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Publishing News and Press Releases

Bio-Based Polyurethane Market Size Forecast to Reach $43 Million by 2026

(Publishing-NewsWire.com, August 23, 2021 ) Bio-Based Polyurethane Market size is forecast to reach $43 million by 2026, after growing at a CAGR of 7.2% during 2021-2026. Bio-Based Polyurethane are prepared from different vegetable oils, which can be further used in various applications. In addition it can also be obtained from cashew nut shell liquid. The major component of CNSL is anacardic acid (90 %), which is easily decarboxylated to cardanol by distillation. Whereas, with the rise in demand for interior coatings in automotive, the bio-based polyurethane industry is witnessing an increase in demand. Growing public interest towards or governments initiatives regarding electric vehicles will further enhance the overall market demand for bio-based polyurethane industry during the forecast period.



COVID-19 Impact



The rapid spread of coronavirus has had a major impact on global markets as, major economies of the world were completely in lockdown mode. Even after the lockdowns were uplifted around the world, many companies are still not able to work on their full potential, owing to the shortage of skilled manpower. This situation has arisen, as many of the people have migrated from one place to another in search of jobs during the lockdown times. Hence, this has declined the demand for bio-based polyurethane in the automotive industry.



Bio-Based Polyurethane Market Segment Analysis – By Type



Foams segment held the largest share in the bio-based polyurethane market in the year 2020 and is expected to grow at a CAGR of 6.8% during the forecast period. In building and construction industry, foam is used owing to its lightweight and durable properties in sealing and thermal insulation applications. However, its flexibility and non-fibrous properties make it an ideal thermal and acoustic insulator. However, bio-based polyurethane (PU) foam is a promising alternative to enhance the foam’s properties via green technology. Bio-derived natural materials, such as vegetable oils, polysaccharides and biomass is a rich source of hydroxyl precursors for the synthesis of polyols which can be potentially used to make polyurethane foams.



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Bio-Based Polyurethane Market Segment Analysis - By Application



Construction sector has been the primary market for bio-based polyurethane in the year 2020 and is expected to grow at a CAGR of 7.5% during the forecast period. In construction sector, bio-based polyurethane is used as foams, adhesives and sealants. So, with growing construction projects around the world, the demand for bio-based polyurethane will grow in the construction industry. For an instance, in November 2019, “Apple” had announced that they will contribute USD $2.5 billion to try and alleviate California’s housing crisis. Similarly, in the same year (2019), “Google” had also a decided to invest USD $1 billion for easy bay area housing. Therefore, with the growing usage of foams and adhesives in construction projects, the bio-based polyurethane market is expected to grow.



Bio-Based Polyurethane Market Segment Analysis - By Geography



APAC dominated the Bio-based polyurethane market in the year 2020 and is expected to grow at a CAGR of 7.1% during the forecast period. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India. The growing construction and automotive sector in this region is expected to drive the demand for bio-based polyurethane. In automotive sector, bio-based polyurethane are used as interior coatings, so the increase in automotive manufacturing will drive the market growth for bio-based polyurethane. According to OICA’s (International Organization of Motor Vehicle Manufacturers) production statistics of 2019, China is the largest producer of automotive around the globe. Whereas India is the 5th largest producer automotive producer. So, with the growing demand and manufacture of automotive in this region, the bio-based polyurethane market is expected to grow in the forecast period.



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Bio-Based Polyurethane Drivers



Growing demand for battery electric vehicles



The rise towards electric vehicles in the developed and developing nations has led to a great demand for paints & other coatings in the automotive industry as well as for bio-based polyurethane over the forecast timeframe. According to IEA’s global electric vehicle outlook 2020, as compared to 2018, in 2019 there is an increase in 1.52 million reaching 4.79 battery electric vehicles around the world. This data shows the growing demand for electric vehicles owing to this the bio-based polyurethane market demand could growing.



Growing demand in the packaging industry



Polyurethane foams are another material which is commonly used in protective packaging applications. Polyurethane foams are characterized by an open cell construction and have a softer feel, especially in the lower density and firmness ranges. They are most often the material of choice for smaller, lighter, and more shock-sensitive products. Hence, with the growing application in packaging industry, the demand for bio-based polyurethane is expected to grow in the upcoming years.



Bio-Based Polyurethane Market Challenges



Flammability of rigid PU foam



One of the major disadvantages of rigid Polyurethane (PU) foams is their low thermal resistance, high flammability, and high smoke production when burning. PU foams based on petrochemical and bio-based polyols are ignitable and can be an additional fuel source in the case of a fire disaster. Hence in case of any accident in the manufacturing places or workshops, it can create chaos. Hence this can decline the market growth for bio-based polyurethane.



Bio-Based Polyurethane Market Landscape



Technology launches, acquisitions and R&D activities are key strategies adopted by players in the bio-based polyurethane market. Major players in the bio-based polyurethane market are Basf Se, Covestro, Dowdupont, Huntsman, Johnson Control Inc, Lubrizol, Mitsui Chemical, TosohTse Industry, Woodbridge Foam Corporation, among others.



Acquisitions/Technology Launches



In October 2020, Adhesive manufacturing company Covestro has acquired the resins and functional materials (RFM) business from Royal DSM. Under the terms of the agreement, Covestro will pay USD $1.9 billion (1.61 billion euros) that will be financed through a combination of equity and debt instruments.



In August 2020, BASF India Limited has completed 100% acquisition of BASF Performance Polyamides India Private Limited from BASF Nederland B.V. and BASF SE for an aggregate consideration of USD $40.79 million (Rs302.90cr.)



Key Takeaways



Asia-Pacific dominates the Bio-based polyurethane market owing to the increasing demand from endues industries such as automotive, construction and others.



The growing demand for interior coatings in automotive, is likely to aid in the market growth of bio-based polyurethane.



Increasing usage of bio-based polyurethane as foam sealants for assist in controlling air leakage through buildings, is expected to drive the market growth for bio-based polyurethane market.



Polyurethane foams are highly flammable thus, this will create hurdles for the Bio-based polyurethane market.



Related Reports :



A. MDI, TDI, and Polyurethane Market

https://www.industryarc.com/Research/Mdi,-Tdi,-And-Polyurethane-Market-Research-500263



B. Green And Bio Polyols Market

https://www.industryarc.com/Research/Green-And-Bio-Polyols-Market-Research-500159



For more Chemicals and Materials Market reports, please click here



About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.

IndustryARC

Venkat Reddy

(+1) 970-236-3677

venkat@industryarc.com

Source: EmailWire.Com

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