The global Bio-based Polyurethane market size is expected to be worth around US$ 60.8 billion by 2030, according to a new report by Vision Research Reports.
The global Bio-based Polyurethane market size was valued at US$ 40.7 billion in 2020 and is anticipated to grow at a CAGR of 7.9% during forecast period 2021 to 2030.
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Bio-based Polyurethane Market (By Product: Rigid Foam, Flexible Foam, Coatings, Adhesives& Sealants; By End-use: Automotive, Building & Construction, Consumer Goods, Electrical & Electronics, Packaging) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030
Report Coverage
| Report Scope | Details |
| Market Size | US$ 60.8 billion by 2030 |
| Growth Rate | CAGR of 7.9% From 2021 to 2030 |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Segments Covered | Product, end-use |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Companies Mentioned | BASF SE; MCNS; RAMPF Holding GmbH & Co. KG; Covestro AG; Cargill, Incorporated; Huntsman International LLC; MCPU Polymer Engineering LLC; WeylChem International GmbH |
Growth Factors
Increasing product demand from the automotive industry for the manufacturing of seat cushions, seat backs, armrests, head restraints, and others is anticipated to boost the bio-based PU market growth. In automotive applications, the use of natural fiber-reinforced plastics and plant-based polymer resins helps reduce CO2 emissions and the weight of vehicles, which, in turn, helps improve fuel economy. Thus, increasing government concerns to reduce CO2 emissions across the globe are anticipated to fuel the product demand in automotive applications during the forecasted years. To cater to the rising demand for green buildings, bio-based polyurethane foams are being utilized as an efficient insulation material, leading to higher energy savings. These foams are widely used in spray form for sealing the holes, cracks, joints, and boding other building materials, ultimately reducing the amount of conditioning or heat required inside the building.
By Product Analysis
The flexible foam segment dominated the global market in 2020 with a revenue share of more than 49%. Bio-based flexible polyurethane foam is light, durable, supportive, and comfortable and is used in various industries, such as automotive, furniture & mattress, footwear, textile, handbag & luggage, home appliances, and packaging.
Bio-based polyurethane coatings are used to provide a smooth durable finish with high resistance to UV and chemical exposure. These coatings are utilized in the construction, wood, textile, automotive, and other end-use sectors to improve the appearance and durability of a product.
By End-use Analysis
The building & construction end-use segment dominated the global Bio-based PU market in 2020 accounting for more than 35% of the total revenue share. The growth is credited to the high product demand in the building & construction end-use industry due to its beneficial characteristics including excellent insulation, low weight, long life span, and corrosion resistance among others.
Bio-based polyurethane is also extensively used in electrical & electronics applications, such as smartphones, mobile devices, laptops, and TVs owing to its electrical insulation, shock resistance, adhesion, and other properties.
The product is widely utilized in packaging applications due to the shock-absorbing properties that make it ideal for storage and transportation of products, such as electronic equipment, consumer goods, wines, and medical & healthcare products.
By Regional Analysis
China, Asia Pacific was the largest regional market in 2020 with a revenue share of more than38%. It is anticipated to maintain its dominance over the forecast period owing to rising demand from key industries, such as automotive, consumer goods, electrical & electronics, packaging, and building & construction in emerging economies like China and India.
the region is characterized by the easy availability of land and skilled, low-cost labor. A shift in the production landscape in emerging economies, particularly China and India, is expected to positively influence market growth over the forecast period.
Key Players
Market Segmentation
The study objectives of this report are:
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