Bio-Based Polyurethane Market Product Driving Factors, Capacity and Growth Rate Analysis to 2028

Posted on 2022-11-15 by researchinsights in Chemicals // 0 Comments

San Francisco, California , USA, Nov 15, 2022 — /EPR Network/ —

Bio-Based Polyurethane Industry Overview

The global Bio-Based Polyurethane Market size is expected to reach USD 52.8 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to register a CAGR of 5.9% from 2021 to 2028. Increasing product demand from the automotive industry for the manufacturing of seat cushions, seat backs, armrests, head restraints, and others is anticipated to boost the bio-based PU market growth. In automotive applications, the use of natural fiber-reinforced plastics and plant-based polymer resins helps reduce CO2 emissions and the weight of vehicles, which, in turn, helps improve fuel economy. Thus, increasing government concerns to reduce CO2 emissions across the globe are anticipated to fuel the product demand in automotive applications during the forecasted years.

Expanding application scope in the packaging, building & construction, electrical & electronics, automotive, and consumer goods industries is also anticipated to offer growth opportunities to the key players. For instance, in September 2020, Covestro AG announced its partnership with Shandong INOV New Materials Co., Ltd. to complete the laying of the walkway using CO2-based polyolCardyon. This is the first time that innovative CO2-based materials have been used in China to produce sports floorings. Companies, such as Ford Motor Company, ZMP Inc., La-Z-Boy Inc., and Airysole Footwear Pvt. Ltd., are some of the potential customers in the market.

Bio-Based Polyurethane Market Segmentation

Grand View Research has segmented the global bio-based polyurethane market based on product, end-use, and region:

Based on the Product Insights, the market is segmented into Rigid Foam, Flexible Foam, Coatings, Adhesives, & Sealants and Others

The flexible foam segment dominated the global market in 2020 with a revenue share of more than 49%. Bio-based flexible polyurethane foam is light, durable, supportive, and comfortable and is used in various industries, such as automotive, furniture & mattress, footwear, textile, handbag & luggage, home appliances, and packaging.
Bio-based polyurethane coatings are used to provide a smooth durable finish with high resistance to UV and chemical exposure. These coatings are utilized in the construction, wood, textile, automotive, and other end-use sectors to improve the appearance and durability of a product.

Based on the End-use Insights, the market is segmented into Automotive, Building & Construction, Consumer Goods, Electrical & Electronics, Packaging and Others.

The building & construction end-use segment dominated the global Bio-based PU market in 2020 accounting for more than 35% of the total revenue share.
Bio-based polyurethane is also extensively used in electrical & electronics applications, such as smartphones, mobile devices, laptops, and TVs owing to its electrical insulation, shock resistance, adhesion, and other properties. Furthermore, technological advancements and increasing demand for Electric Vehicles(EVs) have increased the need for durable and recyclable products.

Bio-Based Polyurethane Regional Outlook

North America
Europe
Asia Pacific
Central and South America
Middle East & Africa (MEA)

Key Companies Profile

The market is highly competitive with the presence of a few medium- and small-scale regional and several global players. Strategic partnerships and acquisitions are some of the prominent strategies adopted by players operating in this market.

Some prominent players in the global Bio-Based Polyurethane market include

BASF SE
MCNS
RAMPF Holding GmbH & Co. KG
Covestro AG
Cargill, Inc.
Huntsman International LLC
MCPU Polymer Engineering LLC
WeylChem International GmbH

Order a free sample PDF of the Bio-Based Polyurethane Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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