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Home ➤ Chemicals & Materials ➤ Renewable | Speciality chemicals ➤ Bio-based Polyurethane Market
Bio-based Polyurethane Market

Bio-based Polyurethane Market

Published date: Nov 2021 • Formats:
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  • Home ➤ Chemicals & Materials ➤ Renewable | Speciality chemicals ➤ Bio-based Polyurethane Market

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

  • Published date: Nov 2021
  • Report ID: 18231
  • Number of Pages: 237
  • Format:
  • Overview
  • Table of Contents
  • Major Market Players
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  • account_circleAbout Me

    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.

    bio based polyurethane market

    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.

    bio based polyurethane market value regional share

    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.

    bio based polyurethane market company share analysis

    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

    For the Bio-based Polyurethane Market research study, the following years have been considered to estimate the market size:

    Attribute Report Details

    Market Size in 2022

    USD 36.91 million

    Growth Rate

    6.3%

    Forecast Value in 2032

    USD 72.28 million

    Historical Years

    2016-2020

    Base Year

    2021

    Estimated Year

    2022

    Short Term Projection Year

    2028

    Projected Year

    2023

    Long Term Projection Year

    2032

    Report Coverage

    Competitive Landscape, Revenue analysis, Company Share Analysis, Manufacturers Analysis, Volume by Manufacturers, Key Segments, Key company analysis, Market Trends, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis, strategy for existing players to grab maximum market share, and more.

    Regional Scope

    North America, Europe, Asia-Pacific, South America, Middle East & Africa

    Country Scope

    United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa

    Frequently Asked Questions (FAQ)

    What is the size of the bio-based polyurethane market in 2021?

    The bio-based polyurethane market size is USD 36.91 million in 2021.

    What is the projected CAGR at which the bio-based polyurethane market is expected to grow at?

    The bio-based polyurethane market is expected to grow at a CAGR of 6.3% (2023-2032).

    List the segments encompassed in this report on the bio-based polyurethane market?

    Market.US has segmented the bio-based polyurethane market by geographic (North America, Europe, APAC, South America, and MEA). By Product Type, market has been segmented into Rigid Foam, Flexible Foam, Coatings, Adhesive & Sealants, Other Product Types. By End Use, the market has been further divided into Automotive, Consumer Goods, Building & Construction, Packaging, Electrical & Electronics and Other End-Uses.

    List the key companies of the bio-based polyurethane market?

    bio-based polyurethane market's major players include 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.

    Bio-based Polyurethane Market
    Bio-based Polyurethane Market
    Published date: Nov 2021 • Formats:
    add_shopping_cartBuy Now get_appDownload Sample
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  • account_circleAbout Me
  • ondemand_videoVideos
    • Arkema SA Company Profile
    • BASF SE Company Profile
    • 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
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