Pune, March 24, 2023 (GLOBE NEWSWIRE) -- Based on SNS Insider analysis, governments around the world are introducing stricter environmental regulations to reduce greenhouse gas emissions and promote sustainable production methods. This has led to an increased demand for green and bio-based products, including green and bio-based polyols. As per SNS Insider, the Green And Bio Polyols Market was valued at USD 4.7 billion in 2022, with a projected increase to USD 9.3 billion by 2030 and a compound annual growth rate of 8.7% anticipated during the forecast period from 2023 to 2030.
Green and bio polyols are a class of renewable and sustainable materials that have gained popularity in recent years. Polyols are commonly used as the key building blocks for the production of polyurethane foam, which has various applications in industries such as construction, automotive, and furniture. Green polyols are derived from renewable resources such as plant-based oils and sugars, while bio polyols are obtained from biomass waste streams, such as agricultural or forestry residues.
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Green and Bio Polyols Market Report Scope
| Report Attributes | Details |
| Market Size in 2022 | USD 1.90 Billion |
| Market Size by 2030 | USD 2.93 Billion |
| CAGR 2023 to 2030 | 5.6% |
| Key Segments | • By type (Open Cell Foam Glass, Closed Cell Foam Glass) • By process (Physical, Chemical) • By end-use industry (Building & Construction, Industrial, Others) • By Application (Building & Industrial Insulation, Chemical Processing Systems, Consumer Abrasive) |
| Company Profiles | Glapor, Polydros S.A, Owens Corning, Ltd., Anhui Huichang New Material Co., Ltd., MISAPOR, Refaglass, Zhejiang Dehe Insulation Technology Co., UUSIOAINES OY, Earthstone International, Zhejiang Zhenshen Insulation Technology Corp., and other players. |
| Market Drivers | • Increasing construction work around all the regions in the world. • The manufacturing process of machines for industries. |
Market Analysis
The global industry for green and bio polyol is being driven by several factors that are related to the increasing demand for eco-friendly and sustainable products. One of the primary drivers of this industry is the availability of bio-based feedstock, which is a key raw material used in the production of green and bio polyols. Another factor driving the growth of the green and bio polyols market is the changes in the price of crude oil. As the price of crude oil continues to rise, manufacturers are looking for alternative raw materials that can be used to produce their products.
Impact of Russia-Ukraine Conflict
The Russia-Ukraine conflict has had a significant impact on the green and bio polyols market. The disruptions in the supply chain and the volatility in the prices of raw materials have made it challenging for manufacturers to produce these sustainable alternatives to traditional polyols. The uncertainty surrounding the conflict and the geopolitical tensions have also made it challenging for the industry to plan and invest for the future, leading to a potential slowdown in innovation and growth.
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Key Regional Development
North America dominating the green and bio polyols market due a series of product innovations that have helped improve their performance and quality. This has led to the development of new applications in various industries such as aerospace, automotive, and wind energy. These industries are taking advantage of the benefits of green and bio polyols, which are increasingly being used in the production of automotive parts, furniture, consumer durables, and food and beverage products. The region's automotive industry, in particular, has been a major beneficiary of the advancements in green and bio polyols.
Recent Developments Related to Green and Bio Polyols Market
- LANXESS, a leading specialty chemicals company, and TotalEnergies, a global energy player, have announced a collaboration to develop sustainable styrene, a key building block for a variety of plastic products. The companies aim to use their expertise in technology and sustainability to create a more environmentally friendly production process for styrene.
- Gulshan Polyols Ltd, a leading manufacturer of specialty chemicals, has announced its plan to acquire up to 40% stake in JGN Sugar and Biofuels Pvt Ltd. The acquisition will enable Gulshan Polyols to expand its business and product portfolio in the biofuels and sugar industries.
Key Takeaway from Green and Bio Polyols Market Study
- The natural oils segment has emerged as a dominant force in the market, thanks to its eco-friendliness, renewability, and excellent chemical properties. As more industries embrace sustainable practices, the demand for green and bio polyols derived from natural oils is expected to rise even further.
- The polyether is a key segment of the market, and its popularity is expected to remain strong due to its sustainable nature and desirable properties. The demand for green and bio polyols, including polyether, is expected to continue its upward trend in the coming years, driven by growing environmental concerns and stringent regulations on the use of conventional polyols.
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