The global green and bio polyols market was valued at USD 2.63 Billion in 2015 and is projected to reach USD 4.71 Billion by 2021, at a CAGR of 9.5% from 2016 to 2021.
Polyether Polyols: The largest type market of green and bio polyols
Polyether polyols is the largest by type market in the global green and bio polyols market, followed by polyester polyols. Polyester was majorly used earlier, but the demand for polyether polyols rose subsequently due to its effective and substantial usage in the production of various plastic products. The lower price of polyether polyols in comparison to polyester polyols is expected to further boost its demand in the green and bio polyols market.
Sustainable Nature of Bio-polyols
This growth is attributed to the eco-friendly and sustainable nature of bio polyols and the consistent supply of bio-based feedstock, while crude oil price fluctuations place limitations on the use of petroleum based polyols.
Polyurethane Flexible Foam: The Largest Application Market of Green and Bio-polyols
Polyurethane flexible foam is currently the largest application of green and bio polyols. Green and bio polyols are largely used in the manufacture of polyurethane flexible foam. The growing adoption and preference for the use of bio based materials across the world has led to the increasing use of renewable and sustainable products like green and bio polyols in the polyurethane flexible foam application, the demand for which is escalating due to its growing consumption for the manufacture of automotive seats, beddings, and other consumables.
North America: The Largest Market for Green and Bio-polyols
The North American region was the largest market for green and bio polyols, in terms of both, value and volume, in 2015. This is due to the growing preference for and consumption of materials and chemicals that have a lower carbon impact and that are recyclable or derived from non-polluting resources.
Green and bio polyols are thus an obvious answer as substitutes for crude-based polyols. Moreover, stringent environmental regulations associated with the use of crude oil based polyols and volatility in crude oil prices has led to the increasing production of plastics from green and bio based polyols. Therefore, the region is expected to continue to hold the largest market share in terms of value in the green and bio polyols market.
Green and bio polyols manufacturers such as Bayer AG (Germany), BioBased Technologies LLC (U.S.), BASF SE (Germany), Cargill Inc. (U.S.), The Dow Chemical Company (U.S.), Stepan Company (U.S.), Emery Oleochemicals (M) Sdn Bhd (Malaysia), Jayant Agro-Organics Limited (India), Global Bio-chem Technology Group Company Limited (Hong Kong), and E. I. du Pont de Nemours and Company (U.S.), are covered in the market report.
MarketsandMarkets is one of the largest market research firms worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. It specializes in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications.