Market Trends of Green and Bio Polyols Industry
This section covers the major market trends shaping the Green & Bio Polyols Market according to our research experts:
Growing Demand from Construction and Automotive Sectors
- Green polyols and bio polyols are eco-friendly organic alcohol solutions containing multiple hydroxyl groups. Green polyols are derived from polyurethanes and polyethylene terephthalates. Bio polyols are derived from oils such as canola oil, castor oil, coconut oil, corn oil, rapeseed oil, palm oil, and soya bean oil.
- Green polyols and bio polyols are being used in the production of many applications such as polyurethane, thermoplastic elastomers, coatings, adhesives, sealants, artificial leather, etc.
- The demand for coatings, adhesives, and thermoplastic elastomers has been rising from various end-user industries in recent years. Construction and Automotive are the fastest-growing end-user segments in terms of green polyols and bio polyols consumption.
- Due to the environmentally friendly nature, automotive and construction sectors have been adopting green and bio polyols in various applications.
- Green and bio polyols are being used in automotive applications such as seat backrests, headrests, armrests, car interior parts, insulation purposes and construction applications include residential, commercial, infrastructure, and other industrial purposes.
- Recently, the outbreak of COVID-19 in all regions is expected to decrease the demand from the automotive and other end-user industries for the next two years.
- Increasing applications for environmentally friendly polyols in automobiles, technological advancements in the construction industry are expected to the demand for green and bio polyols through the years to come.
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Asia-Pacific Region to Dominate the Market in the Coming Years
- Asia-Pacific is expected to dominate the global market owing to the highly developed automobile sector in China, Korea, Japan, and India, coupled with the continuous investments done in the region to advance the construction and furniture segments through the years.
- Green and bio polyols are being used to make rigid and flexible PU foams and adhesives that are utilized for packaging and furniture applications. Asia-Pacific is one of the leading exporters of various products to different regions and is the major driving region in the packaging segment.
- Especially, China is one of the prominent producers and exporters of furniture. Green and bio polyols are being used to make artificial leathers, carpet backing, furniture and for bedding applications.
- Living, Dining, and bedroom furniture segments play an important role in China's economy. These furniture divisions are estimated to have provided a revenue of USD 80 billion to China, in 2019.
- According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), although there's a decline in 2019, Asia-Pacific leads global automobile production in recent years.
- Also, growing construction industry, rising government regulations on pollution, rapid industrialization further are projected to support in the growth of the green polyols and bio polyols market in the Asia-Pacific region.
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