Cardia Bioplastics, Changhua Chemical Technology Company Ltd., Covestro, Empower Materials, LanzaTech, NatureWorks, Saudi Aramco, TotalEnergies Corbion.
Global Co2 Based Polymers Market Segmentation:
By Type: Based on the Type, Global Co2 Based Polymers Market is segmented as; Cyclohexene Carbonate, Ethylene Carbonate, Polyols for poly(urethane) foam, Propylene Carbonate.
By Production Process: Based on the Production Process, Global Co2 Based Polymers Market is segmented as; Electrochemistry, Microbial Synthesis, Thermocatalysis.
By Application: Based on the Application, Global Co2 Based Polymers Market is segmented as; Packaging, Automotive Component Manufacturing, Electronics Component Manufacturing, Textiles, Processing, Textiles Processing, Others.
By Region: This report also provides the data for key regional segments of North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.