Green Polyols Market: Highlights
- Green polyols are eco-friendly alcohol solutions that contain multiple hydroxyl groups. They are derived from recycled polyethylene terephthalate (PET) and polyurethanes. These alcohol solutions are widely used in furniture & bedding, automotive, and construction industries.
- Green polyols provide enhanced hydrolytic stability and adhesion to diverse substrates. They also improve abrasion resistance and overall hardness. Common end-uses of green polyols include liquid and hot melt urethane adhesives, flexible packaging, insulating sealants, polyurethane dispersions, cast elastomers, and conventional-cure coatings.
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Key Drivers of Green Polyols Market
- Increase in demand for green polyols in construction activities is expected to boost the market during the forecast period. According to the U.S. Census Bureau, the U.S. Government spent approximately US$ 1,303,469 Mn in overall construction activities in 2019. Thus, growth in the construction industry is anticipated to propel the demand for green polyols in the near future.
- Rise in usage of green polyols in the automotive industry is also estimated to propel the market in the near future. The automotive industry in India produced 30,915,420 vehicles including passenger vehicles, commercial vehicles, three wheelers, two wheelers, and quadricycles in April-March 2019 compared to 29,094,447 in April-March 2018, registering a growth rate of 6.26% over the same period in the last year.
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Higher Costs of Green Polyols to Restrain Green Polyols Market
- The global green polyols market is expanding at a rapid pace. However, higher costs of green polyols than those of conventional polyols is a key factor restraining the market.
- Increase in crop productivity by artificial means is resulting in negative environmental impact such as increase in carbon footprint and depletion of nutrients from the soil. This is also estimated to restrain the market in the near future.
Green Polyols Market: End-use Industry Segment
- Based on end-use industry, the global green polyols market can be segmented into furniture & bedding, construction/insulation, automotive, packaging, carpet backing, and others
- The furniture & bedding segment is projected to account for key share of the global green polyols market by 2027
- Expanding at a healthy growth rate, construction/insulation, automotive, and packaging segments are expected to create significant incremental opportunities during the forecast period
- In terms of volume, carpet backing and others segments are likely to remain moderate to high across different regions in the near future
North America to be Key Region of Global Green Polyols Market
- In terms of region, the global green polyols market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Consumption of green polyols is much higher in North America than that in other regions.
- In terms of demand, Asia Pacific and Europe follow the market in North America
- The U.S. is the largest country of the green polyols market in North America. It accounted for a major share of the market in terms of volume and value in 2018. Rise in usage of green polyols in construction, transportation, furniture, adhesives, sealants, and binders is expected to drive the market in the region. Easy availability of soybean in the U.S. enables manufacturers to produce soy-based polyols, thereby driving the consumption of green and bio-polyols in North America.
- Asia Pacific also held significant share of the global green polyols market in 2018. Growth in end-use industries and increase in number of domestic players in vertical market segments are boosting the market in the region.
- The market in Latin America and Middle East & Africa is estimated to expand at a moderate pace during the forecast period
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Key Manufacturers Operating in Green Polyols Market
The global green polyols market was highly fragmented in 2018. Key manufacturers operating in the global market include:
- Bayer AG
- BioBased Technologies LLC
- BASF SE
- Cargill, Incorporated
- The Dow Chemical Company
- Stepan Company
- Emery Oleochemicals
- Jayant Agro Organics Pvt. Ltd.
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