The global Natural Oil Polyols Market size is expected to reach USD 10.10 billion by 2028, according to a new study by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.6% from 2021 to 2028. The market demand is driven by the increasing demand for lightweight and highly durable products in industries, including automotive, construction, and electronics, especially in emerging economies such as China, India, and Indonesia.
The growth of the market is likely to be propelled by the increasing consumption of bio-based polyurethane foams in automotive, construction, electrical and electronics, and other sectors. Regular efforts to reduce vehicle weight to enhance fuel efficiency and reduce carbon emissions have propelled the automotive OEMs to embrace the use of polyurethane foams obtained from natural oils polyol in different automotive components, such as seat covers and interiors.
Soy oil polyols are majorly used as an alternative industrial ingredient for polyurethane products in binder systems, such as carpet backing. They are also used as flexible foams in upholstered furniture, automobile seats, mattresses, pillows, and carpet cushions. The surging demand for soy oil polyols for use in food and animal feed is also estimated to fuel the growth of this segment.
The expanding construction sector in Asia Pacific is anticipated to drive the demand for natural oils polyol-based products in building components, such as insulation protective materials, exterior panels, and housing electronics. The market is highly competitive due to the presence of a large number of multinationals that are engaged in constant research & development activities. Companies such as Cargill, Incorporated; BASF SE; Jayant Agro-Organics Ltd.; and Mitsui Chemicals, Inc. dominate the market with a range of products for each application market and their global brand presence.
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Natural Oil Polyols Market Report Highlights
- The market is expected to witness significant growth over the forecast period due to the growing awareness regarding the conservation of resources and optimum manufacturing processes
- By product, the soy oil polyols segment emerged as the largest segment in 2020 and held a revenue share of over 35.0%. The surging demand for soy oil polyols for use in food and animal feed is estimated to fuel the segment growth
- The construction end-use segment dominated the market and held a revenue share of over 30.0% in 2020 owing to the growing use of polyurethanes in the construction of roofs and walls of buildings
- North America held the largest revenue share of over 40.0% in 2020 due to the presence of multinational companies in the region, coupled with the high demand from the end-use industries, such as construction, furniture, electronics, and automotive
- Government initiatives to encourage bio-based products consumption in the U.S. and Canada have been driving natural oils polyol consumption in the region
