Global Bio-based Polyurethane Market; By Product Type (Rigid Foam, Flexible Foam, and Other Product Types); By End-Use (Automotive, Consumer Goods, and Other End-Uses) as well as By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast: 2022-2032

Bio-based Polyurethane Market Overview:

The global bio-based polyurethane market size was valued at USD 36.91 million in 2021and it is projected to reach a valuation of USD 72.28 million by 2032 at a CAGR of 6.3% during forecast period.

This market is driven by growth factors such as the increasing number of green-building construction projects and a greater level of product demand from automotive industries.

To improve product durability and appearance, bio-based polyurethane (PU) coatings are used in the wood, textile, and automotive sectors. The reaction of natural oils such as sunflower, soybean, and castor with diisocyanates creates a bio-based polyurethane resins. These resins can be used for a variety of purposes, including coatings, adhesives sealants, and membranes.

Synthetic polyurethane products are toxic and non-biodegradable. They also use petrochemical-based raw material, which is exhausting. This has led to an increase in the inflations in polyurethane production costs.

Global Bio-based Polyurethane Market Scope:

Product Type Analysis

With a more than 50% of a revenue share, the flexible foam segment dominated global markets in 2021. Flexible polyurethane foam made from bio-based materials is lightweight, durable, supportive, comfortable, and can be used in many industries such as the automotive, furniture & mattress, as well as footwear and textile sectors. It’s used as cushioning in a wide range of commercial and consumer products including bedding, furniture, carpet underlay, packaging, and automotive interiors.

To provide a durable and smooth finish, we use bio-based polyurethane coatings. They are highly resistant to chemical and UV radiation.

Bio-based polyurethane coats provide a durable, smooth finish that is resistant to chemical and UV exposure. These coatings can be used in construction, wood, textile, and automotive goods to enhance the product’s appearance and durability. A bio-based rigid polyurethane foam can be used in many industries such as building & construction, automotive, industrial insulations, and consumer appliances. Rigid foam can be used in roof insulation, wall insulation, doors, and air barrier sealants.

End-Use Analysis

In 2021, the market for bio-based PU was dominated by the building & construction segment. The segment accounted for over 30% in total revenues. This is due to the benefits of bio-based PU such as excellent insulation, low-weight, long life span, and corrosion resistance.

Bio-based polyurethane can also be used extensively in electronics applications such as in smartphones, tablets, laptops, and TVs. This is due to its electrical insulation, shock resistance, adhesion, and other favorable properties. Technological advancements and a growing demand for Electric Vehicles (EVs), have raised the demand for durable and recyclable products. This market is expected to grow in a positive manner over the forecast period due to a gradual increase in EVs. Consequently, the automotive industry is expected to grow and increase demand for bio-based polyurethane materials.

Due to its shock-absorbing qualities, this product is well-suited for packaging applications. It can be used for transporting and the storage of electronic equipment, consumer goods, and medical or healthcare products. Polyurethane also has moisture resistance and thermal insulation that help preserve freshness for perishable items like seafood, fruits and vegetables. These key factors drive the demand for polyurethane in the packaging industry.

Under the Agrol brand, the company sells polyols. These can be used in lubricants and building products, printing inks, as well as furniture, industrial coatings, adhesives, agricultural products. Carpet backings and carpet backings.

Key Маrkеt Segments:

By Product Type

• Rigid Foam
• Flexible Foam
• Coatings, Adhesive & Sealants
• Other Product Types

By End-Use

• Automotive
• Consumer Goods
• Building & Construction
• Packaging
• Electrical & Electronics
• Other End-Uses

Market Dynamics:

Bio-based polyurethane foams have been developed to meet the growing demand for green buildings. They are an effective insulation material that can help users save more on energy. Spray form is widely used to seal cracks, joints, and holes. This reduces the need for heat or conditioning inside buildings. However, the low price of conventional polyurethane is keeping bio-based polyurethane prices from being competitive, which could hinder bio-based polyurethane market growth prospects in the foreseeable future.

However, growing concerns about toxicity related to the use of petrochemicals and depleting crude oil resources have driven the development of bio-based polymers such as bio-based urethane. Respective government regulations restricting petroleum-based plastics consumption in certain end-uses, such as medical devices, will likely further encourage the production of bio-based polyurethane over the forecast period.

Technological advancements are being implemented by major players to introduce new products. FoamPartner, a Swiss firm, teamed up with Covestro AG in September 2020 to create foams partially made from CO2. CO2 is used to make polyol. It can replace fossil raw materials like crude oil. FoamPartner uses CO2 to make polyurethane foams for various parts of a vehicle’s interior.

Regional Analysis

The Asia-Pacific, led by China, was the largest regional market in 2021, with a revenue share of over 35%. Due to growing demand from key industries such as the automobile, consumer goods, electrical & electronic, packaging, and construction & building sectors in emerging economies like China and India, the Asia Pacific is expected to continue its dominance in the foreseeable future. This region also has many rapidly growing industries like electronics, consumer goods, and building & construction in emerging economies like China and India, which are expected to create lucrative growth opportunities for bio-based polyurethane producers.

The region’s advantages include easy access to land and low-cost skilled labor. Market growth rate will be positively influenced by a shift in production in emerging economies like China and India. Due to rising consumer awareness about eco-friendly products, foams and other bio-based polyurethanes products will gain significance in the region. Product demand is expected to increase due to surging construction spending and the need for sustainable infrastructure.

Key Regions and Countries Covered in This Report:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Competitive Landscape:

With the presence of several small and medium-sized regional players as well as global players, this market is extremely competitive. Among the most popular strategies used by market players are strategic partnerships and acquisitions.

Major companies engaged in bio-based polyurethane market are Huntsman International LLC, Mitsui Chemicals Inc., BASF SE, WeylChem International GmbH, Huntsman International LLC MCPU Polymer Engineering LLC, KEEN Inc., Toray Industries Inc. and other key players.

Маrkеt Key Players:

• Arkema SA
• BASF SE
• Covestro AG
• Huntsman International LLC
• WeylChem International GmbH
• Miracll Chemicals Co. Ltd.
• Mitsui Chemicals Inc.
• Stahl Holdings BV
• KEEN Inc.
• Toray Industries Inc.
• Other Key Players