Bio-based Polyurethane Foam Market: Automotive, Construction, Consumer Goods Sectors to drive the market

Bio-based Polyurethane Foam Market was valued at USD 36.78 Million in 2021, and is expected to reach USD 58.18 Million by 2029, exhibiting a CAGR of 5.9 % during the forecast period (2022-2029) Bio-based Polyurethane resins are made from natural oils, such as castor, soybean, and sunflower, with diisocyanates. Bio-based Polyurethane Foam resins are used in a variety of applications including rigid and flexible foams, coatings, adhesives, sealants, elastomers, membranes, and fibres in sectors such as automotive, building and construction, electrical and electronics, packaging, and consumer products. Natural fiber-reinforced plastics and plant-based polymer resins used in automotive applications can reduce CO2 emissions and vehicle weight, which improves fuel efficiency. Rising worries about reducing CO2 emissions throughout the world are expected to drive demand for Bio-based Polyurethane Foam in automotive applications in the forecast period. Ford Motor Company, one of the world's largest automakers, is using soy-based polyurethane foam for seat cushions and seatbacks. Demand for Bio-based Polyurethane Foam in automotive sector for armrests, head restraints has been increased in recent times and the analysis of same is done with tangible market size expected from the sector. Bio-based Polyurethane Foam MarketTo know about the Research Methodology :- Request Free Sample Report

Bio-based Polyurethane Foam Market Dynamics

High Demand for Green Buildings to Drive Bio-based Polyurethane Foam Market Growth The global energy crisis has expedited green building development and the implementation of various sustainable construction projects. Sustainability in building development is a broad topic that includes numerous measures that must be implemented throughout the primary construction stages due to the possible environmental effect. As a result of increased expenditures in smart energy-efficient business and residential structures, green buildings are progressively entering the construction market. Increased building material effectiveness has resulted in a greater requirement for efficient insulating materials to control heating, ventilation, and air conditioning (HVAC) and offset the amount of energy lost owing to ineffective insulation. Bio-based Polyurethane Foam are used as effective insulation materials, resulting in better energy savings. Due to increased government and federal regulations supporting proper insulation methods and green buildings, the Bio-based Polyurethane Foam Market is likely to rise significantly during the forecast period. Organizations and groups like as LEED, Canada Green Building Council (CaGBC), World Green Building Council (WorldGBC), and The Green Building Council of Australia (GBCA), among others, govern and administer the certification and operation of green buildings across the world. Increasing Demand from Automotive Industry to Boost the Growth of Bio-based Polyurethane Foam Market Increasing environmental concerns and customer preferences for sustainable products are pushing automobile manufacturers to use Bio-based Polyurethane Foam in automotive applications. For example, Ford Motor Company, one of the world's largest automakers, uses Bio-based Polyurethane Foam in the above car applications. The growing need to lessen reliance on foreign oil, as well as growing concern about CO2 emissions, is driving demand for Bio-based Polyurethane Foam among automotive makers. The growth of the automobile sector as a result of rising income levels and more industrialisation is also expected to benefit the global Bio-based Polyurethane Foam Market. Concerns about improved fuel efficiency are also expected to drive demand for Bio-based Polyurethane Foam in the future years. Growing Corporate Average Fuel Economy (CAFE) has encouraged automakers to look for new ways to reduce fuel use. Because of the natural relationship between mass and fuel consumption, light weight is a critical demand in these rules. Automobile manufacturers are primarily focused on car components made of various types of plastics in order to improve vehicle performance and follow the trend of lightweight vehicles. As a result, all of the aforementioned reasons are expected to drive the growth Bio-based Polyurethane Foam industry over the forecast period. Cost Competitiveness of Bio-based Polyurethane Foam over Conventional Polyurethane to Restraint Bio-based Polyurethane Foam Market Despite the fact that Bio-based Polyurethane Foam is gaining popularity across the world. However, the path to bio-based polyurethane is not without challenges. The biggest market limitation is the high cost to the end user as compared to traditional polyurethane. Currently, Bio-based Polyurethane Foam cannot compete because to the cheap prices of conventional polyurethane. Aside from the expense, the complicated methods required to make Bio-based Polyurethane Foam in comparison to other bioplastics are expected to be a barrier to its manufacturing. The average price of Bio-based Polyurethane Foam per kg is between USD 18.0 and USD 19.15, making it more expensive than conventional polyurethane. However, even though the production cost of Bio-based Polyurethane Foam is high, the willingness to pay for their consumption is rising among the consumer due to its eco-friendly and recyclable nature. This is expected to restraint the Bio-based Polyurethane Foam industry growth during the forecast period. Bio-based Polyurethane Foam MarketBio-based Polyurethane Foam Market Opportunity Concerns over hazardous petrochemical hazards, as well as dwindling crude oil sources, have fueled the development of bio-based polymers such as Bio-based Polyurethane Foam. Most countries' regulations banning the use of petroleum-based plastics in specific applications, such as medical devices, are expected to encourage the manufacturing of Bio-based Polyurethane Foam during the forecast period. North America, Europe, and Asia Pacific account for the majority of global bioplastic material production. The increased use of environmentally friendly polymers in a variety of industries such as automotive, building and construction, packaging, consumer goods, and medical is expected to drive global demand for Bio-based Polyurethane Foam. Bio-based Polyurethane Foam is gaining acceptance in electrical & electronics, medical devices, construction, automotive, and consumer goods among others. Its controlled biotic & abiotic degradation and shape memory behaviour properties have been instrumental in making it suitable for use as a plastic product in bio-medical applications. This is expected to create lucrative opportunity for the Bio-based Polyurethane Foam market growth during the forecast period. Bio-based Polyurethane Foam Market Challenges Because of its low cost, conventional polyurethane is expected to have a high penetration throughout end-use sectors, which will have a detrimental influence on the adoption of Bio-based Polyurethane Foam. As bio-polyol is obtained from crops such as soybean, palm, linseed, and others, rising demand for raw materials for Bio-based Polyurethane Foam is expected to disrupt the balance between industrial and food crops. Improving disposable income in developing nations is expected to contribute to increased consumption of milk and meat products in the future years, driving demand for animal feed. To reduce land consumption, it is critical to streamline agricultural output distribution for food and industrial crops. Thus, rising demand for the aforementioned raw materials from food, feedstock, and bio-products is expected to have an influence on the availability of these raw materials for Bio-based Polyurethane Foam. This is expected to create challenges for the Bio-based Polyurethane Foam market growth during the forecast period.

Bio-based Polyurethane Foam Market Segment Analysis

Based on Product Type, Flexible foam segment dominated the global Bio-based Polyurethane Foam market and accounted for 49.51% of the total market share, in terms of revenue, in 2021. This trend is expected to continue over the forecast period and the segment share is expected to reach 48.45% by 2029. Bio-based rigid polyurethane foam is utilised in a variety of applications, including automotive, building and construction, and industrial insulation and appliances. Rigid foam is a high-performance insulation material that may be used in roof and wall insulation, insulated windows and doors, and air barrier sealants. Because of their rapid industrialization, China, India, and Indonesia lead the Asia Pacific (APAC) market for stiff PU foams. The growth of the building and furniture industries, as well as the presence of major automobile OEMs, are significant drivers of the APAC rigid foam market. The government's assistance in weatherizing low-income houses and meeting transitional criteria for green buildings is expected to raise demand for bio-based rigid polyurethane foam in diverse insulation applications even further. Based on End-Use, Building & construction end-use segment dominated the global Bio-based Polyurethane Foam market and accounted for 35.49% of the total market share, in terms of revenue, in 2021. This trend is expected to continue over the forecast period and the segment is expected to reach 33.80% by 2029. The demand for Bio-based Polyurethane Foam in the building and construction end-use industry is expected to grow significantly over the forecast period due to a variety of beneficial properties of bio-based polyurethane such as excellent insulation, lightweight, long life span, and corrosion resistance, among others. Growing urbanisation and industrialization, particularly in developing nations such as China and India, as well as increasing infrastructure building activities in the Middle East, are expected to fuel the construction Bio-based Polyurethane Foam industry's growth, boosting demand for Bio-based Polyurethane Foam.

Bio-based Polyurethane Foam Market Regional Insights

Asia Pacific was the largest segment in 2021 and accounted for 38.25% of the overall Bio-based Polyurethane Foam market revenue share. North America emerged as the second-largest segment in 2021. It was followed by Europe as the third-largest segment in 2021. Central & South America and the Middle East & Africa segments held 2.96% and 1.26% respectively of the Bio-based Polyurethane Foam industry revenue share in the same year. Bio-based Polyurethane Foam MarketAsia Pacific dominated the Bio-based Polyurethane Foam market in 2021 and is expected to dominate the Bio-based Polyurethane Foam industry during the forecast period, thanks to increased demand from major sectors such as automotive, consumer goods, electrical & electronics, packaging, and building & construction in emerging nations like as China and India. The Asia Pacific area is distinguished by a vast supply of trained labour at a low cost, as well as easy access to land. The shift in the manufacturing environment toward developing economies, notably China and India, is expected to boost Bio-based Polyurethane Foam market growth during the forecast period. Construction, automotive, electronics, consumer products, and other rapidly developing industries in the region provide attractive development potential for Bio-based Polyurethane Foam makers. North America accounts for a sizable portion of the global Bio-based Polyurethane Foam market and is expected to develop at a rapid pace over the forecast period. Because of its high sustainability and lightweight features, the Bio-based Polyurethane Foam industry is expected to grow in the key end-use sectors such as building and construction and automotive over the forecast period. Because of the increasing demand for non-residential construction projects such as hospitals, commercial buildings, and colleges, the construction sector in North America is estimated to develop significantly in the future years. Furthermore, government initiatives boosting the housing sector's recovery are likely to have a favourable influence on future building patterns. Reconstruction activities in the U.S. coupled with infrastructure development in Canada and Mexico is expected to fuel the product demand in North America over the forecast period.

Bio-based Polyurethane Foam Market Scope: Inquire before buying

Bio-based Polyurethane Foam Market
Report Coverage Details
Base Year: 2021 Forecast Period: 2022-2029
Historical Data: 2017 to 2021 Market Size in 2021: US $ 36.78 Mn.
Forecast Period 2022 to 2029 CAGR: 5.9% Market Size in 2029: US $ 58.18 Mn.
Segments Covered: by Product Type • Rigid Foam • Flexible Foam • Coatings, Adhesives& Sealants • Others
by End-Use • Automotive • Building & Construction • Consumer Goods • Electrical & Electronics • Packaging • Others

Bio-based Polyurethane Foam Market Key Players

North America: MCNS (U.S.) Cargill, Inc. (U.S.) Huntsman International LLC (U.S.) MCPU Polymer Engineering LLC (U.S.) The Lubrizol Corporation (U.S.) Woodbridge (U.S.) Asia Pacific: Miracll Chemicals Co. Ltd (China) Mitsui Chemicals Inc. (Japan) Toray Industries Inc. (Japan) Teijin Limited (Japan) Europe: BASF SE (Germany) RAMPF Holding GmbH & Co. KG (Germany) Covestro AG (Germany) WeylChem International GmbH (Germany) Arkema SA (Germany) Stahl Holdings BV (The Netherlands) Frequently Asked Questions: 1] What is the current size of the global Bio-based Polyurethane Foam Market? Ans. The current size of the global Bio-based Polyurethane Foam Market USD 36.78 Mn. in 2021. 2] What are the major players currently dominating the global Bio-based Polyurethane Foam Market? Ans. MCNS (U.S.), Cargill, Inc. (U.S.), BASF SE (Germany), RAMPF Holding GmbH & Co. KG (Germany), Covestro AG (Germany), WeylChem International GmbH (Germany), Huntsman International LLC (U.S.), MCPU Polymer Engineering LLC (U.S.) are among the major players currently dominating the global Bio-based Polyurethane Foam Market. 3] Which Bio-based Polyurethane Foam Market segment has the potential to register the highest market share during the forecast period? Ans. The building & construction end-user segment has the potential to generate highest revenue share of the Bio-based Polyurethane Foam Market, in terms of volume and value, during the forecast period. 4] Which is the dominating region in the global Bio-based Polyurethane Foam Market? Ans. Asia Pacific region is the dominating region in the global Bio-based Polyurethane Foam Market. Countries like China, India, Taiwan, Japan, Malaysia, Thailand, South Korea are emerging economies with fastest-growing market share of the region. 5] What is the major factor driving the growth of Bio-based Polyurethane Foam Market in the Asia Pacific region? Ans. High demand for green buildings is one of the factor driving the growth of Bio-based Polyurethane Foam Market in Asia Pacific region.
1. Global Bio-based Polyurethane Foam Market Size: Research Methodology 2. Global Bio-based Polyurethane Foam Market Size: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Bio-based Polyurethane Foam Market Size 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Bio-based Polyurethane Foam Market Size: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12. COVID-19 Impact 4. Global Bio-based Polyurethane Foam Market Size Segmentation 4.1. Global Bio-based Polyurethane Foam Market Size, by Product Type (2021-2029) • Rigid Foam • Flexible Foam • Coatings, Adhesives& Sealants • Others 4.2. Global Bio-based Polyurethane Foam Market Size, by End-Use (2021-2029) • Automotive • Building & Construction • Consumer Goods • Electrical & Electronics • Packaging • Others 5. North America Bio-based Polyurethane Foam Market (2021-2029) 5.1. North America Bio-based Polyurethane Foam Market Size, by Product Type (2021-2029) • Rigid Foam • Flexible Foam • Coatings, Adhesives& Sealants • Others 5.2. North America Bio-based Polyurethane Foam Market Size, by End-Use (2021-2029) • Automotive • Building & Construction • Consumer Goods • Electrical & Electronics • Packaging • Others 5.3. North America Bio-based Polyurethane Foam Market, by Country (2021-2029) • United States • Canada • Mexico 6. Europe Bio-based Polyurethane Foam Market (2021-2029) 6.1. Europe Bio-based Polyurethane Foam Market, by Product Type (2021-2029) 6.2. Europe Bio-based Polyurethane Foam Market, by End-Use (2021-2029) 6.3. Europe Bio-based Polyurethane Foam Market, by Country (2021-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest of Europe 7. Asia Pacific Bio-based Polyurethane Foam Market (2021-2029) 7.1. Asia Pacific Bio-based Polyurethane Foam Market, by Product Type (2021-2029) 7.2. Asia Pacific Bio-based Polyurethane Foam Market, by End-Use (2021-2029) 7.3. Asia Pacific Bio-based Polyurethane Foam Market, by Country (2021-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest of APAC 8. Middle East and Africa Bio-based Polyurethane Foam Market (2021-2029) 8.1. Middle East and Africa Bio-based Polyurethane Foam Market, by Product Type (2021-2029) 8.2. Middle East and Africa Bio-based Polyurethane Foam Market, by End-Use (2021-2029) 8.3. Middle East and Africa Bio-based Polyurethane Foam Market, by Country (2021-2029) • South Africa • GCC • Egypt • Nigeria • Rest of ME&A 9. South America Bio-based Polyurethane Foam Market (2021-2029) 9.1. South America Bio-based Polyurethane Foam Market, by Product Type (2021-2029) 9.2. South America Bio-based Polyurethane Foam Market, by End-Use (2021-2029) 9.3. South America Bio-based Polyurethane Foam Market, by Country (2021-2029) • Brazil • Argentina • Rest of South America 10. Company Profile: Key players 10.1. MCNS (U.S.) 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Cargill, Inc. (U.S.) 10.3. Huntsman International LLC (U.S.) 10.4. MCPU Polymer Engineering LLC (U.S.) 10.5. The Lubrizol Corporation (U.S.) 10.6. Woodbridge (U.S.) 10.7. Miracll Chemicals Co. Ltd (China) 10.8. Mitsui Chemicals Inc. (Japan) 10.9. Toray Industries Inc. (Japan) 10.10. Teijin Limited (Japan) 10.11. BASF SE (Germany) 10.12. RAMPF Holding GmbH & Co. KG (Germany) 10.13. Covestro AG (Germany) 10.14. WeylChem International GmbH (Germany) 10.15. Arkema SA (Germany) 10.16. Stahl Holdings BV (The Netherlands)

About This Report

Report ID 163911
Category Material & Chemical
Published Date Nov 2022
Updated Date
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