Market Research Report
Bio-Based Polyurethane Market: Current Analysis and Forecast (2021-2027)
|Bio-Based Polyurethane Market: Current Analysis and Forecast (2021-2027)|
Published: January 1, 2022
UnivDatos Market Insights Pvt Ltd
Content info: 224 Pages
Delivery time: 1-2 business days
The global Bio-based Polyurethane market is expected to showcase a growth of over 6% during the forecast period (2021-2027). Polyurethane is used in many likes flexible foam, rigid foam, coatings, adhesives, sealants, and elastomers in a wide range of industry including building & construction, automotive, and electrical & electronics to name a few. For instance, due to its excellent strength-to-weight-ratio, insulation properties, durability, and versatility, it is widely used in the building & construction application. However, changing industry focus towards sustainable production and consumer inclination towards products which are produced using bio-based raw materials is gaining momentum. This has created the demand of bio-based polyurethane for the manufacturing of products like foams and coatings. Therefore, it is expected that with the growth in the construction industry, increasing adoption of green buildings, recovery in the automobile sector along with aim of replacing the fossil-based, non-biodegradable counterparts, the market of bio-based polyurethane would showcase robust growth.
Based on product, the market is categorized into flexible foam, rigid foam, paints & coatings, adhesives & sealants, elastomers, and others. Among these, flexible foam held the prominent share in the market. Since it is light in weight, durable, supportive, and comfortable, thereby it is use as a cushion in wide range of application areas like bedding, furniture, automotive interiors, carpet underlay, and packaging. Moreover, according to American Chemistry Council, flexible foam accounts for about 30% of the entire North American polyurethane market
Based on end-use, the market is categorized into automotive, building & construction, bedding & furniture, footwear, electrical & electronics, and others. Of all, building & construction accounts for significant revenue share in the global bio-based polyurethane industry. Rising energy cost and increasing awareness regarding the benefit of insulating material in home has increased the demand of bio-based polyurethane-based foam in building & construction industry. Further, polyurethane foams are used as carpet underlay, therefore with new construction and renovation activities, demand of bio-based polyurethane would increase during the foreseeable future
For a better understanding of the market adoption of bio-based polyurethane, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific held the considerable share in the global bio-based polyurethane market owing to large and rapidly growing end-use industry particularly in countries like China and India. For instance, according to Oxford Economics, between 2020-2030, India is expected to showcase the fastest growth rate of 9.8% in the infrastructure construction, across the globe. Further, shifting of manufacturing facilities from western economies to the Asia-Pacific is increasing the consumption of bio-based polyurethane.
The global Bio-based Polyurethane market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.