Natural Oil Polyols Industry Overview
The global natural oil polyols market size was valued at USD 6.80 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.6% from 2021 to 2028. The market growth is attributed to 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.
The growing demand for environmentally-friendly plastic products, coupled with volatile prices of key raw materials used for manufacturing conventional (petrochemicals-based) polyols, is expected to remain a key driving factor for the market. Major petrochemical-based polyol manufacturers such as Cargill Incorporated and BASF have shifted their focus towards manufacturing eco-friendly products in order to reduce reliance on conventional polyols, thus reducing the risks associated with its price volatility.
Gather more insights about the market drivers, restraints, and growth of the Global Natural Oil Polyols market
Increasing environmental concerns, coupled with the volatile prices associated with conventional polyurethane, have spurred the adoption of bio-based polyurethane globally. Favorable regulations for manufacturing bio-based products, coupled with stringent environmental sanctions on petrochemicals and synthetic polymers, are expected to have a positive impact on the bio-based polyurethane market growth.
The growing number of specialty retail shops, salons, spas, online sales platforms, and direct response television platforms, such as the home shopping channels and infomercials, has pushed the personal care product sales in the last few years and this is expected to continue over the forecast period. The growing preference for beauty and skin care products in Germany, India, the U.K., and France is expected to drive the demand for bio-based polyols over the forecast period.
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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:
Natural Oil Polyols Product Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
- Soy Oil Polyols
- Castor Oil Polyols
- Palm Oil Polyols
- Canola Oil Polyols
- Sunflower Oil Polyols
Natural Oil Polyols End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
- Furniture & Interiors
- Construction
- Electronics & Electrical Appliances
- Automotive
- Footwear
- Packaging
- Others
Natural Oil Polyols Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
Key Companies profiled:
Some prominent players in the global Natural Oil Polyols market include
- Cargill Inc.
- BASF SE
- Stepan Company
- Emery Oleochemicals
- Vertellus
- Biobased Technologies
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