Report Code : A11898
The high demand for polyether polyols in the green polyols market owing to its extensive applications in numerous industries including adhesives & sealants, coatings, and others. Besides, an increase in demand for bio-friendly organic compounds is predicted to bolster market growth during the forecast period. However, the availability of alternatives is likely to restrain the expansion of the market. Nevertheless, the growing demand for bio-based polyols in car manufacturing is expected to offer lucrative growth opportunities for the market growth. Â
Yerukola Eswara Prasad - Manager
Materials and Chemicals at Allied Market Research
According to a new report published by Allied Market Research, titled, “Green Polyols Market," The green polyols market size was valued at $7.3 billion in 2021, and is estimated to reach $17.2 billion by 2031, growing at a CAGR of 9.1% from 2022 to 2031.
Green polyol is a chemical molecule created from plant-based renewable sources. It can create networks or cross-linked polyether polyols networks (XLPE), which are utilized in a variety of applications including, adhesives & sealants, and coatings. XLPE networks have great mechanical strength and dielectric qualities, making them appropriate for use in electrical appliances. They have high thermal stability and can be easily handled by typical industrial gear. Polyols in green polyester polyols are chemical substances formed by the interaction of diethylene glycol with terephthalic acid in excess. Polyester Polyol finds use in paints, coatings, adhesives & inks, fibers, plastic films & sheets, and rubber goods.
The global green polyols market growth is majorly attributable to its wide applications in various industries such as adhesives & sealants, coatings, and others. Moreover, rise in demand for bio-friendly organic compounds is expected to be the green polyols market trend during the forecast period. However, the availability of alternatives is projected to hinder the expansion of the market. On the contrary, the raising demand for bio-based polyols in car manufacturing is expected to offer ample growth opportunities for the green polyols industry.
The green polyols market is segmented into type, application, end-use industry, and region. On the basis of type, the market is bifurcated into polyether polyols and polyester polyols. The polyether polyols segment accounted for the largest share in 2021. Polyols are generally utilized to create hard polyurethane foaming polymers, which are widely used in freezers, refrigerated vehicles, thermal filters, pipe insulation, and other industries.
On the basis of application, the market is categorized into polyurethane foam, adhesives & sealants, coatings, and others. The polyurethane foam segment was the highest revenue contributor to the market in 2021. Automobile manufacturers are concentrating their efforts on polyurethane-based automobile components in order to improve vehicle performance and keep up with the trend of lightweight vehicles. Polyurethane is rapidly being used to improve fuel economy in vehicle components such as interiors, exterior panels, engine compartments, and instrument panels.
On the basis of the end-use industry, the market is classified into furniture & bedding, construction, packaging, automotive, and others. Automotive segment is the fastest-growing segment with the highest CAGR. Green polyols are widely used in automobiles due to their capacity to insulate and reduce interior noise by absorbing noise and vibrations through the injection of polyurethane into body cavities. It is most commonly used in the automobile sector to make high-resilience foam seats, rigid foam insulation panels, B-pillars, headliners, suspension insulators, bumpers, and other interior car elements.
Region-wise, the green polyols market share is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is the fastest-growing region with the highest CAGR. Green polyols are used in the Asia-Pacific region to make sealants and adhesives, as well as polyurethane foams in the construction and automotive industries. Seating, headrests, armrests, and heating and ventilating headliners are all made from polyurethane foams, which is a green polyol derivative.
The major players operating in the global green polyols market include Synthesia Technology Group, UniSol, BASF SE, Cargill Incorporated, Arkema, Covestro AG, IQS Global, BioBased Technologies, Emery Oleochemicals LLC, and Roquette which hold a significant share of the market. These players have been adopting various strategies to gain a higher share or to retain leading positions in the market.
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Green Polyols Market by Type (Polyether Polyols ,  Polyester Polyols), by Application (Polyurethane Foam, Adhesives and Sealants, Coatings, Others), by End-use Industry (Furniture and Bedding, Construction, Packaging, Automotive, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
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