The global green and bio polyols market size is expected to reach USD 9.55 billion by 2030, according to a new study by Polaris Market Research. The report “Green and Bio Polyols Market Share, Size, Trends, Industry Analysis Report, By Type (Polyester, Polyether); By Raw Material; By Application; By End-Use; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Polyether accounted for a considerable share in 2021. They are used in coating, adhesive, sealant, and elastomer applications as they have better hydrolytic stability and good tolerance. Industrial applications of polyether include adhesives, lubricant additives, coatings for paper and textiles, binders in back-coating formulations used on wallpapers and floor coverings, and emulsions to improve the handling properties of oils or waxes, and high solids systems applied by brush or spray coating processes.
In terms of value, North America dominated the market in 2021; it is expected to see rapid expansion throughout the projected period. Factors such as the growing automotive industry and the rising need for modernization of vehicles boost the development of the green and bio polyols in the automotive industry. Rising urbanization, technological advancements, and an increase in the sale of furniture have resulted in the demand for green and bio in this region.
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The major players in the industry are BASF SE, Bayer AG, Arkema, Cargill Incorporated, Emery Oleochemicals, Stepan Company, Covestro AG, Huntsman International LLC, Koch Industries Inc, Mitsui Chemicals Inc, Jayant Agro-Organics Limited, Novomer Inc, Roquette Frères, PolyGreen, and The Dow Chemical Company Inc. Market participants are working together on R&D projects, expanding their market presence, and developing new technologies. Market players have been driven to use new technology to create high-quality items due to the increased necessity to meet expanding client demands.
Using bio-based polyols in polyurethane used in automotive, furniture, and construction industries and increasing the use of these in adhesives and sealants will drive the growth of the industry in emerging economies.
Green and Bio Polyols Market Report Highlights
- The natural oils segment led the raw material segment. Soybean oil, rapeseed (canola) oil, castor oil, palm oil, and sunflower oil can be used to make polyols.
- Polyether accounted for a major share in 2021 owing to its wide use in coating, adhesive, sealant, and elastomer applications.
- PU flexible foams in the largest applications segment. PU flexible foams are widely used in consumer and commercial items such as furniture, cushions, carpet transportation, bedding, packaging, fabrics, and fibers.
- Furniture & Bedding is the largest end-use segment of the green and bio polyols industry. Green and bio polyols are being utilized to make cushions for sofas, recliners, and upholstered chairs for domestic and commercial use, and it’s a rapidly growing market. The industry’s expansion of furniture and bedding items has been driven by the rapid growth of construction activities in the housing sector.
- North America leads the polyurethane market. Recent advancements further aid its dominance in aerospace, automotive, and wind energy fields.
Polaris market research has segmented the green and bio polyols market report based on type, raw material, application, end-use industry, and region:
Green and Bio Polyols, Type Outlook (Revenue – USD Billion, 2018 – 2030)
Green and Bio Polyols, Raw Material Outlook (Revenue – USD Billion, 2018 – 2030)
- Carbon Dioxide
- Glycerin, Natural Oils
Green and Bio Polyols, Application Outlook (Revenue – USD Billion, 2018 – 2030)
- Coatings, adhesives, sealants and elastomers (CASE)
- Polyurethane Flexible Foam
- Polyurethane Rigid Foam
Green and Bio Polyols, End-Use Industry Outlook (Revenue – USD Billion, 2018 – 2030)
- Furniture & Bedding
Green and Bio Polyols, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa