Natural Oil Polyols Market Size Is Expected To Reach USD 10.10 Billion By 2028

 Natural Oil Polyols Industry Overview

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.

Natural Oil Polyols Market Segmentation

Grand View Research has segmented the global natural oil polyols market on the basis of product, end-use, and region:

Based on the Product Insights, the market is segmented into Soy Oil Polyols, Castor Oil Polyols, Palm Oil Polyols, Canola Oil Polyols, and Sunflower Oil Polyols.

  • Castor oil is one of the commercially available products produced directly from oilseeds. It is used to manufacture a variety of polyurethane products such as foams and coatings. This oil is increasingly used for manufacturing polyurethane foams. Surging demand for high-purity natural oil polyols at low prices, coupled with the advancements in extraction technologies, has led to the development of castor oil polyols.

 

  • Palm oil is one of the most economical oil crops in the world. It is a readily available renewable and crucial bio-based polyol raw material suitable for the production of semi-rigid or rigid polyurethane foams, polyurethane adhesives and coatings, composites, and elastomers used in various industrial applications.

 

Based on the End-use Insights, the market is segmented into Furniture & Interiors, Construction, Electronics & Electrical Appliances, Automotive, Footwear, Packaging, and Others.

  • The construction segment dominated the market with a revenue share of more than 30.0% in 2020. This is attributed to the growing use of polyurethanes in the construction of roofs and walls of buildings. The global construction industry is projected to witness rapid growth in the coming years with the U.S. construction market growing at a faster rate than the market in China.

 

  • The furniture and interiors segment held the second-largest revenue share in 2020. Natural oil polyols are primarily used for manufacturing polyurethane products. Polyurethane, inflexible form, is a popular material used for developing carpet underlays, bedding, and furniture. Flexible polyurethane foams produced from natural oil polyols are used in furniture to make them comfortable, durable, and reliable.

 

Natural Oil Polyols Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

The market is highly competitive due to the presence of a large number of multinationals that are engaged in constant research & development activities. The global companies are also focusing on capacity expansions, signing partnership agreements with advanced biotechnology companies, and various other operational strategies to gain an edge in the competitive market space. For instance, companies such as Cargill, Incorporated purchased Agrol, a product line of natural oil polyols, from BioBased Technologies LLC. These competitive strategies are likely to reflect higher rivalry in the coming years. Some prominent players in the global natural oil polyols market include:

  • Stepan Company
  • BASF SE
  • Emery Oleochemicals
  • Cargill Inc.
  • Biobased Technologies
  • Vertellus

 

Order a free sample PDF of the Natural Oil Polyols Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

Contact:

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Grand View Research, Inc.

Phone: 1-415-349-0058

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