New York, Aug. 02, 2023 (GLOBE NEWSWIRE) -- According to a recent report by Reports Insights, the Natural Oil Polyols Market is poised for strong expansion and is expected to reach USD 12,071.85 million by 2030. The market, which was valued at USD 7,727.22 million in 2022, is predicted to grow at a compound annual growth rate of 5.8% during the period 2023-2030. The report highlights the increasing adoption of natural oil polyols in the building & construction industry, which is accelerating market growth at the global level. Reports Insights study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the natural oil polyols market.
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Natural oil polyols are deployed in building and construction products such as rigid polyurethanes, adhesives, and others to ensure excellent durability of the structure. The expansion of leisure construction projects, the increasing investment in residential projects, and others are accelerating the growth in new building and construction projects at the global level. For instance, as of July 2023, various building and construction projects are under the near completion phase, including USD 476 million for The Eight Office Tower project in the United States (project completion year 2024), the USD 1,760 million Lok Ma Chau Emergency Hospital Development project in China (project completion year Q4 2023), and others. Thus, the growth in the near completion of building & construction projects at the global level is accelerating the demand for natural oil polyols as it is a crucial raw material in building products. Therefore, the growth of the building & construction industry is proliferating the growth of the earth leakage protection market.
Natural oil polyol is utilized in the manufacturing of foam-fabric/vinyl laminates. The foam-fabric/vinyl laminates are employed in automotive seatings, headrests, armrests, visors, and door panels. The increasing disposable income of people, the rising adoption of autonomous cars, and others are some of the prominent factors accelerating the growth of the automotive industry. Hence, the booming automotive industry is a prime factor boosting the demand for natural oil polyol at the global level to ensure superior resistance against chemicals. This factor will drive the natural oil polyol market growth during the projected forecast period.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 12,071.85 Million |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 5.8% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Stepan Company, BASF SE, Emery Oleochemicals, Cargill Inc., Vertellus, IFS Group, Jayant Agro-Organics Limited, The Lubrizol Corporation, Elevance Renewable Sciences, Inc., and Huntsman International LLC |
| By Source | Sunflower Oil, Canola Oil, Palm Oil, Castor Oil, and Others |
| By Product Type | Polyester Polyols and Polyether Polyols |
| By End-use Industry | Building & Construction, Automotive, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
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Key Market Takeaways
- The global natural oil polyols market size is estimated to exceed USD 12,071.85 million by 2030 with an astonishing CAGR of 5.8% during the forecast period (2023-2030).
- Based on the source, the castor oil segment accounted for the highest share contribution to the natural oil polyols market statistics in 2022.
- In the context of product type, the polyester polyols segment is expected to contribute significant shares to the growth of natural oil polyols market statistics during the forecast period.
- On the basis of end-use industry, the building & construction segment is expected to contribute significant shares to the growth of natural oil polyols market statistics during the forecast period.
- North America will create favorable circumstances for market growth in terms of value and volume due to the growing development of new automotive projects particularly in countries such as the United States and Canada.
Global Natural Oil Polyols Market Segmentation Details:
Based on Source, the castor oil segment contributed the highest market share in 2022. Castor oil is a crucial source employed for the manufacturing of natural oil polyol that is produced directly from a plant source. Castor oil has multiple benefits. For instance, the presence of the hydroxyl group in castor oil ensures chemical derivatization of the oil that efficiently alters the properties of castor oil as compared with vegetable oils which do not have the hydroxyl group. Hence, due to the above benefits, the adoption of castor oil is increasing for the production of natural oil polyol, thereby favoring market growth.
Based on Product Type, the polyester polyols segment contributed the highest market share in 2022. The vital benefits related to polyester polyols manufactured from natural oil polyol include excellent self-leveling properties, extremely hydrophobic, low viscosity, superior self-leveling properties, significant bonding properties, and others. Thus, due to the above benefits, polyester polyols are frequently deployed in the building & construction industry, electrical & electronics, and others. Hence, the increasing utilization of polyester polyols in the above end-use industries to ensure superior performance characteristics is supplementing the growth of the market.
Based on End-use Industry, the building & construction segment is anticipated to offer substantial shares in the global natural oil polyols market. The vital characteristics of natural oil polyol include being 100% solid, superior gloss development, and excellent pigment-wetting characteristics. These properties make natural oil polyol an ideal solution for building products, including rigid polyurethanes, adhesives, and others. As a result, natural oil polyols are employed in various construction projects such as malls, office buildings, hospitals, institutional buildings, and others. As a result, the bolstering building and construction industry is boosting the demand for natural oil polyols to ensure superior adhesion. This, in turn, is favoring market growth.
Based on region, in the year 2022, North America accounted for the largest share contribution to the market growth, owing to the growth in the building and construction projects in the region. For instance, according to the United States Census Bureau, in 2020, the new residential construction projects commenced in the United States were 1,379.61 thousand units, and in 2021, it was 1,610 thousand units, an increase of 16.7% as compared with the year 2020. Therefore, the expansion of the building and construction industry is fueling market growth.
Competitive Landscape
As per the research Stepan Company, BASF SE, Emery Oleochemicals, and Cargill Inc., among others, are major market players that comprise the latest market circumstances. These companies have strong production capabilities and an established presence in the market through their extensive service portfolios and distribution networks. Further, the natural oil polyols market is expected to grow at a substantial rate due to rising demand from the building and construction sector mainly in the Asia Pacific, North America, and Europe regions which are estimated to boost the market statistics in the coming years. Additionally, the development of a new product range for natural oil polyols medications will further increase the competition in the market.
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Recent Developments
- In September 2022, Covestro AG launched sustainable polyether polyols. Thus, the development of a new range of products will accelerate the growth of the natural oil polyol market in the forecast years.
List of Major Global Natural Oil Polyols Market:
- Stepan Company
- BASF SE
- Emery Oleochemicals
- Cargill Inc.
- Vertellus
- IFS Group
- Jayant Agro-Organics Limited
- The Lubrizol Corporation
- Elevance Renewable Sciences, Inc.
- Huntsman International LLC
Global Natural Oil Polyols Market Segmentation:
- By Source
- Sunflower Oil
- Canola Oil
- Palm Oil
- Castor Oil
- Others
- By Product Type
- Polyester Polyols
- Polyether Polyols
- By End-use Industry
- Building & Construction
- Automotive
- Others
Frequently Asked Questions in the Natural Oil Polyols Market Report
- What was the market size of the natural oil polyols industry in 2020?
- What will be the potential market valuation for the natural oil polyols industry by 2030?
- What are the key factors driving the growth of the natural oil polyols market, as well as the opportunities that may impact the market’s future development?
- What is the dominating segment in the natural oil polyols market by end-use industry?
- Based on current market trends and future predictions, which geographical region will have the fastest impact on the natural oil polyols market's growth in the coming years?
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