Green and Bio Polyols Industry Estimated to Reach US$ 6.9 Billion by 2027, Reveals a MarketsandMarkets™ Research Report
The global green and bio polyols market size 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 2022 and 2027. Green and bio polyols are either synthesized from natural oils, such as soya, castor, palm, canola, and sunflower, or natural sources, such as corn and sugar, or Carbon Dioxide (CO2). They are also recycled from polymers, such as polyurethanes (PU) and polyethylene terephthalate (PET). These polyols are used to make PU rigid and flexible foams, and coatings, adhesives, sealants, and elastomers (CASE), which are used in several end-use industries. The green and bio polyols industry comprises polyether polyols and polyester polyols. Green and bio-based polyether polyols are obtained by polycondensation reaction of propane-1,3-diol derived from glycerin, which can be obtained from several plant sources. Bio-based polyester polyols are formed by the condensation of bio-based dicarboxylic acids, such as adipic or succinic acid, with bio-based polyols (propane-1, 3-diol).
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On the basis of applications, the green and bio polyols market is segemented into PU Flexible Foam, CASE, PU Rigid Foam. The PU flexible foams application segment acquired the 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 consists of slab stock, which finds its primary usage in carpet cushions and furniture. PU flexible foams are also used in office chairs, stadium and auditorium seatings.
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 economy, 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.
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Factors, such as eco-friendliness and sustainability of bio polyols, consistent supply of bio-based feedstock, and crude oil price fluctuations affect the green and bio polyols market directly and indirectly. Increasing use of bio polyols in the automotive and packaging industries and recycling of polyols from foam-based waste offer lucrative growth opportunities for the green and bio polyols market. However, the high costs of these polyols as compared to conventional polyols are a major restraint for market players.
BASF SE (Germany), The Dow Chemical Company (US), Cargill, Incorporated (US), Covestro AG (Germany), and Emery Oleochemicals (US) are some of the major players in the green and bio polyols market. Bayer AG (Germany) has the largest share in the market and operational presence in all the major regions of the world. It has an extensive product portfolio, including four different types of bio polyols based on the type of raw materials. The key players have concentrated on consolidation of the market and sustainability through new product launches, and joint ventures, and partnerships.
BASF SE operates in more than 90 countries with six Verbund sites and 232 additional production sites worldwide. It supplies products to 90,000 customers. It collaborates with over 70,000 Tier 1 suppliers around the world. These suppliers provide important raw materials, chemicals, investment goods, and consumables to BASF SE, as well as a variety of services. The company operates through the Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care, Agricultural Solutions, and Others business segments.
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The Dow Chemical Company, commonly referred to as Dow, manufactures and supplies various chemicals used primarily as raw materials for manufacturing processes in industries such as appliance, automotive, agricultural, building & construction, electronics, furniture, chemical processing, housewares, oil & gas, packaging, paints, coatings & adhesives, personal care, pharmaceutical, processed foods, pulp & paper, textile & carpet, utilities, and water treatment. The company’s global operations are carried out through six global businesses, which are organized into the following operating segments: Industrial Intermediates & Infrastructure, Performance Materials & Coatings, and Packaging & Specialty Plastics. It operates its bio polyols business through the performance materials & coating segment.
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