Bio-based Polyurethane Market - Growth, Trends, and Forecast (2020 - 2025)
|出版商||Mordor Intelligence Pvt Ltd||商品編碼||391874|
|出版日期||內容資訊||英文 100 Pages
|全球生物聚氨酯市場:成長，趨勢，及預測(2020年∼2025年) Bio-based Polyurethane Market - Growth, Trends, and Forecast (2020 - 2025)|
|出版日期: 2020年08月01日||內容資訊: 英文 100 Pages||
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.
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.