Global Bio-based Polyurethane Market Size Study, by Product, by Application, by End-user Industry, and Regional Forecasts 2022-2032

Description

The Global Bio-based Polyurethane Market, valued at approximately USD 36,419 thousand in 2023, is set to grow at an impressive CAGR of 8.99% over the forecast period of 2024-2032. Bio-based polyurethane has emerged as a game-changing material in the industrial sector, revolutionizing product design and functionality with its eco-friendly and versatile characteristics. Derived from renewable sources, bio-based polyurethane offers comparable performance to its petroleum-based counterparts while contributing to sustainability goals. This market is propelled by increased demand across diverse industries such as transportation, construction, packaging, and electronics.

Rising environmental consciousness and stringent regulatory frameworks are driving the adoption of bio-based polyurethane in industries transitioning toward green alternatives. Flexible foams, a significant segment in this market, dominate due to their wide applications in furniture, bedding, and automotive seating. Meanwhile, rigid foams are gaining traction in construction for insulation purposes, where durability and thermal efficiency are paramount. However, high initial costs of raw materials and limited production scalability pose challenges to widespread adoption.

Innovation remains a key driver in this market, as manufacturers focus on enhancing the performance and sustainability of bio-based polyurethane. Advancements in bio-polyol technology have streamlined production processes, enabling the creation of customized formulations for specific applications. Partnerships and collaborations between industry players are further facilitating the development of tailored solutions. Moreover, the use of bio-based polyurethane in lightweight materials is addressing the growing demand for energy-efficient and sustainable solutions across industries.

Regionally, North America leads the global bio-based polyurethane market, driven by robust adoption in the automotive and construction sectors. Europe follows, with its stringent environmental policies and increasing investments in renewable resources fostering market expansion. The Asia-Pacific region is poised for the fastest growth, fueled by rapid industrialization, infrastructure development, and increasing government initiatives promoting sustainable materials in countries such as China, India, and Japan.

Major market players included in this report are:

BASF SE
Dow Inc.
Covestro AG
Huntsman Corporation
Mitsui Chemicals Inc.
Recticel NV
Bayer MaterialScience
Carpenter Co.
Sekisui Chemical Co., Ltd.
The Lubrizol Corporation
Wanhua Chemical Group Co., Ltd.
Tosoh Corporation
Woodbridge Foam Corporation
Ube Industries Ltd.
Evonik Industries AG

The detailed segments and sub-segments of the market are explained below:

By Product:

Rigid Foams
Flexible Foams

By Application:

Foams
Coatings
Adhesives and Sealants
Other Applications

By End-user Industry:

Transportation
Footwear and Textile
Construction
Packaging
Furniture and Bedding
Electronics
Other End-user Industries

By Region:

North America:

U.S.
Canada

Europe:

UK
Germany
France
Spain
Italy
Rest of Europe

Asia-Pacific:

China
India
Japan
Australia
South Korea
Rest of Asia-Pacific

Latin America:

Brazil
Mexico

Middle East & Africa:

Saudi Arabia
South Africa
Rest of Middle East & Africa

Years considered for the study are as follows:

Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032

Key Takeaways:

Extensive forecasts and analysis for ten years segmented by product, application, end-user industry, and region.
Insights into regional trends and macroeconomic factors influencing market dynamics.
Examination of competitive strategies, key innovations, and growth opportunities.
In-depth demand and supply-side analysis, delivering actionable recommendations for stakeholders.

Chapter 1. Global Bio-based Polyurethane Market Executive Summary

1.1. Global Bio-based Polyurethane Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
- 1.3.1. By Product
- 1.3.2. By Application
- 1.3.3. By End-user Industry
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendation & Conclusion

Chapter 2. Global Bio-based Polyurethane Market Definition and Research Assumptions

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
  - 2.3.3.1. Availability
  - 2.3.3.2. Infrastructure
  - 2.3.3.3. Regulatory Environment
  - 2.3.3.4. Market Competition
  - 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand Side Analysis
  - 2.3.4.1. Regulatory Frameworks
  - 2.3.4.2. Technological Advancements
  - 2.3.4.3. Environmental Considerations
  - 2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

Chapter 3. Global Bio-based Polyurethane Market Dynamics

3.1. Market Drivers
- 3.1.1. Rising Environmental Consciousness
- 3.1.2. Stringent Regulatory Frameworks
- 3.1.3. Increasing Demand Across Diverse Industries
3.2. Market Challenges
- 3.2.1. High Initial Costs of Raw Materials
- 3.2.2. Limited Production Scalability
3.3. Market Opportunities
- 3.3.1. Advancements in Bio-polyol Technology
- 3.3.2. Strategic Partnerships and Collaborations
- 3.3.3. Expansion into Emerging Markets

Chapter 4. Global Bio-based Polyurethane Market Industry Analysis

4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter's 5 Force Model
- 4.1.7. Porter's 5 Force Impact Analysis
4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
4.3. Top Investment Opportunities
4.4. Top Winning Strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendation & Conclusion

Chapter 5. Global Bio-based Polyurethane Market Size & Forecasts by Product 2022-2032

5.1. Segment Dashboard
5.2. Global Bio-based Polyurethane Market: Product Revenue Trend Analysis, 2022 & 2032 (USD Thousand)
- 5.2.1. Rigid Foams
- 5.2.2. Flexible Foams

Chapter 6. Global Bio-based Polyurethane Market Size & Forecasts by Application 2022-2032

6.1. Segment Dashboard
6.2. Global Bio-based Polyurethane Market: Application Revenue Trend Analysis, 2022 & 2032 (USD Thousand)
- 6.2.1. Foams
- 6.2.2. Coatings
- 6.2.3. Adhesives and Sealants
- 6.2.4. Other Applications

Chapter 7. Global Bio-based Polyurethane Market Size & Forecasts by End-user Industry 2022-2032

7.1. Segment Dashboard
7.2. Global Bio-based Polyurethane Market: End-user Industry Revenue Trend Analysis, 2022 & 2032 (USD Thousand)
- 7.2.1. Transportation
- 7.2.2. Footwear and Textile
- 7.2.3. Construction
- 7.2.4. Packaging
- 7.2.5. Furniture and Bedding
- 7.2.6. Electronics
- 7.2.7. Other End-user Industries

Chapter 8. Global Bio-based Polyurethane Market Size & Forecasts by Region 2022-2032

8.1. North America Bio-based Polyurethane Market
- 8.1.1. U.S. Bio-based Polyurethane Market
  - 8.1.1.1. Product Breakdown Size & Forecasts, 2022-2032
  - 8.1.1.2. Application Breakdown Size & Forecasts, 2022-2032
- 8.1.2. Canada Bio-based Polyurethane Market
  - 8.1.2.1. Product Breakdown Size & Forecasts, 2022-2032
  - 8.1.2.2. Application Breakdown Size & Forecasts, 2022-2032
8.2. Europe Bio-based Polyurethane Market
- 8.2.1. UK Bio-based Polyurethane Market
- 8.2.2. Germany Bio-based Polyurethane Market
- 8.2.3. France Bio-based Polyurethane Market
- 8.2.4. Spain Bio-based Polyurethane Market
- 8.2.5. Italy Bio-based Polyurethane Market
- 8.2.6. Rest of Europe Bio-based Polyurethane Market
8.3. Asia-Pacific Bio-based Polyurethane Market
- 8.3.1. China Bio-based Polyurethane Market
- 8.3.2. India Bio-based Polyurethane Market
- 8.3.3. Japan Bio-based Polyurethane Market
- 8.3.4. Australia Bio-based Polyurethane Market
- 8.3.5. South Korea Bio-based Polyurethane Market
- 8.3.6. Rest of Asia-Pacific Bio-based Polyurethane Market
8.4. Latin America Bio-based Polyurethane Market
- 8.4.1. Brazil Bio-based Polyurethane Market
- 8.4.2. Mexico Bio-based Polyurethane Market
- 8.4.3. Rest of Latin America Bio-based Polyurethane Market
8.5. Middle East & Africa Bio-based Polyurethane Market
- 8.5.1. Saudi Arabia Bio-based Polyurethane Market
- 8.5.2. South Africa Bio-based Polyurethane Market
- 8.5.3. Rest of Middle East & Africa Bio-based Polyurethane Market

Chapter 9. Competitive Intelligence

9.1. Key Company SWOT Analysis
- 9.1.1. BASF SE
- 9.1.2. Dow Inc.
- 9.1.3. Covestro AG
9.2. Top Market Strategies
9.3. Company Profiles
- 9.3.1. BASF SE
  - 9.3.1.1. Key Information
  - 9.3.1.2. Overview
  - 9.3.1.3. Financial (Subject to Data Availability)
  - 9.3.1.4. Product Summary
  - 9.3.1.5. Market Strategies
- 9.3.2. Dow Inc.
- 9.3.3. Covestro AG
- 9.3.4. Huntsman Corporation
- 9.3.5. Mitsui Chemicals Inc.
- 9.3.6. Recticel NV
- 9.3.7. Bayer MaterialScience
- 9.3.8. Carpenter Co.
- 9.3.9. Sekisui Chemical Co., Ltd.
- 9.3.10. The Lubrizol Corporation

Chapter 10. Research Process

10.1. Research Process
- 10.1.1. Data Mining
- 10.1.2. Analysis
- 10.1.3. Market Estimation
- 10.1.4. Validation
- 10.1.5. Publishing
10.2. Research Attributes