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The bio polyols market share is expected to increase by USD 4.47 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 9.7%.
This bio polyols market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers bio polyols market segmentations by application (foams and CASE) and geography (North America, Europe, APAC, South America, and Middle East and Africa). The bio polyols market report also offers information on several market vendors, including Alberdingk Boley GmbH, Arkema SA, BASF SE, Bio Based Technologies LLC, Cargill Inc., Castor International BV, Covestro AG, Croda International Plc, Emery Oleochemicals LLC, Global Bio chem Technology Group Co. Ltd., Huntsman International LLC, Invista S.a.r.l, Jayant Agro Organics Ltd., Mitsui Chemicals Inc., Nivapol, Stahl Holdings BV, Stepan Co., The Dow Chemical Co., Vertellus Holdings LLC, and Xuchuan Chemical Suzhou Co. Ltd. among others.
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The increasing demand for bio polyols in automotive and construction industries is notably driving the bio polyols market growth, although factors such as volatile prices of raw materials may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the bio polyols industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Bio Polyols Market Driver
The increasing demand for bio polyols in the automotive and construction industries is one of the key drivers supporting the bio polyols market growth. Polyurethane foams are extensively used for producing different automotive parts such as side skirts, wiper cowls, and others. Simultaneously, the demand for automotive vehicles has also increased, which will have a positive impact on the market growth. Meanwhile, polyurethane foams have numerous applications in the construction industry as well. They provide excellent weatherproof sealants and form a flawless layer of insulation. These cover irregular, hard-to-insulate shapes and fill gaps and seams. Growth in the construction industry has led to high demand for polyurethane foams. Thus, the rising demand for housing, hospitality, flooring material, and furnishing is expected to increase the consumption of polyurethane foams. This will have a positive influence on the global bio polyols market during the forecast period.
Key Bio Polyols Market Trend
Innovation in polyurethane foams is one of the key bio polyols market trends that is contributing to the market growth. Vendors in the market are developing new forms of polyurethane foams, such as photo cross-linkable polyurethane, which can be used in foams for various applications. They can be made by incorporating photo-responsive groups such as coumarin into the polyurethane foam backbone. The coumarin groups generally dimerize when irradiated with UV light of approximately 340nm and can be cleaved again when the light is reduced to approximately 250nm. These new types of polyurethane are significantly used for the manufacturing of paints and coating. These innovations will fuel the bio polyols market growth during the forecast period.
Key Bio Polyols Market Challenge
Volatile prices of raw materials is one of the factors hindering the bio polyols market growth. Polyols are used for manufacturing polyurethane foams that are formed by the reaction between diisocyanate and polyols. During the reaction, the foam expands to many times its size and then hardens. However, fluctuating raw prices can lead to volatility in polyol prices. The price range for bio polyols varied from $1,500 per ton to $4,000 in 2021. In the same year, the price of polyester polyols ranged from $2,100 per ton to $2,500 per ton. The price of polyether polyols ranged from $2,000 per ton to $3,500 per ton in 2021. Thus, the increasing price of raw materials will lead to a rise in the price of polyols and adversely impact the growth of the global bio polyols market during the forecast period.
This bio polyols market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global bio polyols market as a part of the global commodity chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the bio polyols market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the bio polyols market encompasses successful business strategies deployed by the key vendors. The bio polyols market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The bio polyols market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the bio polyols market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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32% of the market's growth will originate from North America during the forecast period. The US and Canada are the key markets for bio polyols market in North America. Market growth in this region will be faster than the growth of the market in South America and Europe.
The growing wound dressing market will facilitate the bio polyols market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the COVID-19 pandemic spread widely in North America, especially in the US leading to a negative impact on the regional market. However, the resumption of operations by commodity chemical companies post the first half of 2021 is expected to compensate for the demand-supply gap that occurred due to lockdowns in the second half of 2020 and the first half of 2021. Therefore, the demand for commodity chemicals, such as bio polyols, will be less disrupted during the forecast period. Moreover, the situation is expected to improve in the latter half of the forecast period, depending on the containment of the disease.
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The bio polyols market share growth by the foams segment will be significant during the forecast period. The foams application segment can be sub-segmented into polyurethane flexible foam and polyurethane rigid foam. Polyurethane rigid foams are also used in refrigerator applications that meet the standards set by the American Society of Heating, Refrigerating, and Air-Conditioning Engineers. Heating and cooling systems in houses contribute to the high consumption of energy worldwide. To help reduce the expenditure on electricity and maintain a uniform temperature, builders in different regions focus on adopting rigid polyurethane foams extensively. Such factors fuel the demand in the polyurethane rigid foam segment in the global bio polyols market during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the bio polyols market size and actionable market insights on post COVID-19 impact on each segment.
Bio Polyols Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.7% |
Market growth 2022-2026 |
$ 4.47 billion |
Market structure |
Fragmented |
YoY growth (%) |
9.0 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 32% |
Key consumer countries |
US, Canada, China, Japan, Germany, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Alberdingk Boley GmbH, Arkema SA, BASF SE, Bio Based Technologies LLC, Cargill Inc., Castor International BV, Covestro AG, Croda International Plc, Emery Oleochemicals LLC, Global Bio chem Technology Group Co. Ltd., Huntsman International LLC, Invista S.a.r.l, Jayant Agro Organics Ltd., Mitsui Chemicals Inc., Nivapol, Stahl Holdings BV, Stepan Co., The Dow Chemical Co., Vertellus Holdings LLC, and Xuchuan Chemical Suzhou Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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