The global market size of green and bio-polyols is estimated at USD 4.4 billion in 2021 and is projected to reach USD 6.9 billion by 2027, at a CAGR of 9.5%, between the forecasted period. The growth of the global green and bio-polyols market is attributed to the strict government regulation prevalent in different parts of the world. The regulation against the extended use of polyols based on petroleum are a considerably significant issue for the government which can be suppressed by the use of green and bio polyols. The manufacturing of PU flexible or rigid foams is increasing. The demand of insulating materials in construction products, furniture & bedding industry, and the packaging industry is expected to fuel the positive growth of the green and bio-polyols market globally. The use of green and bio-based polyols in CASE applications is also a major growth factor for the market.
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The green and the bio-polyols market is segmented into natural oils and their derivatives, sucrose, glycerin, and carbon dioxide based on raw materials. The natural oils and their derivatives raw material segment dominated the application segment of the market with respect to both value and volume. Natural oil polyols are the bio polyols which are made up of natural oils. Generally, these polyols are made from soybean oil, rapeseed (canola) oil, palm oil, castor oil, and sunflower oil. The usage of a different natural oil can be dependent on their availability in a particular region. Nearly all the natural oil based polyols have a similar origin/source and applications, however, there is a difference in materials that depends upon the manufacturing process involved in making them. Natural oils and their derivatives are colorless to light yellow. Their viscosity can differ depending upon the kind of raw material used.
The green and the bio-polyols market is segmented into polyether polyols and polyester polyols, based on type. The polyether polyols segment accounted for the largest share of the type segment of the green and bio-polyols market in 2021. Generally, polyether polyols are produced by the catalysis reaction of epoxides. Polyether polyols are found the best usage in the manufacturing of polyurethane flexible foam.
On the basis of applications, the green and bio-polyols market is segmented into PU Flexible Foam, CASE, and PU Rigid Foam. The PU flexible foams application segment acquired for the largest share in the green and bio polyols market in 2021. PU flexible foams find their application in different consumer and commercial products that include furniture and bedding, carpet cushion, packaging, textiles, transportation, and fibers. These foams consist of slab stock, which finds its primary usage in carpet cushions and furniture. PU flexible foams are also used in office chairs, stadiums, and auditorium seatings.
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The end-use industry segment of the green and bio-polyols market includes furniture & bedding, construction, automotive, packaging, carpet backing, and others. The furniture & bedding end-use industry segment is estimated to be the largest end-user of green and bio polyols. Increasing construction activities in the housing sector in countries with emerging economies have increased the demand for furniture & bedding products. The furniture & bedding industry is a fast-growing market with respect to green and bio polyols, as they are being extensively used to manufacture cushions for recliners, sofas, and upholstered chairs for both household and commercial purposes.
The North American region is projected to be the largest market, in terms of value during the forecast period. It is also expected to grow at the fastest rate during the forecast period. . North America is one of the largest markets of polyurethane because of the high demand and innovation of products which helps in improving performance and quality. Recent developments in applications pertaining to aerospace, automotive, and wind energy also drive the North American market and make it a dominating market. The automotive, furniture, consumer durables, and food & beverage industries are one of the biggest consumers of green and bio polyols in the region.
Dow, BASF SE, Bayer AG, Stepan Company, BioBased Technologies., Emery Oleochemicals, JAYANT AGRO-ORGANICS LIMITED., Global Bio-chem Technology Group Company Limited., Novomer Inc., PolyGreen, Huntsman International LLC., Roquette Frères., Mitsui Chemicals, Inc., Koch Industries, Inc., Johnson Controls., Piedmont Chemical Industries, ITOH OIL CHEMICALS CO., LTD, Cargill, Incorporated, Arkema, DuPont and others are key players in green and bio polyols market.
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