Wilmington, Delaware, United States, March 10, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - As per a Transparency Market Research study, the limonene polymers market was valued at US$ 473.7 Mn in 2022 and is estimated to grow at a compound annual growth rate (CAGR) of 4.9% during the forecast period from 2023 to 2031.
Limonene polymers are polymer products that are manufactured using limonene - a natural chemical compound that is present in citrus-based fruits such as oranges and lemons. Limonene polymers have gained popularity in the last few years as they have emerged as a suitable alternative to petroleum-based plastics.
Limonene occurs in two forms-l-limonene and d limonene. Both products have a different odor. The former has an orange aroma while the latter has turpentine and pine odor. End-use industries that use limonene polymers include electronics, textiles, agriculture, and healthcare. Key benefits of limonene polymers that have made the product popular in several end-use industries are low toxicity, biodegradability, and superior compatibility with an extensive range of active ingredients.
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Limonene polymers have also been used in offline distribution channels such as supermarkets to package fruits and vegetables, bottles, bread bags and bakery boxes, and display carton windows.
Launch of new polymers is helping leading limonene polymers market players in generating revenue and in gaining an edge over other players. Prominent companies are collaborating with other players to increase their revenue share and expand presence.
Manufacturers are expanding their production capabilities for limonene polymers to meet consumer requirements in different end-use industries.
Key Findings of Market Study
- Increase in Need to Separate Carbon Dioxide from Other Gases: The past few years have seen a rise in concern about climate change as well as the rise in emission of greenhouse gases. Limonene-based polymers have been used for carbon dioxide separation and helped decrease greenhouse gas levels. Limonene polymers have helped in separating carbon dioxide from other gases such as methane, hydrogen, and hydrogen. This is a key process in different end-use industries.
- Rise in Demand from Packaging Sector: There has been consistent expansion in the packaging industry, over the past few years. Limonene polymers provide gloss and superior barrier characteristics which make them suitable for use in different packaging solutions such as food containers and bottles. Additionally, limonene polymers are resistant to food fats and oils, which is triggering their demand in the packaging industry and helping industry growth.
- Increase in Demand for Orange-based Polymers: In terms of product type, the market is classified into orange-based polymer, pineapple-based polymer, lemon-based polymer, and others. The orange-based polymer segment accounted for dominant market share in 2022. Rise in demand for orange-based polymers from various end-use industries such as agriculture, packaging, and healthcare due to product features such as good oxidative and thermal stability is fueling the growth of the segment.
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Limonene Polymers Market-Key Drivers
- Increase in use of limonene polymers as a flavor and fragrance additive in pharmaceutical, personal care, cleaning, and cosmetic products
- Rise in demand for highly reactive limonene polymers
Limonene Polymers Market-Regional Insights
- The market in Asia Pacific is projected to hold dominant market share during the forecast period. Continuous growth in pharmaceutical and personal care end-use industries in both developed and developing economies such as China and India is estimated to fuel the demand for limonene polymers and help expand market size. Companies are likely to establish R&D centers in countries such as India due to easy availability of land and labor.
- The market in North America is likely to witness strong growth in the next few years due to progress in several end-use industries such as healthcare and agriculture, and presence of leading players in the U.S. and Canada
Limonene Polymers Market-Key Players
The global market is consolidated and has a small number of international manufacturers. Competition may intensify if new players enter the market during the forecast period.
Prominent manufacturers are investing significantly in R&D activities to produce improved limonene polymers that meet consumer needs in different end-use industries. Increase in demand for improved products is likely to help create business opportunities in the next few years.
Some of the leading players operating in the global limonene polymers market are Huntsman International LLC, Cargill Inc., Covestro AG, Florida Chemical Company, and BASF SE.
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The global market has been segmented as follows:
Product Type
- Lemon-based Polymer
- Orange-based Polymer
- Pineapple-based Polymer
- Other
Application
- Electronics
- Textiles
- Packaging
- Agriculture
- Healthcare
- Others
Region
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East & Africa
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