Green and Bio Polyols Market Worth $4.71 Billion by 2021
Polyether polyols is the largest by type market in the global green and bio polyols market.
The green and bio polyols market was valued at $2.63 billion in 2015 and is projected to reach $4.71 billion by 2021, at a compound annual growth rate (CAGR) of 9.5% from 2016 to 2021, according to the report "Green and Bio Polyols Market by Type (Polyether, Polyester), Application (Polyurethane Rigid Foam, Polyurethane Flexible Foam, Case), End Use Industry (Furniture & Bedding, Automotive, Packaging, Carpet Backing) and Region - Global Forecast to 2021" published by MarketsandMarkets. This growth is considered to be attributed to the eco-friendly and sustainable nature of bio polyols and the consistent supply of bio-based feedstock, while crude oil price fluctuations place limitations on the use of petroleum based polyols.
Polyurethane flexible foam is currently the largest application of green and bio polyols. Green and bio polyols are largely used in the manufacture of polyurethane flexible foam. The growing adoption and preference for the use of bio-based materials across the world has led to the increasing use of renewable and sustainable products like green and bio polyols in the polyurethane flexible foam application. Demand for these materials is escalating due to its growing consumption for the manufacture of automotive seats, beddings and other consumables.
The North American region was the largest for the green and bio polyols market in terms of both value and volume in 2015. This is allegedly due to the growing preference for and consumption of materials and chemicals that have a lower carbon impact and that are recyclable or derived from non-polluting resources. Green and bio polyols are thus an answer as substitutes for crude-based polyols. Moreover, stringent environmental regulations associated with the use of crude oil-based polyols and volatility in crude oil prices are considered to have led to the increasing production of plastics from green and bio-based polyols. The region is expected to continue to hold the largest market share in terms of value in the green and bio polyols market.
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