Global Bio-Based Polyurethane Market To Generate $63.3 Million Revenue by 2030
- Published: July 2022
The global bio-based polyurethane market revenue is projected to be $63.3 million in 2030, witnessing a 6.9% compound annual growth rate during 2021–2030. This can be ascribed to the proliferating use of this material in home furnishings, construction substrates, 3D printing, art, green electronics, and footwear.
The eco-friendly nature of sustainable polyurethane makes it ideal for commercial and industrial rollers and gel pads. Moreover, it is more durable and flexible in comparison to traditional polyurethane. Another major use of environment-friendly polyurethane is in mobile phones, which are used for a few years and then scrapped and stuffed in landfills. Therefore, manufacturers are focusing on utilizing these polyurethanes for the covers, along with bezels and other structural elements, of mobile phones.
Coatings, Adhesives, & Sealants Category To Register Highest Growth
Among all product types, coatings, adhesives, & sealants accounted for the third-largest bio-based polyurethane market share in 2021, and they are set to witness the fastest growth during the forecast period. The growth is mainly credited to their vast range of applications, such as construction, packaging, transportation, and electricals, due to their high adhesion to a diversity of substrates, such as metals, plastics, wood, and glass.
The adhesives are excellent for copper foil bonding, surface-fix conductive adhesion, electronic coil fabrication, and die-stamped printed circuit board bonding, on account of their crucial characteristics of curing at room temperature, endurance, and high thermal shock and vibration resistance.
Based on end use, building & construction held the largest share, of more than 30%, in the market in 2021, as the material improves building energy efficiency. The versatility of polyurethane makes it a useful material in the construction industry, including new construction and retrofitting buildings, mainly in insulation and many other products. Its chemical structure makes it one of the most-energy-efficient insulators, which protects the environment, because buildings with polyurethane materials utilize comparatively lesser energy for heating and cooling.
Geographically, APAC recorded the largest market share in 2021, and it will be the second-fastest-growing region during the forecast period. Emerging economies, such as India and China, are recording magnificent growth in various sectors, including housing, consumer goods, and electronics. The automotive industry is also embracing polyurethanes to manufacture vehicles of a lower weight. Additionally, modern customers are shifting toward bio-based products from the traditional products obtained from petroleum, as the ‘green’ status is becoming a unique selling proposition (USP) for products and brands.
In the same way, the augmenting infrastructure development activities, coupled with the expeditious urbanization and a favorable regulatory environment for bio-based products in many economies, including Brazil, are projected to be the key drivers for the market growth in LATAM.
Similarly, North America and Europe are predicted to record exponential growth in the usage of this material in the long run owing to the large scale of infrastructure development in these regions. While, in the MEA, Saudi Arabia dominates the construction market; hence, the continued investments and favorable government regulations are projected to drive the bio-based polyurethane market growth in the country in the coming years.
Key players in the market include BASF SE, Mitsui Chemicals Inc., Covestro AG, Huntsman International LLC, Lubrizol Corporation, Woodbridge Foam Corporation, Rhino Linings Corporation, and Malama Composites Inc.