Bio-based Polyurethane Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 14.73 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Bio-based Polyurethane Market Analysis
The Bio-based Polyurethane Market size is estimated at 10.30 kilotons in 2024, and is expected to reach 20.49 kilotons by 2029, growing at a CAGR of 14.73% during the forecast period (2024-2029).
- The market was negatively affected by the COVID-19 pandemic. The construction industry was significantly impacted during the pandemic, which affected the demand in the market studied. However, the market is excepted to retain its growth trajectory in the coming years. Currently, the market has recovered from the pandemic and is growing at a significant rate.
- Over the mid-term, the key factors driving the market studied are the increasing demand from the construction industry in developing countries and the increasing demand from electronic appliance manufacturing.
- However, the high cost of bio-based materials is expected to hinder the growth of the market studied.
- Nevertheless, industrial growth in the Middle East and Africa is expected to act as an opportunity during the forecast period.
- The Asia-Pacific region is expected to be the fastest-growing market across the world, with the largest consumption from countries such as China and India.
Bio-based Polyurethane Market Trends
Increasing Demand from the Transportation Industry
- Bio-based polyurethane finds its key applications in the transportation industry, including the automotive, railway, and aerospace industries. Moreover, the automotive industry consumes bio-based PU foams, coatings, adhesives, and sealants. Specifically, bio-based PU foams are used in seating systems (headrests, headliners, armrests, seat cushioning, and others) and interior parts.
- According to Organisation Internationale des Constructeurs d'Automobiles (OCIA), global automotive production reached 85.02 million units in 2022. The production capacity increased by 6% compared to 2021. In 2022, China, the United States, and Germany were the top three manufacturers of cars and commercial vehicles.
- Asia-Pacific, the largest automotive production region, also witnessed a growth rate of 7% in 2022. The production increased from 46.76 million in 2021 to 50.02 million in 2022, respectively. Similarly, America and Africa witnessed 10% and 13% growth rates, respectively, in 2022.
- In the railway industry, bio-based PU has potential applications, as it can replace conventional PU products by a significant amount in the coming years. In railways, bio-based foams can be used in seat cushioning and thermal insulation applications.
- The Indian Railways were predicted to expand with government ingenuity since they were the third biggest railway industry in the world under a single management. According to the India Brand Equity Foundation, the equivalent of USD 124 billion was projected to be invested in the country's railroads between 2018 and 2022, one of 34 infrastructure sub-sectors.
- Furthermore, in the aerospace industry, bio-based PU foams and coatings can substitute conventional PU materials. According to Boeing, the size of the worldwide aerospace services industry is anticipated to exceed USD 3.6 trillion between 2022 and 2041, with the United States and Canada accounting for around 30% of that total, followed by Europe with 23.5 percent of the market.
- Therefore, the demand in the transportation industry is expected to increase the demand for bio-based polyurethane during the forecast period.
Asia-Pacific Region is Expected to be the Fastest Growing Market
- Asia-Pacific is the largest producer of bio-based polyurethane, with a high abundance of synthetic diisocyanates and a large number of bio-based polyurethane in the region.
- Bio-based polyurethane is utilized in construction. It is increasingly utilized for window and door profiles, pipes and guttering, cement, flooring, glass, sealants and adhesives, insulation, building panels, and roofing.
- China is amid a construction mega-boom. The country has the largest building market in the region and the world, making up 20% of all construction investments globally. The Chinese government is estimated to have an annual limit for new infrastructure bonds worth CNY 3.85 trillion (USD 0.54 trillion) in 2022, up from CNY 3.65 trillion (USD 0.52 trillion) in 2021.
- Bio-PU is capable of replacing polypropylene in automotive applications such as bumpers and bumper spoilers, lateral siding, roof/boot spoilers, rocker panels, body panels, dashboards and dashboard carriers, door pockets and panels, consoles, heating ventilation air conditioning, battery covers, air ducts, pressure vessels, and splash shields.
- According to Organisation Internationale des Constructeurs d'Automobiles (OICA), around 27.02 million vehicles were produced in China in 2022, compared to 26.12 million vehicles produced in 2021, witnessing a growth rate of about 3%.
- In addition to its electrical insulation, shock resistance, adhesion, and other qualities, bio-based polyurethane is also widely utilized in electrical and electronic applications such as cell phones, mobile devices, computers, and TVs.
- Similarly, in India, the electronics market witnessed a growth in demand, with market size increasing at a rapid growth rate. The Ministry of Electronics and Information Technology published the second volume of the Vision document on Electronics Manufacturing in India, which predicted that the electronics manufacturing industry in India would grow from USD 75 billion in 2020-21 to USD 300 billion by 2025-26. The growing electronics and appliances markets in India and China may push the market growth further in Asia-Pacific.
- The aforementioned factors are likely to increase the demand for bio-based polyurethane during the forecast period.
Bio-based Polyurethane Industry Overview
The bio-based polyurethane market is consolidated in nature. The major manufacturers in the market studied include BASF SE, Covestro AG, Huntsman International LLC, Mitsui Chemicals Inc., and The Lubrizol Corporation.
Bio-based Polyurethane Market Leaders
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The Lubrizol Corporation
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Covestro AG
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BASF SE
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Mitsui Chemicals Inc.
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Huntsman International LLC
*Disclaimer: Major Players sorted in no particular order
Bio-based Polyurethane Market News
- November 2022: Covestro AG, a materials supplier, and Coleitec, a Chinese high-tech company, signed a strategic partnership agreement to accelerate the application development of polyurethane (PU) composite materials and further expand their market-oriented cooperation.
- October 2022: Carbon's EPU 44 was honored as the 2022 Polyurethane Innovation Award winner by the American Chemical Council's Centre for the Polyurethanes Industry (CPI). The Innovation Prize is highly esteemed in the polyurethane industry, recognizing companies and individuals whose vision and determination have led to the introduction of life-improving products, technologies, and projects to the market.
Bio-based Polyurethane Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Increasing Demand from the Construction Industry in Developing Countries
- 4.1.2 Growing Demand from Electronic Appliance Manufacturing.
- 4.1.3 Other Drivers
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4.2 Restraints
- 4.2.1 High Cost of Bio-based Materials
- 4.2.2 Other Restraints
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
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5.1 Application
- 5.1.1 Foams
- 5.1.2 Coatings
- 5.1.3 Adhesive and Sealants
- 5.1.4 Other Applications (Polyurethane Binders, Polyurethane Dispersions)
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5.2 End-user Industry
- 5.2.1 Transportation
- 5.2.2 Footwear and Textile
- 5.2.3 Construction
- 5.2.4 Packaging
- 5.2.5 Furniture and Bedding
- 5.2.6 Electronics
- 5.2.7 Other End-user Industries (Biomedical, Fertilizer Industry)
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5.3 Geography
- 5.3.1 Asia-Pacific
- 5.3.1.1 China
- 5.3.1.2 India
- 5.3.1.3 Japan
- 5.3.1.4 South Korea
- 5.3.1.5 Rest of Asia-Pacific
- 5.3.2 North America
- 5.3.2.1 United States
- 5.3.2.2 Canada
- 5.3.2.3 Mexico
- 5.3.3 Europe
- 5.3.3.1 Germany
- 5.3.3.2 United Kingdom
- 5.3.3.3 Italy
- 5.3.3.4 France
- 5.3.3.5 Spain
- 5.3.3.6 Rest of Europe
- 5.3.4 Rest of the World
- 5.3.4.1 Brazil
- 5.3.4.2 Saudi Arabia
- 5.3.4.3 South Africa
- 5.3.4.4 Rest of the Countries
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%) **/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 Arkema
- 6.4.2 BASF SE
- 6.4.3 Covestro AG
- 6.4.4 Huntsman International LLC
- 6.4.5 Miracll Chemicals Co. Ltd
- 6.4.6 Mitsui Chemicals Inc.
- 6.4.7 Stahl Holdings BV
- 6.4.8 Toray Industries Inc.
- 6.4.9 Teijin Limited
- 6.4.10 The Lubrizol Corporation
- 6.4.11 Woodbridge
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Industrial Growth in Middle-East and Africa
- 7.2 Developments in Bio-based Building Materials
Bio-based Polyurethane Industry Segmentation
Bio-based polyurethanes are an important class of renewable thermosets. They can be 10% to 100% bio-based and are typically prepared by reacting natural oil polyols with diisocyanates.
The market is segmented by application, end-user industry, and geography. By application, the market is segmented into foams, coatings, adhesives, sealants, and other applications (polyurethane binders, polyurethane dispersions). By end-user industry, the market is segmented into transportation, footwear and textile, construction, packaging, furniture and bedding, electronics, and other end-user industries (biomedical, fertilizer industry). The report also covers the market size and forecasts for the bio-based polyurethane market in 15 countries across the major regions.
For each segment, the market sizing and forecasts have been done based on volume (kilotons).
| Application | Foams | |
| Coatings | ||
| Adhesive and Sealants | ||
| Other Applications (Polyurethane Binders, Polyurethane Dispersions) | ||
| End-user Industry | Transportation | |
| Footwear and Textile | ||
| Construction | ||
| Packaging | ||
| Furniture and Bedding | ||
| Electronics | ||
| Other End-user Industries (Biomedical, Fertilizer Industry) | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Italy | ||
| France | ||
| Spain | ||
| Rest of Europe | ||
| Geography | Rest of the World | Brazil |
| Saudi Arabia | ||
| South Africa | ||
| Rest of the Countries |
Bio-based Polyurethane Market Research FAQs
How big is the Bio-based Polyurethane Market?
The Bio-based Polyurethane Market size is expected to reach 10.30 kilotons in 2024 and grow at a CAGR of 14.73% to reach 20.49 kilotons by 2029.
What is the current Bio-based Polyurethane Market size?
In 2024, the Bio-based Polyurethane Market size is expected to reach 10.30 kilotons.
Who are the key players in Bio-based Polyurethane Market?
The Lubrizol Corporation, Covestro AG, BASF SE, Mitsui Chemicals Inc. and Huntsman International LLC are the major companies operating in the Bio-based Polyurethane Market.
Which is the fastest growing region in Bio-based Polyurethane Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Bio-based Polyurethane Market?
In 2024, the Europe accounts for the largest market share in Bio-based Polyurethane Market.
What years does this Bio-based Polyurethane Market cover, and what was the market size in 2023?
In 2023, the Bio-based Polyurethane Market size was estimated at 8.98 kilotons. The report covers the Bio-based Polyurethane Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Bio-based Polyurethane Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Bio-Based Polyurethane Industry Report
Statistics for the 2024 Bio-Based Polyurethane market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Bio-Based Polyurethane analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
