Bio Polyols Market Size, Share, Outlook

The global Bio Polyols Market Size is estimated to be US$45.4 Billion in 2023 and is poised to register 9.47% growth over the forecast period from 2023 to 2030.

Key market driving forces including Increasing demand for adhesives and sealants, Health concerns associated with synthetic-based Polyols, mature market conditions for conventional Polyols in developed countries, increasing demand from construction/Insulation applications, and others are identified among the main market dynamics

 

Bio Polyols Market Analysis

Bio Polyols are synthesized from vegetable oils and other renewable sources. Companies are focusing on matching prices to fossil fuel-based Polyols, technical advantages, and saving costs in production. Instead of using a petrochemical-based feedstock, bio-Polyols are made from a variety of plants such as castor, corn, pine, sunflower, canola (rapeseed), soy, palm, or linseed.

Advances in the biotech industry are encouraging the wide adoption of plant-based resources. Key advantages of bio-Polyols such as lower carbon footprint, wide availability of plant resources across markets, and ability to manufacture high-performance polyurethanes using bio-Polyols are supporting the use of bio Polyols across applications. Bio Polyols are being developed for both flexible and rigid foam applications.

Further, better heat dissipation, chemical resistance, Hydrolysis resistance, high oxidative stability, Low volatile and bio-degradable, and sustainable content properties encourage rapid penetration across applications. In particular, sporting goods, automotive, coating, and adhesive sectors are rapidly adopting bio-based Polyols.

A shifting market trend towards bio-based and green Polyols is observed as companies emphasize commercializing a wide range of high-performing and cost-competitive bio Polyols. Both established Polyols manufacturers and newer companies are promoting the benefits of bio Polyols including high renewable content in the products with the same performance as that of fossil-fuel-based products, lower carbon footprint, eco certificate compliance, and other product benefits.

 

Bio Polyols Market Size Outlook, USD Billion, 2020- 2028

Market Dynamics

Market Trend- Increasing demand for adhesives and sealants fuel overall market growth

Bio Polyol-based adhesives and sealants with high durability, high moisture resistance, and thermal stability without post-hardening properties are increasingly gaining demand. As conventional polyether PU is susceptible to degradation when exposed to UV rays and polyester-based PU is susceptible to hydrolysis, more users are shifting towards bio-based Polyols.

Demand for bio-based products as adhesives is widely being observed across diverse industries including transportation and construction, furniture, electronics, packaging, and sportswear industries. The availability of cheaper raw materials, with greater availability and with high price stability is encouraging the use of bio Polyols in manufacturing adhesives and sealants.

The application of bio Polyols for the manufacture of sealants is increasing steadily as the demand from the automotive industry for noise and dust resistance in windows, doors, roofs, and other components.

 

Market Driver- Health concerns associated with synthetic-based Polyols

Environmental and health issues associated with conventional Polyols are encouraging the demand for bio-based Polyols. Conventional Polyols emit air pollutants that cause health disorders such as fatigue, nausea, headache, abdominal discomfort, and other health challenges. Polyols conventionally manufactured from petroleum products are subject to stringent regulatory norms, which supports the demand for bio-based Polyols. Since Polyol forms part of the main components of polyurethane formulations, the adoption of vegetable oil enables the development of products with high renewable content.

 

Market Opportunity- Mature market conditions for conventional Polyols in developed countries

Developed countries worldwide are encouraging the rapid shift from synthetic-based Polyols to bio-based and green Polyols. Further, consumer awareness and advancements in the biotech industry are encouraging demand for bio-based alternatives.

High-performing bio Polyols are witnessed increased investments, predominantly in scaling up commercial operations to cater to diverse end-user demand. Both Polyether type Polyols and polyester type Polyols are witnessing demand growth.

Rigid foams used in the construction industry and flexible foams used in the automotive industry offer significant growth potential in developed markets.

 

 

Market Segmentation

The global Bio Polyols Market is segmented into Types, Applications, and Countries.

Polyether Bio Polyols remain the dominant users of the Bio Polyols Market

Polyether Polyols are largely used in flexible and rigid polyurethane foams, in addition, to use in other applications such as surface-active agents. While flexible foam Polyols are largely used in furniture and bedding, car seats, textiles, carpet underlay, and other applications, rigid foams are used in packaging, appliances, industrial insulation, transportation, construction, and other industries. Manufacturers are also supplying customized foams to address the specific needs of diverse non-foam applications in urethane adhesives and sealants and urethane surface coatings.

Leading EPC companies such as ThyssenKrupp are witnessing increased demand for polyether Polyols plant installations with high quality, high yield, flexible, safe, and robust machines. Strong demand for polyether Polyols is expected to continue through the forecast period, predominantly in developing countries with strong growth potential.

Most major polyether Polyols producers including Dow Chemical, Covestro, BASF, Shell, and others are emphasizing natural oil-based Polyols (NOPs) using soybean, castor, canola, sunflower, soy, and corn oils. PU foam market demand in China, Brazil, India, South Africa, and other markets remains strong, providing strong support for the industry.

 

PU Flexible Foam segment is growing at the highest CAGR during the forecast period

High resilience Flexible polyurethane foam (FPF) demand remains robust through the forecast period and the segment remains the largest application for bio Polyols worldwide. Over 70% of flexible foams use polyether Polyols, driven by adoption across wide end-user applications including furniture and bedding, carpet cushion, automotive seats, sports equipment, the packaging industry, footwear, and others.

FPF is often produced in large slab stocks and then cut into stable solid material. It is then cut into required shapes and sizes based on application. Comfort, support, and durability are among the main benefits promoted by manufacturers.

As vehicle manufacturers strive towards increased sustainability, they are focusing on integrating sustainable materials into their PU foam, which supports the bio-based Polyol demand. Over half of the market demand originates from Asian markets, predominantly driven by a large population, rapid urbanization, and industrial activity – automotive manufacturing, in particular, will support the market growth.

 

North America remains the dominant user of Bio Polyols, with over 34.6% market share in 2022

Driven by rapid adoption across end-user industries, North America dominates the global Bio Polyols market with over 34.6% market share in value terms. The dominant share of the region is largely driven by huge consumption volumes in the US.

United States- The current government support for renewable fuels is likely to encourage large-scale consumption of vegetable oils in industrial applications including the production of Polyols. The presence of leading companies in the country coupled with the demand for rigid and flexible foam applications supports the market. Further, ongoing R&D activities emphasizing using different vegetable oils to achieve low cost and improved flame-retardant properties will support the market outlook.

Demand for PU foams is seeing healthy growth in the country, with polyether Polyols and polyester Polyols witnessing demand growth across applications. Manufacturers are focusing on developing new products and forms to cater to diverse end-user demands.

The US is the largest automotive market worldwide, with a strong emphasis on eco-friendly and energy-efficient production. Both the government and consumers continue to prefer renewable-based products, which is encouraging manufacturers of PU foam to shift from conventional to renewable Polyols. Soy oil is widely used as feedstock for bio Polyols in the country, driven by the wide availability of soybeans.

 

Segmentation

By Type

• Polyether Bio Polyols
• Polyester Bio Polyols

 

By Application

• PU Flexible Foam
• PU Rigid Foam
• CASE
• Others

 

By Region

• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Spain, Italy, Others)
• Asia Pacific (China, India, Japan, South Korea, Australia, Others)
• Latin America (Brazil, Argentina, Others)
• Middle East and Africa (Saudi Arabia, UAE, Kuwait, Other Middle East, South Africa, Nigeria, Other Africa)

 

Key Players

Leading companies profiled in the study include-

• BASF SE
• Dow Inc.
• Emery Oleochemicals LLC
• Cargill Inc.
• BioBased Technologies LLC
• Covestro AG
• Mitsui Chemicals, Inc
• Arkema SA

 

Bio Polyols Market Outlook 2023

1 Market Overview

1.1 Introduction to Bio Polyols Market

1.2 Scope of the Study

1.3 Research Objective

1.3.1 Key Market Scope and Segments

1.3.2 Players Covered

1.3.3 Years Considered

 

2 Executive Summary

2.1 2023 Bio Polyols Industry- Market Statistics

3 Market Dynamics

3.1 Market Drivers

3.2 Market Challenges

3.3 Market Opportunities

3.4 Market Trends

 

4 Market Factor Analysis

4.1 Porter’s Five Forces

4.2 Market Entropy

4.2.1 Global Bio Polyols Market Companies with Area Served

4.2.2 Products Offerings Global Bio Polyols Market

5 COVID-19 Impact Analysis and Outlook Scenarios

5.1.1 Covid-19 Impact Analysis

5.1.2 Post-COVID-19 Scenario- Low Growth Case

5.1.3 Post-COVID-19 Scenario- Reference Growth Case

5.1.4 Post-COVID-19 Scenario- Low Growth Case

 

6 Global Bio Polyols Market Trends

6.1 Global Bio Polyols Revenue (USD Million) and CAGR (%) by Type (2018-2028)

6.2 Global Bio Polyols Revenue (USD Million) and CAGR (%) by Applications (2018-2028)

6.3 Global Bio Polyols Revenue (USD Million) and CAGR (%) by Regions (2018-2028)

 

7 Global Bio Polyols Market Revenue (USD Million) by Type, and Applications (2018-2022)

7.1 Global Bio Polyols Revenue (USD Million) by Type (2018-2022)

7.1.1 Global Bio Polyols Revenue (USD Million), Market Share (%) by Type (2018-2022)

7.2 Global Bio Polyols Revenue (USD Million) by Applications (2018-2022)

7.2.1 Global Bio Polyols Revenue (USD Million), Market Share (%) by Applications (2018-2022)

 

8 Global Bio Polyols Development Regional Status and Outlook

8.1 Global Bio Polyols Revenue (USD Million) By Regions (2018-2022)

8.2 North America Bio Polyols Revenue (USD Million) by Type, and Application (2018-2022)

8.2.1 North America Bio Polyols Revenue (USD Million) by Country (2018-2022)

8.2.2 North America Bio Polyols Revenue (USD Million) by Type (2018-2022)

8.2.3 North America Bio Polyols Revenue (USD Million) by Applications (2018-2022)

8.3 Europe Bio Polyols Revenue (USD Million), by Type, and Applications (USD Million) (2018-2022)

8.3.1 Europe Bio Polyols Revenue (USD Million), by Country (2018-2022)

8.3.2 Europe Bio Polyols Revenue (USD Million) by Type (2018-2022)

8.3.3 Europe Bio Polyols Revenue (USD Million) by Applications (2018-2022)

8.4 Asia Pacific Bio Polyols Revenue (USD Million), and Revenue (USD Million) by Type, and Applications (2018-2022)

8.4.1 Asia Pacific Bio Polyols Revenue (USD Million) by Country (2018-2022)

8.4.2 Asia Pacific Bio Polyols Revenue (USD Million) by Type (2018-2022)

8.4.3 Asia Pacific Bio Polyols Revenue (USD Million) by Applications (2018-2022)

8.5 South America Bio Polyols Revenue (USD Million), by Type, and Applications (2018-2022)

8.5.1 South America Bio Polyols Revenue (USD Million), by Country (2018-2022)

8.5.2 South America Bio Polyols Revenue (USD Million) by Type (2018-2022)

8.5.3 South America Bio Polyols Revenue (USD Million) by Applications (2018-2022)

8.6 Middle East and Africa Bio Polyols Revenue (USD Million), by Type, Technology, Application, Thickness (2018-2022)

8.6.1 Middle East and Africa Bio Polyols Revenue (USD Million) by Country (2018-2022)

8.6.2 Middle East and Africa Bio Polyols Revenue (USD Million) by Type (2018-2022)

8.6.3 Middle East and Africa Bio Polyols Revenue (USD Million) by Applications (2018-2022)

 

9 Company Profiles

 

10 Global Bio Polyols Market Revenue (USD Million), by Type, and Applications (2023-2028)

10.1 Global Bio Polyols Revenue (USD Million) and Market Share (%) by Type (2023-2028)

10.1.1 Global Bio Polyols Revenue (USD Million), and Market Share (%) by Type (2023-2028)

10.2 Global Bio Polyols Revenue (USD Million) and Market Share (%) by Applications (2023-2028)

10.2.1 Global Bio Polyols Revenue (USD Million), and Market Share (%) by Applications (2023-2028)

11 Global Bio Polyols Development Regional Status and Outlook Forecast

11.1 Global Bio Polyols Revenue (USD Million) By Regions (2023-2028)

11.2 North America Bio Polyols Revenue (USD Million) by Type, and Applications (2023-2028)

11.2.1 North America Bio Polyols Revenue (USD) Million by Country (2023-2028)

11.2.2 North America Bio Polyols Revenue (USD Million), by Type (2023-2028)

11.2.3 North America Bio Polyols Revenue (USD Million), Market Share (%) by Applications (2023-2028)

11.3 Europe Bio Polyols Revenue (USD Million), by Type, and Applications (2023-2028)

11.3.1 Europe Bio Polyols Revenue (USD Million), by Country (2023-2028)

11.3.2 Europe Bio Polyols Revenue (USD Million), by Type (2023-2028)

11.3.3 Europe Bio Polyols Revenue (USD Million), by Applications (2023-2028)

11.4 Asia Pacific Bio Polyols Revenue (USD Million) by Type, and Applications (2023-2028)

11.4.1 Asia Pacific Bio Polyols Revenue (USD Million), by Country (2023-2028)

11.4.2 Asia Pacific Bio Polyols Revenue (USD Million), by Type (2023-2028)

11.4.3 Asia Pacific Bio Polyols Revenue (USD Million), by Applications (2023-2028)

11.5 South America Bio Polyols Revenue (USD Million), by Type, and Applications (2023-2028)

11.5.1 South America Bio Polyols Revenue (USD Million), by Country (2023-2028)

11.5.2 South America Bio Polyols Revenue (USD Million), by Type (2023-2028)

11.5.3 South America Bio Polyols Revenue (USD Million), by Applications (2023-2028)

11.6 Middle East and Africa Bio Polyols Revenue (USD Million), by Type, and Applications (2023-2028)

11.6.1 Middle East and Africa Bio Polyols Revenue (USD Million), by Region (2023-2028)

11.6.2 Middle East and Africa Bio Polyols Revenue (USD Million), by Type (2023-2028)

11.6.3 Middle East and Africa Bio Polyols Revenue (USD Million), by Applications (2023-2028)

 

12 Methodology and Data Sources

12.1 Methodology/Research Approach

12.1.1 Research Programs/Design

12.1.2 Market Size Estimation

12.1.3 Market Breakdown and Data Triangulation

12.2 Data Sources

12.2.1 Secondary Sources

12.2.2 Primary Sources

12.3 Disclaimer

 

List Of Tables

Table 1 Market Segmentation Analysis

Table 2 Global Bio Polyols Market Companies with Areas Served

Table 3 Products Offerings Global Bio Polyols Market

Table 4 Low Growth Scenario Forecasts

Table 5 Reference Case Growth Scenario

Table 6 High Growth Case Scenario

Table 7 Global Bio Polyols Revenue (USD Million) And CAGR (%) By Type (2018-2028)

Table 8 Global Bio Polyols Revenue (USD Million) And CAGR (%) By Applications (2018-2028)

Table 9 Global Bio Polyols Revenue (USD Million) And CAGR (%) By Regions (2018-2028)

Table 10 Global Bio Polyols Revenue (USD Million) By Type (2018-2022)

Table 11 Global Bio Polyols Revenue Market Share (%) By Type (2018-2022)

Table 12 Global Bio Polyols Revenue (USD Million) By Applications (2018-2022)

Table 13 Global Bio Polyols Revenue Market Share (%) By Applications (2018-2022)

Table 14 Global Bio Polyols Market Revenue (USD Million) By Regions (2018-2022)

Table 15 Global Bio Polyols Market Share (%) By Regions (2018-2022)

Table 16 North America Bio Polyols Revenue (USD Million) By Country (2018-2022)

Table 17 North America Bio Polyols Revenue (USD Million) By Type (2018-2022)

Table 18 North America Bio Polyols Revenue (USD Million) By Applications (2018-2022)

Table 19 Europe Bio Polyols Revenue (USD Million) By Country (2018-2022)

Table 20 Europe Bio Polyols Revenue (USD Million) By Type (2018-2022)

Table 21 Europe Bio Polyols Revenue (USD Million) By Applications (2018-2022)

Table 22 Asia Pacific Bio Polyols Revenue (USD Million) By Country (2018-2022)

Table 23 Asia Pacific Bio Polyols Revenue (USD Million) By Type (2018-2022)

Table 24 Asia Pacific Bio Polyols Revenue (USD Million) By Applications (2018-2022)

Table 25 South America Bio Polyols Revenue (USD Million) By Country (2018-2022)

Table 26 South America Bio Polyols Revenue (USD Million) By Type (2018-2022)

Table 27 South America Bio Polyols Revenue (USD Million) By Applications (2018-2022)

Table 28 Middle East and Africa Bio Polyols Revenue (USD Million) By Region (2018-2022)

Table 29 Middle East and Africa Bio Polyols Revenue (USD Million) By Type (2018-2022)

Table 30 Middle East and Africa Bio Polyols Revenue (USD Million) By Applications (2018-2022)

 

Table 31 Financial Analysis

Table 32 Global Bio Polyols Revenue (USD Million) By Type (2023-2028)

Table 33 Global Bio Polyols Revenue Market Share (%) By Type (2023-2028)

Table 34 Global Bio Polyols Revenue (USD Million) By Applications (2023-2028)

Table 35 Global Bio Polyols Revenue Market Share (%) By Applications (2023-2028)

Table 36 Global Bio Polyols Market Revenue (USD Million), And Revenue (USD Million) By Regions (2023-2028)

Table 37 North America Bio Polyols Revenue (USD)By Country (2023-2028)

Table 38 North America Bio Polyols Revenue (USD Million) By Type (2023-2028)

Table 39 North America Bio Polyols Revenue (USD Million) By Applications (2023-2028)

Table 40 Europe Bio Polyols Revenue (USD Million) By Country (2023-2028)

Table 41 Europe Bio Polyols Revenue (USD Million) By Type (2023-2028)

Table 42 Europe Bio Polyols Revenue (USD Million) By Applications (2023-2028)

Table 43 Asia Pacific Bio Polyols Revenue (USD Million) By Country (2023-2028)

Table 44 Asia Pacific Bio Polyols Revenue (USD Million) By Type (2023-2028)

Table 45 Asia Pacific Bio Polyols Revenue (USD Million) By Applications (2023-2028)

Table 46 South America Bio Polyols Revenue (USD Million) By Country (2023-2028)

Table 47 South America Bio Polyols Revenue (USD Million) By Type (2023-2028)

Table 48 South America Bio Polyols Revenue (USD Million) By Applications (2023-2028)

Table 49 Middle East and Africa Bio Polyols Revenue (USD Million) By Region (2023-2028)

Table 50 Middle East and Africa Bio Polyols Revenue (USD Million) By Region (2023-2028)

Table 51 Middle East and Africa Bio Polyols Revenue (USD Million) By Type (2023-2028)

Table 52 Middle East and Africa Bio Polyols Revenue (USD Million) By Applications (2023-2028)

Table 53 Research Programs/Design for This Report

Table 54 Key Data Information from Secondary Sources

Table 55 Key Data Information from Primary Sources

 

 

List Of Figures

Figure 1 Market Scope

Figure 2 Porter’s Five Forces

Figure 3 Global Bio Polyols Revenue (USD Million) By Type (2018-2022)

Figure 4 Global Bio Polyols Revenue Market Share (%) By Type (2022)

Figure 5 Global Bio Polyols Revenue (USD Million) By Applications (2018-2022)

Figure 6 Global Bio Polyols Revenue Market Share (%) By Applications (2022)

Figure 7 Global Bio Polyols Market Revenue (USD Million) By Regions (2018-2022)

Figure 8 Global Bio Polyols Market Share (%) By Regions (2022)

Figure 9 North America Bio Polyols Revenue (USD Million) By Country (2018-2022)

Figure 10 North America Bio Polyols Revenue (USD Million) By Type (2018-2022)

Figure 11 North America Bio Polyols Revenue (USD Million) By Applications (2018-2022)

Figure 12 Europe Bio Polyols Revenue (USD Million) By Country (2018-2022)

Figure 13 Europe Bio Polyols Revenue (USD Million) By Type (2018-2022)

Figure 14 Europe Bio Polyols Revenue (USD Million) By Applications (2018-2022)

Figure 15 Asia Pacific Bio Polyols Revenue (USD Million) By Country (2018-2022)

Figure 16 Asia Pacific Bio Polyols Revenue (USD Million) By Type (2018-2022)

Figure 17 Asia Pacific Bio Polyols Revenue (USD Million) By Applications (2018-2022)

Figure 18 South America Bio Polyols Revenue (USD Million) By Country (2018-2022)

Figure 19 South America Bio Polyols Revenue (USD Million) By Type (2018-2022)

Figure 20 South America Bio Polyols Revenue (USD Million) By Applications (2018-2022)

Figure 21 Middle East and Africa Bio Polyols Revenue (USD Million) By Region (2018-2022)

Figure 22 Middle East and Africa Bio Polyols Revenue (USD Million) By Type (2018-2022)

Figure 23 Middle East and Africa Bio Polyols Revenue (USD Million) By Applications (2018-2022)

Figure 24 Global Bio Polyols Revenue (USD Million) By Type (2023-2028)

Figure 25 Global Bio Polyols Revenue Market Share (%) By Type (2028)

Figure 26 Global Bio Polyols Revenue (USD Million) By Applications (2023-2028)

Figure 27 Global Bio Polyols Revenue Market Share (%) By Applications (2028)

Figure 28 Global Bio Polyols Market Revenue (USD Million) By Regions (2023-2028)

Figure 29 North America Bio Polyols Revenue (USD Million) By Country (2023-2028)

Figure 30 North America Bio Polyols Revenue (USD Million) By Type (2023-2028)

Figure 31 North America Bio Polyols Revenue (USD Million) By Applications (2023-2028)

Figure 32 Europe Bio Polyols Revenue (USD Million) By Country (2023-2028)

Figure 33 Europe Bio Polyols Revenue (USD Million) By Type (2023-2028)

Figure 34 Europe Bio Polyols Revenue (USD Million) By Applications (2023-2028)

Figure 35 Asia Pacific Bio Polyols Revenue (USD Million) By Country (2023-2028)

Figure 36 Asia Pacific Bio Polyols Revenue (USD Million) By Type (2023-2028)

Figure 37 Asia Pacific Bio Polyols Revenue (USD Million) By Applications (2023-2028)

Figure 38 South America Bio Polyols Revenue (USD Million) By Country (2023-2028)

Figure 39 South America Bio Polyols Revenue (USD Million) By Type (2023-2028)

Figure 40 South America Bio Polyols Revenue (USD Million) By Applications (2023-2028)

Figure 41 Middle East and Africa Bio Polyols Revenue (USD Million) By Region (2023-2028)

Figure 42 Middle East and Africa Bio Polyols Revenue (USD Million) By Region (2023-2028)

Figure 43 Middle East and Africa Bio Polyols Revenue (USD Million) By Type (2023-2028)

Figure 44 Middle East and Africa Bio Polyols Revenue (USD Million) By Applications (2023-2028)

Figure 45 Bottom-Up and Top-Down Approaches For This Report

Figure 46 Data Triangulation