Bio Polyol and Green Polyol Market registering 9% CAGR during the forecast period and projected to reach US$ 10.61 Bn by the end of 2032.
Green polyols and bio polyols are eco-friendly alcohol solutions containing multiple hydroxyl groups. Green polyol is derived from recycled polyethylene terepthalate (PET) and polyurethanes, while bio polyol is extracted from different vegetable oils such as canola, castor and corn. Polyether polyols and polyester polyols are the two primary types of green polyols and bio poyols which are commonly used. These products are used in series of applications such as adhesives, sealants, coatings, and polyurethane foams (flexible & rigid). Different end-user consumers of these polyols include packaging, construction, transportation, furniture and carpet among others.
The demand for green & bio polyols market has been majorly growing from certain end user industries such as transportation and construction. Several growth factors such as availability of raw materials and increasing prices of crude oil leading to price rise in conventional polyols have contributed to the growth of the market. Other factors such as the lower carbon footprint have also lead to a higher sustainability for green polyols and bio polyols. However, lack of technology and desired effects as compared to conventionally used polyols is expected to slow down the growth of the green polyol and bio polyol market.
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North America is the largest consumer of green polyols and bio polyols where soybean and corn are the commonly used raw materials to manufacture bio polyols. Future market growth is expected to be from emerging regions such as Asia Pacific with growth of the end-user industries such as automotive and packaging, which are also expected to provide growth opportunities to the market.
Arkema S.A., BASF SE, Biobased Technologies LLC, Bayer MaterialScience, Cargill Inc., Global Bio-Chem Technology Group Co. Ltd., Emery Oleochemicals (M) Sdn Bhd, Johnson Controls Inc, and Jayant Agro Organics Ltd. are some of the key industry manufacturers dominating the green polyol and bio polyol market.
This research report analyzes this market depending on its market segments, major geographies, and current market trends.
Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
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