Emergence of Bio-based Superabsorbent Polymers Presents Lucrative Opportunity for Key Manufacturers, says TMR
The volatility of
raw material prices highly impact on the competitive landscape of the
global superabsorbent polymer market. Leading producers, namely
Nippon Shokubai Co. Ltd., Evonik Industries, Sumitomo Seika Chemicals
Co. Ltd., LG Chem Ltd., Songwon Industrial Co. Ltd., and BASF SE have
invested heavily in the production of raw materials used for these
polymers in order to minimize their impact.
Looking forward, the
emergence of bio-based superabsorbent polymers has presented a
lucrative opportunity for the key manufacturers, says Transparency
Market Research. The eco-friendly characteristic of these polymers is
likely to boost its application in a number of industries such as
agriculture, pharmaceuticals, and medical and healthcare, leading to
their increased sales across the world.
Water Retaining
Property of Superabsorbent Polymers Boosts their Application in
Agriculture
The alarming rise in
the global population has created a huge need for food. Hi-tech
farming methods are yet to reach underdeveloped and emerging
economies and the rapid depletion of arable land has already put
farmers in a tight situation. On the top of it, the increase in
global warming has been affecting the rains severely, causing
draught-like situations in many parts of the world.
“As superabsorbent
polymers, also known as slush powder, can absorb huge amounts of
liquid, particularly water, their application in farming, in order to
retain soil water, is increasing significantly,” says an analysts
at TMR. Their adoption in agriculture has also been fueled by another
significant property of them that is to enable crops to survive
through the depletion of water in mountains, deserts, as well as dry
lands up to 50% of the required amount.
The application of
superabsorbent polymers will remain growing in agriculture over the
next few years, anticipates TMR. The high costs of raw materials,
however, may limit the adoption of these polymers to some extent in
the coming years.
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On the other hand,
the advent of bio-based polymers, stimulated by the increasing focus
of consumers on sustainability and their growing awareness pertaining
to environment, is anticipated to provide an opportunity-rich market
for players. Their potential applications in agriculture,
pharmaceuticals, and medical and healthcare are also expected to
boost superabsorbent polymer market demand in the coming years.
North America
Emerged as Biggest Consumer of Superabsorbent Polymer Market Used for
Agriculture
According to TMR,
the global opportunity in superabsorbent polymer market for
agriculture is expanding at a healthy CAGR of 6.80% during the period
from 2015 to 2023. In 2014, superabsorbent polymer market stood at
US$184.7 mn and is projected to worth US$327.4 mn by the end of
forecast period 2023. In terms of volume, the application of
superabsorbent polymers in agricultural practices is registering a
CAGR of 5.90% over the forecast period.
Currently, North
America is the leading consumer of superabsorbent polymers used for
agriculture across the world. In 2014, it accounted for a share of
nearly 30% in the global consumption of these polymers.
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