Bio-Based Polyurethane Market to Reach USD 96.1 Million By 2027 | Reports And Data

28 July 2020

The global Bio-Based Polyurethane Market is forecast to reach USD 96.1 million by 2027, according to a new report by Reports and Data. Increasing inclination for bioplastics due to ecological concerns is expected to drive worldwide bio-PU market revenue growth throughout the following years. The growing interest in economical items from construction, automotive, and footwear ventures is likewise expected to impact industry development.

Adaptable foams were the most significant product section and represented 49% of total market volume in 2019. Expanding requests from automotive and furniture ventures combined with the consumer recognition of bio-based items is relied upon to drive this section. Adaptable foam is likewise expected to observe the most elevated development rate throughout the following six years.

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The COVID-19 impact:

COVID-19 has impacted the market negatively. The weaker consumer demand for lifestyle and well-being products due to the imposition of lockdown and social restrictions will have a negative impact on the demand for cosmetics and certain food additives. The COVID-19 pandemic has crippled various industries, along with public construction. Many activities that created a demand for Bio-Based Polyurethane (bio PU) will more likely cease due to the imposition of lockdown and social distancing, and work will halt due to the supply chain disruption, the termination of contracts to control expenses, and the shortage of subcontractors and materials. However, the ease in restrictions and government initiatives to restart economic recovery in the consumer goods market creates hope for the imminent recovery of the market.

To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/bio-based-polyurethane-market

Further key findings from the report suggest

  • Construction was the most significant end-use industry for the bio-PU market and represented 35% of total volume in 2019. Expanding development of green structures combined with developing customer inclination towards eco-accommodating development materials, for example, splash foams and coatings, cements, sealants, and elastomers (CASE) is relied upon to drive the market.
  • Automotive applications are required to command bio-PU (Bio-Based Polyurethane) advertise, with market evaluated to develop at a CAGR of 7% from 2014 to 2020. Expanding adaptable froth demand from major automotive OEMs, particularly in the U.S., for vehicle seats, headrests, and dashboards, are relied upon to drive the market. European Commission guideline for decreasing vehicle weight to constrain harmful emissions is additionally expected to affect the market development positively.
  • The Asia Pacific region was the biggest provincial market and represented over 30% of total revenue volume in 2017. Accessibility of regular oil in abundance, especially in South East Asia combined with government support as tax breaks and money related impetuses in nations, for example, China and India, are relied upon to drive the local Bio-Based Polyurethane (bio PU) market. Asia Pacific is expected to observe the most noteworthy development rate throughout the following six years, at an anticipated CAGR of 8.4% from 2017-2027.
  • Significant engineered polyurethane fabricates moved their focus towards creating sustainable and recyclable items. For this reason, a few market players have teamed up with biotechnology firms to synergize their mastery to fabricate bio-based polyurethane.
  • Lubrizol procured Merquinsa and coordinated its profile TPU items to its portfolio in November 2011. Other significant players working in worldwide bio-based PU showcase include BASF SE, Bayer Material Science, The Dow Chemical Company, Biobased Technologies and Mitsui Chemicals

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For the purpose of this report, Reports and Data have segmented into the global Bio-Based Polyurethane market on the basis of raw material, application, end-use, and region:

Raw Material Outlook (Revenue, USD Million; Volume, Tons; 2017-2027)

  • Vegetable Oils
  • Cashew nut shell liquid (CNSL)
  • Tarpene
  • Eucalyptus tar
  • Others

Application Outlook (Revenue, USD Million; Volume, Tons; 2017-2027)

  • Rigid Foams
  • Flexible Foams
  • CASE
  • Others

End-Use Outlook (Revenue, USD Million; Volume, Tons; 2017-2027)

  • Furniture & Interiors
  • Construction
  • Automotive
  • Footwear
  • Others

Regional Outlook (Revenue, USD Million; 2017-2027)

North America

  • U.S
  • Canada
  • Mexico

Europe

  • U.K
  • France
  • Germany
  • Italy
  • Spain
  • Rest of Europe

Asia Pacific

  • China
  • India
  • Japan
  • Rest of Asia Pacific

MEA

  • Saudi Arabia
  • Rest of Middle East & Africa

Latin America

  • Brazil
  • Rest of Latin America

Browse more similar reports on Polymers and Resins category by Reports And Data

  • PU sole (footwear polyurethane) Market: https://www.reportsanddata.com/report-detail/pu-sole-footwear-polyurethane-market
  • Bio-Aromatic Polyester Polyols Market: https://www.reportsanddata.com/report-detail/bio-aromatic-polyester-polyols-market
  • Bio-Based Polypropylene (PP) Market: https://www.reportsanddata.com/report-detail/bio-based-polypropylene-pp-market

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Source: prnewswire.com