The global green and bio polyols market is expected to reach USD 5.9 Billion by 2024, growing at a CAGR of 10.7% from 2018 to 2024. The key factors driving the growth of the global green and bio polyols market include presence of stringent environmental regulations by several governments, favorable regulations promoting the use of green and bio polyols, and preference of manufacturers to increase the content of green and bio polyols in their products. Additionally, the demand for green and bio polyols has been majorly growing from several end-use industries such as construction and transportation. However, shortage of efficient technology coupled with desired effects as compared to traditionally used polyols is expected to hamper the growth of the global green and bio polyol market to some extent.
Bio polyol and green polyol are crucial raw materials which find major usage in the production of thermoplastic elastomers, polyurethane, adhesives, coatings, artificial leather, and sealants. Bio polyols and green polyols are environment-friendly alcohol solutions which contain more than one hydroxyl groups. Bio polyol is made up of different vegetable oils such as castor, canola, and corn, whereas green polyol is derived from recycled polyurethanes and polyethylene terephthalate. Polyester polyols and polyether polyols are the two major types of bio polyols and green polyols which are widely used. Such products are widely used in a series of applications including sealants, adhesives, flexible and rigid polyurethane foams, and coatings.
The global green and bio polyols market can be segmented on the basis of type, application and end-use industry. By type, the global green and bio polyols market can be segmented into polyether and polyester. By application, the global green and bio polyols market can be segmented into polyurethane rigid foam, polyurethane flexible foam, and case. By end-use industry, the global green and bio polyols market can be segmented into furniture and bedding, automotive, packaging, and carpet backing.
Geographically, the global green & bio polyols market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America was the largest market for green and bio polyols market in 2017. The U.S. was holding the major share of green and bio polyols market in North America. Green and bio polyols demand in construction and transportation industries is anticipated to drive the North American green and bio polyols market. Additionally, the demand for green and bio polyols in applications such as furniture, sealants, adhesives, and binders is further expected to drive the market growth in the region. Asia-Pacific is forecasted to be the fastest growing market for green and bio polyols. Countries including China, Japan, India, and Malaysia are the key markets in the region.
Some of the major players operating in the global market include BASF SE, Cargill Inc., Emery Oleochemicals, DowDuPont, Arkema S.A, Sdn Bhd, BioBased Technologies LLC, Bayer MaterialScience, Global Bio-Chem Technology Group, Jayant Agro-Organics Limited, INVISTA S.A.R.L, Mitsui Chemicals, Inc., Johnson Controls Inc., Cargill Inc., and Stepan Company among others.
Global Green and Bio Polyols Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation Forecast 2024