Global Green and Bio Polyols Markets, 2022-2023 & 2030: Shifting to Sustainability - Market Expected to Double by 2030
This remarkable industry progress is largely attributed to the surging environmental consciousness and stringent governmental regulations aimed at curbing the utilization of petroleum-derived polyols.
DUBLIN, Sept. 6, 2023 /PRNewswire/ -- The "Green and Bio Polyols Market Size and Share Analysis by Raw Material, Type, Application, End-Use - Global Industry Demand Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
In 2022, the green and bio polyols market exhibited a revenue of USD 4.6 billion, and it is set to skyrocket at a compelling rate of 9.3% by the close of the decade, projecting a substantial valuation of USD 9.3 billion by 2030.
This remarkable industry progress is largely attributed to the surging environmental consciousness and stringent governmental regulations aimed at curbing the utilization of petroleum-derived polyols. Furthermore, the escalating demand for versatile polyurethane (PU) and firm foams in both the construction and woodworking sectors is poised to magnify the global need for these eco-friendly chemicals.
Among the diverse sectors, the woodworking category emerged as a frontrunner in 2022, generating USD 1,470 million in revenue, and it is poised to maintain its leading stance in the foreseeable future. Wooden articles are ubiquitous in households, automobiles, and packaging materials.
The thriving construction industry, particularly the surge in house construction, has significantly elevated the demand for furniture, including beds. The projected urban migration of over 1.75 billion people by 2030 is anticipated to fuel construction activities, consequently amplifying the demand for foam used in furniture cushions and mattresses.
Polyether polyols commanded a lion's share, exceeding 62%, in 2022, and this dominance is projected to persist. These polyols are derived from the catalysis of epoxides, finding extensive application in the production of flexible PU foam, soft foam, rigid foam, and molding foam products. Their widespread usage can be attributed to their ready availability and commendable structural integrity.
A distinctive characteristic of polyether polyols is their molecular composition, comprising multiple hydroxyl groups and ether chains. Novel polypropylene glycol (PPG) variants possess an elevated main hydroxyl content of around 70%, showcasing heightened reactivity when combined with polyisocyanates.
The North American green and bio polyols market took the lead, contributing a substantial USD 2,664 million in revenue during 2022, and this dominance is anticipated to persist. The region boasts a robust market for polyols owing to the escalating demand and their superior quality and performance attributes.
Key industry players are actively championing the adoption of green and bio polyols as substitutes for petroleum-derived counterparts. This transition is particularly pronounced in the U.S., driven by increased investment in construction projects spanning corporate offices, resorts, residential buildings, outdoor recreational facilities, and retail spaces.
Driven by burgeoning consumption of flexible PU foam and heightening environmental concerns, the demand for green and bio polyols is poised to sustain remarkable growth in the upcoming years. This trend underlines the industry's alignment with eco-friendly practices and its pivotal role in meeting the evolving market demands.
Key Attributes:
|
Report Attribute |
Details |
|
No. of Pages |
170 |
|
Forecast Period |
2022 - 2030 |
|
Estimated Market Value (USD) in 2022 |
$4.6 Billion |
|
Forecasted Market Value (USD) by 2030 |
$9.3 Billion |
|
Compound Annual Growth Rate |
9.3 % |
|
Regions Covered |
Global |
Competitive Landscape
- List of Market Players and their Offerings
- Competitive Benchmarking of Key Players
- Product Benchmarking of Key Players
- Recent Strategic Developments
Company Profiles
- BASF SE
- The Dow Chemical Company
- Cargill Incorporated
- Covestro AG
- Bayer AG
- Mitsui Chemicals Inc.
- Huntsman International LLC
- Emery Oleochemicals
- Arkema
- Synthesia Technology
- Novomer Inc.
- Koch Industries Inc.
- Johnson Controls International Plc
- Piedmont Chemical Industries
- PolyLabs
Global Market Overview
- Market Volume, by Raw Material (2017-2030)
- Market Revenue, by Raw Material (2017-2030)
- Market Volume, by Type (2017-2030)
- Market Revenue, by Type (2017-2030)
- Market Volume, by Application (2017-2030)
- Market Revenue, by Application (2017-2030)
- Market Volume, by End-Use (2017-2030)
- Market Revenue, by End-Use (2017-2030)
- Market Volume, by Region (2017-2030)
- Market Revenue, by Region (2017-2030)
For more information about this report visit https://www.researchandmarkets.com/r/37ytm9
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