The report "Green and Bio Polyols Market by Raw Material (Natural Oils and their Derivatives, Sucrose, Glycerin, Carbon Dioxide), Type, Application (PU Flexible Foam, CASE, PU Rigid Foam) End-use Industry and Region - Global Forecast to 2027" 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. 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.
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Natural oils and their derivatives is the largest raw material segment of the green and bio polyols market
Based on raw materials, the green and bio polyols market includes natural oils and their derivatives, sucrose, glycerin, carbon dioxide. The natural oils and their derivatives raw material segment led the application segment of the market in terms of both value and volume. Bio-polyols made from natural oils are also known as natural oil polyols. These polyols can be made from soybean oil, rapeseed (canola) oil, palm oil, castor oil, and sunflower oil. The usage of a specific natural oil can be dependent on the region. All the natural oil polyols have similar sources and applications, but the materials are quite different, depending on how they are made. These polyols are colorless to light yellow. The viscosity of these polyols can vary based on the raw materials; it is determined by their molecular weight and the average number of hydroxyl groups present per molecule. The odor of these polyols varies based on the oil from which they are derived. Most natural oil polyols are quite similar chemically to their parent vegetable oils and are prone to rancidity.
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.
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.
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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.
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