Bio-based Polyurethane Market Size (2024 - 2029)

The Bio-based Polyurethane Market is projected to experience significant growth over the forecast period, driven by increasing demand from the construction and electronic appliance manufacturing sectors, particularly in developing countries. Despite the challenges posed by the high cost of bio-based materials, the market has shown resilience and recovery post-pandemic. The Asia-Pacific region is anticipated to lead in growth and consumption, with opportunities arising from industrial expansion in the Middle East and Africa.

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Market Size of Bio-based Polyurethane Industry

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Bio-based Polyurethane Market Summary
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

Bio-based Polyurethane Market 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 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
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
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Bio-based Polyurethane Market Size Summary

The bio-based polyurethane market is poised for significant growth, driven by increasing demand from the construction and electronics sectors, particularly in developing regions. The market, which experienced a downturn due to the COVID-19 pandemic, has rebounded and is expected to continue its upward trajectory. Key drivers include the burgeoning construction industry in countries like China and India, as well as the rising demand for bio-based polyurethane in electronic appliance manufacturing. Despite the high cost of bio-based materials posing a challenge, opportunities for growth are anticipated in the Middle East and Africa. The Asia-Pacific region is projected to be the fastest-growing market, with substantial consumption from China and India, further fueled by the region's robust industrial activities.

Bio-based polyurethane finds extensive applications across various industries, including transportation, construction, and electronics. In the transportation sector, it is used in automotive, railway, and aerospace industries for components such as seating systems and thermal insulation. The construction industry utilizes bio-based polyurethane for a wide range of applications, including insulation, sealants, and roofing materials. The automotive sector, particularly in Asia-Pacific, is a significant consumer, with bio-based polyurethane replacing conventional materials in various vehicle components. Additionally, the electronics market in India and China is experiencing rapid growth, further driving the demand for bio-based polyurethane. The market is characterized by a consolidated nature, with major players like BASF SE, Covestro AG, and Huntsman International LLC leading the industry.

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Bio-based Polyurethane Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Demand from the Construction Industry in Developing Countries

      2. 1.1.2 Growing Demand from Electronic Appliance Manufacturing.

      3. 1.1.3 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 High Cost of Bio-based Materials

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Volume)

    1. 2.1 Application

      1. 2.1.1 Foams

      2. 2.1.2 Coatings

      3. 2.1.3 Adhesive and Sealants

      4. 2.1.4 Other Applications (Polyurethane Binders, Polyurethane Dispersions)

    2. 2.2 End-user Industry

      1. 2.2.1 Transportation

      2. 2.2.2 Footwear and Textile

      3. 2.2.3 Construction

      4. 2.2.4 Packaging

      5. 2.2.5 Furniture and Bedding

      6. 2.2.6 Electronics

      7. 2.2.7 Other End-user Industries (Biomedical, Fertilizer Industry)

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 Italy

        4. 2.3.3.4 France

        5. 2.3.3.5 Spain

        6. 2.3.3.6 Rest of Europe

      4. 2.3.4 Rest of the World

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Saudi Arabia

        3. 2.3.4.3 South Africa

        4. 2.3.4.4 Rest of the Countries

Bio-based Polyurethane Market Size FAQs

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.

In 2024, the Bio-based Polyurethane Market size is expected to reach 10.30 kilotons.

Bio-Based Polyurethane Market Report Snapshots

Bio-Based Polyurethane Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)