Newark, NJ, May 26, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global natural oil polyols market is expected to grow from USD 7.9 billion in 2020 and to reach USD 14.99 billion by 2028, growing at a CAGR of 8.34% during the forecast period 2021-2028.
The Natural oil polyols market is witnessing significant growth form the past years. Natural Oil Polyols which are known as NOPs/biopolyols are those polyols that are derived from vegetable oils like soy oil seeds, sunflower oil seeds, castor oil seeds, tall oil seeds, palm oil seeds, canola oil seeds and tall cotton oil seeds with the help of different type of techniques. Natural oil polyols are mainly used for the production of polyurethanes products. Such products are sustainable in nature and impose a positive impact upon the performance and durability. Natural oil polyols are the competitors of Petro Chemical based products as NOPs replace the usage of Petro chemical products. Natural Oil Polyols are used in various fields like in food industry, construction, automotive industry and many more.
The global natural oil polyols market is expected to witness significant growth, owing to favorable government regulations, consumers awareness regarding eco- friendly products, EPA and REACH compliances regarding the promotion of eco-friendly products relating to eco system and health. Rising demand for raw materials may create gap between supply and demand which inturn impacts the market price trend of Natural oil polyols. Government initiatives to reduce greenhouse gases emissions add up to the market growth. Cost effective and eco- friendly production with bio- based ingredients also contributes to the market growth. Macro-economic factors such increasing output of the manufacturing industry which is a consequence of rising disposal income of the consumers is anticipated to propel the growth of market.
Increasing scope of bio polymers in construction, furniture industry and many more to reduce conventional plastic usage, availability of raw materials, ease of accessibility, increase in disposal incomes of consumers are all considered as the key trending factors that favour the growth of market. Financial incentives, manufacturers attempts to reduce the usage of petro chemical based products so as to fall under national/international standards of sustainability and good manufacturing practices also helps to stimulate the market growth. The factors restraining the market growth are Covid and high investments. The outbreak of Covid resulted in the temporary shutdown of many manufacturing factories and industries along with lockdowns which had adverse impact on the production of consumer appliances, automotive, furniture products and many more. High investments are required for bio- refinery installation and for plant oil extraction technologies. Hence these factors restrain the market growth.
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Some of the notable players in the market are Cargill Incorporation, Elevance Renewable Sciences Inc., IFS Chemicals Group, BASF SE, Covestro AG, Bio Based Technologies, The Lubrizol Corporation, Huntsman Corporation, Jayant Agro Organics, Dow Chemical Company, Stepan Company, Emery Oleochemicals, Mitsui Chemicals and Vertellus Holdings LLC.
Soy Oil Polyols segment dominated the market and held the largest market share of 39.09% in the year 2020
On the basis of product, the natural oil polyols market is segmented into Soy oil, Sunflower Oil, Castor Oil, Palm Oil and Canola Oil. Soy oil polyols segment dominated the market and held the largest market share of 39.09% in the year 2020 owing to, increasing demand for its multitudinous applications such as fuel additive and other polymers. Raw materials availability, ease of processing, durability, light weight and better strength all together helps to hold the largest market share. Its ability to compete with high priced petroleum polyols is the other factor. Castor oil stands next to Soy oil polyols owing to increasing demand for its purity and hydrolysis resistance properties. Castor Oil polyols are the cleanest natural oil polyols.
Construction End Use segment dominated the market and held the largest market share of 37.78% in the year 2020
On the basis of end use segment, the global natural oil polyols market is segmented into Construction, Food, Electronic appliances, Foot wear, Furniture & Interiors, Transportation, Packaging and Automotive. Construction End Use segment dominated the market and held the largest market share of 37.78% in the year 2020 owing to, rapid industrialization, increased adoption of polyurethanes due to excellent thermal & sound insulation properties, residual buildings and infrastructural developments. Next to Construction end use segment, Electronic appliances hold the largest market share owing to, consumer awareness regarding the usage of toxic quotient products.
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Regional Segment of Natural Oil Polyols Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global natural oil polyols market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America region held the largest market share of 47% in the year 2020. This growth is ascertained by the U.S. in the North America region owing to favorable government regulations, government initiatives regarding the production and consumption of Bio- based materials, high availability of soy in U.S. The market in Asia- Pacific is expected to witness significant growth rate, owing to increasing per- capita income of people and rapid development.
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About the report:
The global natural oil polyols market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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