Hyderabad, Aug. 11, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Bio-Based Polyurethane Market Report (2023-2028)," the market is estimated at 8.98 kilotons in 2023. It is expected to register a CAGR of 14.73% during the forecast period.
Bio-based polyurethanes are an essential category of renewable thermosets. They are prepared by reacting natural oil polyols with diisocyanates and are 10% to 100% biobased.
Report Summary:
| Report Attribute | Details |
| Market Volume (2023) | 8.98 kilotons |
| Market Volume (2028) | 17.86 kilotons |
| CAGR (2023-2028) | 14.73% |
| Study Period | 2018-2028 |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Europe |
| Forecast Units | Volume (in kilotons) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | The increasing demand from the construction industry. |
| The increasing manufacturing of electronic appliances. |
Who are the Top Companies in the Bio-Based Polyurethane Market?
The bio-based polyurethane market is highly consolidated in nature. Several players operate in the market and are using strategies like partnerships and acquisitions to expand their market presence.
Significant players in the bio-based polyurethane market are,
- Arkema
- BASF SE
- Covestro AG
- Huntsman International LLC
- Miracll Chemicals Co. Ltd
- Mitsui Chemicals Inc.
- Stahl Holdings BV
- Toray Industries Inc.
- Teijin Limited
- The Lubrizol Corporation
- Woodbridge
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Key Highlights from the Global Bio-Based Polyurethane Market Report:
Demand from the Transportation Industry to Drive the Market
- Bio-based polyurethane is used in various applications in the transportation industry like automotive, railway, and aerospace. The automotive industry uses bio-based PU foams, coatings, and adhesives, thereby fueling the growth of the market.
- In the aerospace sector, bio-based PU foams and coatings are used as substitutes for PU materials. The worldwide aerospace services industry is expected to grow significantly between 2022 and 2041.
Asia-Pacific to Witness Rapid Market Growth
- The Asia-Pacific region is the largest producer of bio-based polyurethane. China is witnessing massive growth in the construction industry, which is a primary user of bio-based polyurethane.
- Bio-based polyurethane is used in this industry in the region for window and door profiles, flooring, cement, glass, sealants, and roofing.
What are the Latest Developments in the Bio-Based Polyurethane Market?
- In November 2022, Covestro AG, a supplier of materials, and Coleitec, a Chinese technology company, partnered to enhance the development of PU composite materials and expand their market presence.
- In October 2022, Carbon’s EPU 44 was awarded the 2022 Polyurethane Innovation Award for its innovative products, technologies, and projects.
Mordor Intelligence has Segmented the Bio-Based Polyurethane Market Based on Application, End-User Industry, and Geography:
- By Application (Market Size and Forecast based on Volume (in kilotons), 2018-2028)
- Foams
- Coatings
- Adhesive and Sealants
- Other Applications (Polyurethane Binders, Polyurethane Dispersions)
- By End-user Industry (Market Size and Forecast based on Volume (in kilotons), 2018-2028)
- Transportation
- Footwear and Textile
- Construction
- Packaging
- Furniture and Bedding
- Electronics
- Other End-user Industries (Biomedical, Fertilizer Industry)
- By Geography (Market Size and Forecast based on Volume (in kilotons), 2018-2028)
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Rest of the World
- Brazil
- Saudi Arabia
- South Africa
- Rest of the Countries
- Asia-Pacific
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Bio-Based Polyurethane Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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