Increasing construction activities and reducing reliance on petrochemical-based products is likely to drive the demand for bio-based polyurethane
- Himanshu Patni
- February 21, 2022
- CHEMICAL, NEWS
- Bio-based Polyurethane Market, Bio-based Polyurethane Market growth, Bio-based Polyurethane Market share, Bio-based Polyurethane Market size
- 0 Comments
The global Bio-based Polyurethane market is expected to showcase a growth of over 6% during the forecast period (2021-2027). Polyurethane is widely used in the construction industry therefore with the growth in the construction sector demand of polyurethane-based product would also grow. Further, since consumer and manufacturer are shifting toward sustainable product, this in turn is increasing the demand of bio-based polyurethane.
The demand of bio-based polyurethane is likely to grow during the forecast period owing to advancement in technology and growing focus on sustainable future. The trend of sustainable future and circular economy can be witnessed across the industry, as a result companies are trying to change the industry operates conventionally. For instance, until recently, in automotive industry, petrochemical based on ethylene and propylene are used for finishing leather and synthetic surfaces. But with the advancement in biotechnology has resulted in the development of renewable raw materials like bio-based polyurethane. It can also demonstrate superior film performance to their fossil fuel-based predecessors. Further, growing development of green buildings is replacing the conventional materials with bio-based alternatives. Since polyurethane finds application in several areas of building & construction like for insulation and carpet underlaying. Therefore, with the growth in green buildings, demand of bio-based polyurethane would also propel.
For a detailed analysis of the market drivers browse through – https://univdatos.com/report/bio-based-polyurethane-market/
Based on product, the market is categorized into flexible foam, rigid foam, paints & coatings, adhesives & sealants, elastomers, and others. Among these, flexible foam accounted the considerable share in the market and is expected to retain its position in the global bio-based polyurethane market owing to growing construction activities in the developing economies due to rising urbanization, increasing industrialization, and rising consumer income. With the rise in construction activities, demand for bedding, furniture, carpet underlay, and packaging for logistic purpose would also increase, thereby increases the demand of flexible foam. Further, as consumer and manufacturer are moving away from petrochemical based products this in turn is creating the market for bio-based flexible polyurethane foam.
Based on end-use, the market is categorized into automotive, building & construction, bedding & furniture, footwear, electrical & electronics, and others. Of all, building & construction accounts for significant revenue share in the global bio-based polyurethane industry. Rising energy cost and increasing awareness regarding the benefit of insulating material in home has increased the demand of bio-based polyurethane-based foam in building & construction industry. Further, polyurethane foams are used as carpet underlay, therefore with new construction and renovation activities, demand of bio-based polyurethane would increase during the foreseeable future.
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For a better understanding of the market adoption of bio-based polyurethane, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific held the considerable share in the global bio-based polyurethane market owing to large and rapidly growing end-use industry particularly in countries like China and India. For instance, according to Oxford Economics, between 2020-2030, India is expected to showcase the fastest growth rate of 9.8% in the infrastructure construction, across the globe. Further, shifting of manufacturing facilities from western economies to the Asia-Pacific is increasing the consumption of bio-based polyurethane.
Global Bio-based Polyurethane Market Segmentation
Market Insight, by Product
- Rigid Foam
- Flexible Foam
- Paints & Coating
- Adhesives & Sealants
- Elastomers
- Others
Market Insight, by End-Use
- Automotive
- Building & Construction
- Bedding & Furniture
- Footwear
- Electrical & Electronics
- Others
Market Insight, by Region
- North America Bio-based Polyurethane Market
- United States
- Canada
- Rest of North America
- Europe Bio-based Polyurethane Market
- Germany
- United Kingdom
- France
- Spain
- Rest of Europe
- Asia-Pacific Bio-based Polyurethane Market
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific
- Rest of World Bio-based Polyurethane Market
Top Company Profiles
- BASF SE
- RAMPF Holding GmbH & Co. KG
- Covestro AG
- Huntsmen International LLC
- MCPU Polymer Engineering LLC
- The Lubrizol Company
- Stahl Holdings B.V.
- Miracll Chemicals Co. Ltd.
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