Bio-Based Polyurethane Market Is Anticipated To Offer Growth Opportunities By 2028

 Bio-based Polyurethane Industry Overview

The global bio-based polyurethane market size is expected to reach USD 52.8 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to register a CAGR of 5.9% from 2021 to 2028. Increasing product demand from the automotive industry for the manufacturing of seat cushions, seat backs, armrests, head restraints, and others is anticipated to boost the bio-based PU market growth. In automotive applications, the use of natural fiber-reinforced plastics and plant-based polymer resins helps reduce CO2 emissions and the weight of vehicles, which, in turn, helps improve fuel economy. Thus, increasing government concerns to reduce CO2 emissions across the globe are anticipated to fuel the product demand in automotive applications during the forecasted years.

 

Expanding application scope in the packaging, building & construction, electrical & electronics, automotive, and consumer goods industries is also anticipated to offer growth opportunities to the key players. For instance, in September 2020, Covestro AG announced its partnership with Shandong INOV New Materials Co., Ltd. to complete the laying of the walkway using CO2-based polyolCardyon. This is the first time that innovative CO2-based materials have been used in China to produce sports floorings. Companies, such as Ford Motor Company, ZMP Inc., La-Z-Boy Inc., and Airysole Footwear Pvt. Ltd., are some of the potential customers in the market.

Increasing concerns regarding toxic issues pertaining to petrochemicals along with depleting crude oil reserves have been driving the development of bio-based polymers like bio-based polyurethane (PU). Regulations imposed by most governments restricting the consumption of petroleum-based plastics in certain applications like medical devices are expected to further incentivize the production of bio-based polyurethane during the forecast period.

 

Bio-based Polyurethane Market Segmentation

Grand View Research has segmented the global bio-based polyurethane market based on product, end-use, and region:

Based on the Product Insights, the market is segmented into Rigid Foam, Flexible Foam, Coatings, Adhesives, & Sealants, and Others.

  • The flexible foam segment dominated the global market in 2020 with a revenue share of more than 49%. Bio-based flexible polyurethane foam is light, durable, supportive, and comfortable and is used in various industries, such as automotive, furniture & mattress, footwear, textile, handbag & luggage, home appliances, and packaging.

 

  • Bio-based polyurethane coatings are used to provide a smooth durable finish with high resistance to UV and chemical exposure. These coatings are utilized in the construction, wood, textile, automotive, and other end-use sectors to improve the appearance and durability of a product. 

 

Based on the End-use Insights, the market is segmented into Automotive, Building & Construction, Consumer Goods, Electrical & Electronics, Packaging, and Others.

  • The building & construction end-use segment dominated the global Bio-based PU market in 2020 accounting for more than 35% of the total revenue share. The growth is credited to the high product demand in the building & construction end-use industry due to its beneficial characteristics including excellent insulation, low weight, long life span, and corrosion resistance among others.

 

  • Bio-based polyurethane is also extensively used in electrical & electronics applications, such as smartphones, mobile devices, laptops, and TVs owing to its electrical insulation, shock resistance, adhesion, and other properties. Furthermore, technological advancements and increasing demand for Electric Vehicles(EVs) have increased the need for durable and recyclable products. 

 

Bio-based PU Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Key Companies & Market Share Insights

The market is highly competitive with the presence of a few medium- and small-scale regional and several global players. Strategic partnerships and acquisitions are some of the prominent strategies adopted by players operating in this market. For instance, in May 2017, Cargill, Inc. acquired BioBased Technologies, which manufactures polyols from renewable sources, such as soy, cashew nutshell liquid, and castor oil. The company offers polyols under the Agrol brand name, which has applications in lubricants, building products, diesel additives, furniture, automotive, adhesives, agricultural products, carpet backings, industrial coatings, and printing inks. Some of the prominent players operating in the global bio-based polyurethane market are:

  • BASF SE
  • MCNS
  • RAMPF Holding GmbH & Co. KG
  • Covestro AG
  • Cargill, Inc.
  • Huntsman International LLC
  • MCPU Polymer Engineering LLC
  • WeylChem International GmbH

 

Order a free sample PDF of the Bio-based Polyurethane Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

Follow Us: LinkedIn | Twitter

Comments

Post a Comment

Popular posts from this blog

Industrial Connectors Market Basis Of Type, Applications, Distribution Channel And Geography 2013-2028

The global Industrial Connectors market was valued at $XX million in 2018, and Radiant Insights, Inc analysts predict the global market size will reach $XX million by the end of 2028, growing at a CAGR of XX% between 2018 and 2028. This report provides detailed historical analysis of global market for Industrial Connectors from 2013-2018, and provides extensive market forecasts from 2019-2028 by region/country and subsectors. It covers the sales volume, price, revenue, gross margin, historical growth and future perspectives in the Industrial Connectors market. Download Free Sample Report @ https://www.radiantinsights.com/research/2013-2028-report-on-global-industrial-connectors-market/request-sample Leading players of Industrial Connectors including: • TE Connectivity • Delphi Connection Systems • Amphenol • Molex • JAE • Sumitomo Wiring Systems • Yazaki • Rosenberger • JST • Hirose Electric • Harting • Phoenix Contact • Dai-ichi Seiko Market split by Type, can be divi
Read more

U.S. Cannabis Market is Anticipated To Be Valued At USD 40.1 Billion By 2030

  U.S. Cannabis Industry Overview The U.S. cannabis market size was valued at USD 13.2 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 14.2% from 2023 to 2030. In the United States, cannabis is often used in the cosmetic, pharmaceutical, and food & beverage industries. The increasing legalization of cannabis and rising acceptance of its use for medical purposes are the key factors driving the growth of the market. The increasing research on the use of cannabis and its medicinal properties has led to its increased use to treat various chronic conditions. They are found to be effective in treating chronic pain and nausea caused due to chemotherapy. Furthermore, the constant rise in the legitimization of medical cannabis has resulted in the growth of the market. For instance, the Food and Drug Administration (FDA) has approved the use of cannabis-derived drug products such as Epidiolex, Cesamet, etc. for treating seizures, and chemotherapy-induced
Read more

Bioplastics Industry 2022-2030: Comprehensive Market Study

  Bioplastics Industry Data Book | Forecast 2030 Bioplastics Industry Data Book - Biodegradable Plastic, Polylactic Acid (PLA), Bio-based Polyurethane (PU) and Biopharma Plastics Market Grand View Research’s bioplastics sector data book is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research along with an agricultural statistics e-book.   Access the Global Bioplastics Industry Data Book, 2023 to 2030 , compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
Read more