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Green and Bio Polyols Market size is forecast to reach $11.08 billion by 2025, after growing at a CAGR of 10% during 2020-2025. The eco-friendly and sustainable nature of bio polyols, consistent supply of bio-based feedstock, and fluctuations in the price of crude oil are the factors driving the global market for green and bio polyols. Also, the 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 will boost the green and bio polyols industry in the forecast period.
Polyether polyols are widely used in Green and Bio Polyols Market. Polyether-based polyurethanes provide improved hydrolytic stability and excellent tolerance and are used in coating, adhesive, sealant, and elastomer applications. In making PUs more versatile, higher molecular weight polyol with molecular weights from 2000 to 10,000 are used, whereas lower molecular weight polyol is used to make more rigid products. Owing to the increasing use of polyether polyols in flexible foams to produce cushioning applications such as furniture, bedding, and car seats, and in carpet underlay, the market is estimated to grow in the forecast period.
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Application- Segment Analysis
Foams held the largest share in Green and Bio Polyols Market in 2019. Foam is widely used in high resilience flexible foam seating, rigid foam insulation panels, microcellular foam seals and gaskets, durable elastomeric wheels and tires, auto suspension bushings, electrical potting compounds, seals, gaskets, carpet underlay, and hard plastic components. Due to light, durable, supportive, and comfortable flexible foam can be created in almost any variety of shapes and firmness. Also, the rigid foam produces energy-efficient and flexible insulating systems in the world. According to the U.S. Department of Energy, heating and cooling account for about 56 percent of a typical U.S. home’s energy consumption, making it the biggest energy expense for most homes. To maintain uniform temperature and lower noise levels in homes and commercial properties, builders turn to rigid polyurethane foam. These foams are effective insulating materials that can be used in isolating roof and wall, isolated windows, doors, and sealants for air barriers.
End Use- Segment Analysis
Construction held the largest share in Green and Bio Polyols Market in 2019 and is projected to grow at a CAGR of 11% during the forecast period 2020-2025. The increasing demand for foam used in the design and manufacturing sector as a thermally insulating material is expected to stimulate the growth of green and bio polyols used in the manufacture of construction grade foams. The emergence of green and energy-efficient buildings has generated substantial demand for environmentally friendly raw materials, such as green and bio polyols used in construction. Therefore, the advantage of a green building that uses less energy is obvious: reduced overall energy use, whether from energy-efficient appliances, passive heating, and cooling, or sustainable architecture, can dramatically reduce the overall carbon footprint of a building or even make it a net environmental positive. Hence these factors are expected to be major drivers of growth for the green and bio polyols market.
Geography- Segment Analysis
North America held the largest share of 38% in 2019 in Green and Bio Polyols Market. The U.S is North America’s largest market for green and bio polyols, which accounted for a major volume share of the industry in 2019. The use of green and bio polyols in construction, transport, and for applications such as furniture, adhesives, sealants, and binders are expected to drive regional market growth. According to the US Department of Energy (DOE), Building America Program has been a source of innovation in energy performance, durability, quality, affordability, and comfort in residential buildings for more than 20 years. This world-class research program is partnering with industry to bring cutting-edge innovations and resources to the market including many of the top U.S. homebuilders. Also, according to Statista, with expenditures reaching more than US$ 1.293 billion, the United States is one of the world’s largest construction markets.
Drivers –Green and Bio Polyols Market
Increasing demand for green and bio polyols from the automotive industry
The importance of a sustainability agenda is paramount in the automotive. Polyols are used for the production of polyurethanes. Reducing VOC’s and needing more durable coatings, particularly in the automotive industry, has made water-based polyurethanes the standard for high-performance leather finishing. Polyurethane films are both durable and versatile and protect the leather against staining, abrasive damage, and long-term weathering effects. Also, polyurethane is widely used in automobile manufacturing, offering real benefits in terms of comfort, protection, and energy conservation. Polyurethane foams can be used in most car seats, armrests, and headrests where their cushioning properties help minimize the exhaustion and tension that driving often entails. Also, green and bio polyols provide the characteristic touch, appearance on the surface, and durability owing to which it will drive the market in the projected period.
Increasing use of polyurethane foam in packaging
Polyurethane foam is primarily used to protect and sustain lighter weight, highly fragile delicate products. This foam delivers excellent cushioning and can be manufactured to suit your specifications. Convoluted cut foam can be used in other sizes, too. Polyurethane foam is expendable packaging that uses clamped cut foam such as the egg container, saw cut pads and blocks, and water jet cutting pads. The foam can be injected into open containers or molded forms with dispensing equipment or hand poured. It is widely used in packaging to help safeguard and transport a variety of items, from electronic and medical diagnostic equipment to delicate glassware to large parts of the industry. A flexible on-site solution for many packaging problems, polyurethane foam can save both time and money by providing a personalized solution.
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Challenges – Green and Bio Polyols Market
Health hazards from polyols
The major ingredient in polyol resin blends is a polyol or a mixture of several polyols. Although polyols differ in molecular weight, and somewhat in chemical structure, all are very large alcohol-type molecules. Polyols typically make up about 90% by weight of a polyol resin blend. While some polyols may be slightly irritating to the eyes and skin, most are not. In addition to the relatively non-toxic polyol, polyol resin blends contain several additives that may be more hazardous (see below). This makes it important to avoid skin and eye contact with the blend.
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Green and Bio Polyols Market. In 2019, the market of Green and Bio Polyols has been consolidated by the top five players accounting for xx% of the share. Major players in the Green and Bio Polyols Market are Arkema, Biobased Technologies LLC, Cargill, Incorporated, Dow, BASF SE, Bayer AG, Stepan Company, BioBased Technologies LLC, Emery Oleo chemicals, and Jayant Agro-Organics Limited among other.
North America drives the market due to the increasing demand for green & bio polyols majorly growing from certain end-user industries such as transportation and construction.
Many products such as polyurethane, thermoplastic elastomers, coatings, adhesives, sealants, artificial leather are used in the manufacture of green and bio polyols.
The use of bio polyols in manufacturing foams has gained momentum as demand for raw materials such as recyclable bio polyols obtained from fewer polluting sources is gaining traction in developed countries.
Due to COVID-19 palindrome, the construction industry is expected to take a major hit due to labor shortages and the lockdown imposed by the government during COVID-19, which is expected to be aggravated by the resulting supply chain issues and financing pressures due to the non-adherence to the completion times.
Related Reports :
A. Bio Polyols Market
B. Polyether Polyols Market
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