The global bio-based polyurethane market size is projected to expand at a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the growing demand for appliances, transportation and buildings in various developing countries. Increasing trend towards decreasing dependence on conventional polymers is estimated to boost the market growth in the coming years.
Bio-based polyurethane is used as coatings due to its easy availability, lesser environmental impact, biodegradability, and lesser cost. To decrease the consumption of polymers derived from renewable fossil fuels various steps have been taken by various organization and government bodies to encourage the usage of bio-based polyurethane in various products. Increasing demand for wood floor finishes and electronic consumable demand is anticipated to fuel the market during the forecast period.
Bio-based polyurethane is prepared from different types oils such as sunflower oil, gape seed, olive oil, rapeseed oil, linseed, canola, soybean oil, and castor oil. Increasing demand for environmental friendly and renewable materials in the products is shifting the focus of manufacturers towards bio-based polyurethane. Usage of bio-based raw material will decrease the use of carbon and may positively impact the durability and performance of polyurethanes.
Market Trends, Drivers, Restraints, and Opportunities
- Rising use of bio-based polyurethane in refrigerators is projected to fuel the market growth during the forecast period.
- Rising concern towards environment is estimated to spur the market expansion in the coming years.
- Supporting government policies and initiatives is anticipated to drive the market expansion in the coming years.
- Limited level of performance from bio-based polyurethane is expected to hamper the market growth.
- New bio-based feedstock for polyurethane act as a major challenge that can hinder the market expansion during the forecast period.
- Increasing demand for sustainable and green polyurethane is estimated to create significant opportunities for the market players.
Scope of the Report
The report on the global bio-based polyurethane market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Bio-based Polyurethane Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Product Types (Coatings, Foams, Adhesive and Sealants, and Others), End-user Industries (Packaging, Transportation, Electronics, Footwear and Textile, Furniture and Bedding, Construction, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
The Dow Chemical Company; BASF SE; Huntsman International LLC; The Lubrizol Corporation; Convestro AG; Wanhua Chemical Group Co. Ltd.
Market Segment Insights:
Foams segment is projected to account for a large market share
Based on product types, the global bio-based polyurethane market is divided into coatings, foams, adhesive and sealants, and others. The foams segment is expected to constitute a key share of the market during the forecast period owing to high usage in automotive and furniture industry. It is widely used in thermal insulation, shoe soles, seating, doors, and sports equipment. Foams are majorly used in coatings solutions for wood, concrete, and plastics.
Construction segment is projected to hold a key market share
On the basis of end-user industries, the market is segmented into packaging, transportation, electronics, footwear and textile, furniture and bedding, construction, and others. The construction segment is expected to represent a key share of the market in the coming years due to increasing demand for impact resistant materials made of bio-materials for insulation panels and protection panels.
Rapid urbanization, construction of new buildings and houses, and rising disposable incomes of people is anticipated to propel the market expansion during forecast period. On the other hand, the furniture segment is anticipated to expand at a rapid pace during the forecast period owing to rising demand for bio-based polyurethane from the furniture industry for various applications and preservation of wooden products.
Asia Pacific is anticipated to dominate the market
On the basis of regions, the global bio-based polyurethane market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Asia Pacific is anticipated to expand at an impressive CAGR during the forecast period. The regional market growth can be attributed to the increasing demand for bio-based polyurethane from various end-user industries such as furniture, automotive, construction, bedding, footwear, electronics, and packaging. Growing power shortages in Asia Pacific is raising the demand for bio-based polyurethane for insulation.
Segments Covered in the Report
The global bio-based polyurethane market has been segmented on the basis of
- Adhesive and Sealants
- Footwear and Textile
- Furniture and Bedding
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- The Dow Chemical Company
- BASF SE
- Huntsman International LLC
- The Lubrizol Corporation
- Convestro AG
- Wanhua Chemical Group Co. Ltd
Key players competing in the global bio-based polyurethane market include The Dow Chemical Company; BASF SE; Huntsman International LLC; The Lubrizol Corporation; Convestro AG; Wanhua Chemical Group Co. Ltd. Some of these players are engaged in several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.