Product Code: 46725
The market for bio-based polyurethane is expected to grow at a CAGR of more than 6% during the forecast period. Key factors driving the market studied are the demand for sustainable materials in various industries.
- High cost of research & development is expected to hinder the growth of the market studied.
- Industrial growth in Middle East & Africa is expected to act as an opportunity in the forecast period.
Key Market Trends
Increasing Demand from the Construction Industry
- Steel, concrete, and mortar still dominate the construction industry. However, the current generation is putting greater efforts toward achieving a circular economy, which uses recyclable and renewable raw materials.
- Bio-based polyurethane is finding a strong ground, owing to the preference by the government, producers, and consumers to shift toward bio-based renewable resources. In order to reduce the consumption of polymers derived from non-renewable fossil fuels and to promote environmental preservation, several initiatives have been taken up by numerous organizations and governmental bodies, to promote the usage of bio-based products in several key sectors.
- Currently, the German Federal Ministry of Food and Agriculture (BMEL) is funding a project named PULaCell. The aim of this project is to develop bio-based reinforcing profiles for solid wood construction materials, and several industrial companies and research institutes are developing bio-based, cellulose fiber-reinforced polyurethane profiles, which are expected to make future wood-based materials stronger.
- Various emerging economies, such as Indonesia, Vietnam, and the Philippines, have been witnessing robust growth in construction activities. Strong economic performance is expected to further accelerate the growth in housing construction activities in the region. The growth of the market studied is majorly driven by the urbanization, increase in disposable incomes of individuals, construction of new houses, and activities, such as repainting of old infrastructures.
- Therefore, the demand of the construction industry is expected to increase the demand of the bio-based polyurethane in the forecast period.
Asia-Pacific to Dominate the Market
- Asia Pacific is the largest producer of bio-based polyurethane with high abundance of synthetic di isocyanates and large number of bio-based polyurethane in the region.
- The emerging construction markets, such as India, Indonesia, the Philippines, and Vietnam are coming up with PPPs and construction projects.
- These countries are seeking to bring in international firms with relevant technical expertise in the construction industry, which is to drive the market for a bio-based polyurethane market in the region.
- In Indonesia, millennials account for more than 50% of the productive population. With the increasing young population in the country, the housing demand has also been increasing simultaneously. In order to cater to the increasing demand for affordable houses, the construction of housing units has been increasing for the past couple of years.
- Furthermore, in the furniture industry, PU foams are used to create the soft cores of sofas and other upholstered household furniture, commercial/institutional furniture, such as office chairs and sofas, and seating for theaters and stadiums. The demand of furniture industry is increasing the region.
- Aforementioned factors are likely to increase the demand of bio-based polyurethane in the forecast period.
The bio-based polyurethane market is fragmented. The major companies include BASF SE, Covestro AG, Dow, Huntsman International LLC, and the Lubrizol Corporation etc., among others.
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Table of Contents
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Drivers
- 4.1.1 Increasing Demand from the Construction Industry in Developing Countries
- 4.1.2 Increasing Demand for Pre-set Products in Electronic Appliances
- 4.1.3 New Government Regulations
- 4.1.4 Demand for Sustainable Materials
- 4.2 Restraints
- 4.2.1 High Cost of R&D
- 4.2.2 Others
- 4.3 Industry Value-Chain Analysis
- 4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
- 4.5 Raw Material Analysis
- 4.6 Technological Snapshot
- 4.7 Patent Analysis
5 MARKET SEGMENTATION
- 5.1 By Product Type
- 5.1.1 Foams
- 5.1.2 Coatings
- 5.1.3 Adhesive and Sealants
- 5.1.4 Other Product Types
- 5.2 By End-user Industry
- 5.2.1 Transportation
- 5.2.2 Footwear and Textile
- 5.2.3 Construction
- 5.2.4 Packaging
- 5.2.5 Furniture and Bedding
- 5.2.6 Electronics
- 5.2.7 Other End-user Industries
- 5.3 Geography
- 5.3.1 Asia-Pacific
- 188.8.131.52 China
- 184.108.40.206 India
- 220.127.116.11 Japan
- 18.104.22.168 South Korea
- 22.214.171.124 Rest of Asia-Pacific
- 5.3.2 North America
- 126.96.36.199 United States
- 188.8.131.52 Canada
- 184.108.40.206 Mexico
- 220.127.116.11 Rest of North America
- 5.3.3 Europe
- 18.104.22.168 Germany
- 22.214.171.124 United Kingdom
- 126.96.36.199 Italy
- 188.8.131.52 France
- 184.108.40.206 Spain
- 220.127.116.11 Rest of Europe
- 5.3.4 Rest of the World
- 18.104.22.168 Brazil
- 22.214.171.124 Saudi Arabia
- 126.96.36.199 South Africa
- 188.8.131.52 Other Countries
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share Analysis**
- 6.3 Strategies Adopted by Leading Players
- 6.4 Company Profiles
- 6.4.1 BASF SE
- 6.4.2 Cargill, Incorporated
- 6.4.3 Covestro AG
- 6.4.4 Dow
- 6.4.5 Huntsman International LLC.
- 6.4.6 Johnson Controls.
- 6.4.7 Mitsui Chemicals, Inc.
- 6.4.8 The Lubrizol Corporation
- 6.4.9 TSE Industries, Inc.
- 6.4.10 Woodbridge
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Industrial Growth in Middle East & Africa
- 7.2 Developments in Bio-based Building Materials