Carbon Dioxide Based Chemicals and Polymers Market to Grow with a CAGR of 10.60 % Globally through 2028
Surge in research and development activities is expected to drive the Global
Carbon Dioxide Based Chemicals and Polymers Market growth in the forecast
period, 2024-2028.
According to TechSci Research report, “Carbon
Dioxide Based Chemicals and Polymers Market - Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global
Carbon Dioxide Based Chemicals and Polymers Market stood at USD 2521.74 million
in 2022 and is anticipated to grow with a CAGR of 10.60 % in the forecast
period, 2023-2028. Initiatives taken by government based on carbon dioxide
based chemicals and polymers has led to favorable market conditions for the Global
Carbon Dioxide Based Chemicals and Polymers Market. Several factors contribute
to the growth of various carbon dioxide based chemicals and polymers products.
The U.S. Department of Energy's National Energy
Technology Laboratory (NETL) has launched the groundbreaking Carbon Dioxide
Conversion Program. With a focus on innovation, this program aims to identify
and develop cutting-edge materials, advanced equipment, and groundbreaking
processes that have the potential to revolutionize the production of
value-added goods using CO2.
In a significant move towards a sustainable future,
the U.S. government made a substantial investment of over USD 1 billion in
August 2023 to support and advance carbon removal technologies. This
significant financial commitment is expected to serve as a catalyst, fostering
the development and widespread adoption of CO2-based chemicals and polymers.
These innovative solutions have the remarkable ability to capture and convert
CO2, a major greenhouse gas, into highly valuable and useful products, thus
contributing to the mitigation of climate change and the transition towards a
more sustainable and circular economy.
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The global market for CO2-based chemicals and polymers
has undergone significant evolution in the past decade. Initially, research and
development efforts were predominantly centered around establishing viable
polymerization processes utilizing CO2 as a raw material. However, as time
progressed, these endeavors expanded to encompass the exploration and creation
of innovative materials, advanced equipment, and cutting-edge processes that
leverage the potential of CO2 to generate a wide range of value-added goods.
This shift towards a more holistic approach has not only broadened the scope of
possibilities but has also paved the way for exciting advancements in
sustainable and environmentally-friendly manufacturing practices.
The Global Carbon Dioxide Based Chemicals and Polymers
Market is segmented into type, application, regional distribution, and company.
Based on its type, the polycarbonate segment held the
largest market share in the forecast period. In the context of growing
environmental concerns and the urgent need for sustainable solutions, the
production of polycarbonate from CO2 presents a promising and innovative approach.
Traditionally, CO2 has been viewed as a problematic chemical contributing to
global warming. However, through advanced technology and processes, CO2 can now
be transformed into a valuable raw material for the production of
polycarbonate.
This groundbreaking approach not only helps in
effectively managing and reducing CO2 emissions, but it also offers numerous
benefits. By utilizing CO2 as a feedstock, the production of polycarbonate
becomes more cost-effective and sustainable. This not only reduces the reliance
on fossil fuel-derived raw materials but also provides a solution to the
challenge of limited resources. Furthermore, the availability of CO2 as a
plentiful and abundant source ensures a stable and secure supply chain for
polycarbonate production.
Based on region, Asia Pacific segment is expected to
grow during the forecast period.
Asia Pacific is at the forefront of the global
movement towards a low-carbon economy. With a strong emphasis on
sustainability, the region is actively exploring innovative ways to utilize CO2
as a raw material for producing chemicals and polymers. This not only helps in
reducing carbon emissions but also supports the region's goals of achieving a
more circular and resource-efficient economy.
Furthermore, the carbon dioxide utilization market in
Asia Pacific is projected to experience remarkable growth until 2030. This
growth is driven by the rising demand for sustainable solutions and the
increasing recognition of the economic and environmental benefits of CO2 utilization.
By capitalizing on these opportunities, Asia Pacific solidifies its leading
position in the global market and reinforces its commitment to a greener
future.
Major companies operating in Global Carbon Dioxide
Based Chemicals and Polymers Market are:
- Asahei Kasei Advanced Corporation
- Covestro AG
- Saudi Arabian Oil Company
- SK Innovation Co. Ltd
- Lanzatech Global Inc
- Empower Materials Inc
- Cardia Bioplastics
- Econic Technologies Ltd
- China National Offshore Oil Corporation International
Ltd
- Avantium N.V.
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“Growing application of carbon dioxide based chemicals
and polymers in various end user industries are key drivers of the carbon dioxide
based chemicals and polymers market. Growth in competitive landscape and
presence of well-established companies in the market who are dedicated to
enhance their productivity of carbon dioxide based chemicals and polymers with
every passing year are anticipated to register an impressive grow to Global
Carbon Dioxide Based Chemicals and Polymers Market in the forecast period.,”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Carbon Dioxide Based Chemicals and Polymers Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Type (Polycarbonate, Polyurethane, Polyethylene Carbonate, Others), By Application (Packaging, Coating, Adhesive & Sealant, Others), By Region and Competition”, has evaluated
the future growth potential of Global Carbon Dioxide Based Chemicals and
Polymers 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 Global Carbon Dioxide Based
Chemicals and Polymers Market.
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