Green polyol & bio polyol are important raw materials used in the production of polyurethane, thermoplastic elastomers, coatings, adhesives, sealants, and artificial leather. Some of the factors driving the global green polyol & bio polyol market are implementation of strict environmental norms by various governments, and favorable regulations which encourage manufacturers to increase the green polyol & bio polyol content in their products.
On the basis of type, this market is segmented into polyether polyol and polyester polyol. The demand for green polyol & bio polyol is driven by growth in the respective end-user industries. On the basis of end-user, the global green polyol & bio polyol market is segmented into construction, transportation, furniture or bedding, packaging, carpet backing, and others. Development of a number of innovative green polyol & bio polyol products further helps in the growth of the market.
Based on application, the marketed is segment into polyurethane rigid foam, polyurethane flexible foam, coating, adhesive, sealant, and others. Polyurethane flexible foams are extensively used in the automotive industry to manufacture auto seat backrests, armrests, headrests, and other car interior parts. It is also used in household applications such as cushions in furniture. Among the application segments, polyurethane flexible foams is the fastest growing segment. Growing investment in R&D of green polyol & bio polyol and their applications further helps in the growth of this market.
North America is a prominent market for green polyol & bio polyol and is expected to grow exponentially during the forecast period. In North America, the U.S. holds the largest market share in the market. Asia Pacific is the fastest growing market for green polyol & bio polyol. China, Japan, Malaysia, and India are the major markets in the region. Growing demand for green polyol & bio polyol in end-user industries, including construction, transportations, and consumer durables industries, is propelling the green polyol & bio polyol market in this region. Growing economy, rising disposable income level, rapid industrialization, and growth of end-user industries further helps in the growth of the market in Europe region. In the European region, Italy and Germany are the major markets for green polyol & bio polyol and are expected to have good growth rate during forecast period. The global green polyol & bio polyol market is expected to grow in double digit growth rate during forecast period.
Some of the major players in the global green polyol & bio polyol market are Cargill Inc., BASF SE, The Dow Chemical Company, and Emery Oleochemicals (M) Sdn Bhd, Arkema S.A, Bayer MaterialScience, BioBased Technologies LLC, E.I. du Pont de Nemours and Company, Global Bio-Chem Technology Group, INVISTA S.A.R.L, Jayant Agro-Organics Limited, Johnson Controls Inc., Mitsui Chemicals, Inc., Stepan Company, and Cargill Inc.
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