About Bio-based Polyurethane
Adipic acid, a petroleum-based compound, and few other di-acids are the commonly used conventional raw materials for manufacturing polyurethanes. However, natural oil polyols or bio-polyols derived from vegetable oils can also be used for manufacturing polyurethanes. These products are called bio-based polyurethanes.
The most common sources of natural oil polyols include soy oil, castor oil, peanut oil and canola oil. Castor oil is primarily used for producing natural oil polyol due to the availability of ready hydroxyl group unlike other oils that require the introduction of hydroxyl group by other procedures. Polyols derived from Natural oils have comparable origins and applications but the materials produced are different depending on their manufacturing process. Apart from adipic acid, bio-based succinic acid and 1,4 butanediol can be combined with the required isocyanates to produce polyurethanes with up to 70% bio content.
Technavio’s analysts forecast the global bio-based polyurethane market to grow at a CAGR of 6.75% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global bio-based polyurethane market for 2016-2020. To calculate the market size, the report considers revenue generated from numerous applications of bio-based polyurethane in different end-user segments.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Bio-based Polyurethane Market 2016-2020
Technavio recognizes the following companies as the key players in the Global Bio-based Polyurethane Market: BASF, Cargill, Covestro, Dow Chemical, and Dow Chemical.
Other Prominent Vendors in the market are: Hitachi Chemical Company, Mitsui Chemicals, Myriant, RAMPF Polymer Solutions, Rhino Lining, and SNP.
Commenting on the report, an analyst from Technavio’s team said: “The demand for bio-based polyurethane from various end-users such as the automotive industry is expected to increase during the forecast period. Therefore, vendors in the market are investing substantially in R&D to develop bio-based polyurethane. The major investment in R&D is directed toward improving the efficiency of bio-based polyurethanes.”
According to the report, the growth in packaging, automotive, footwear, furniture, and construction industries in emerging markets is expected to foster the market growth during the forecast period.
Further, the report states that the cost of production of bio-based polyurethane is higher than that of conventional thermoplastic polyurethane. Most consumers in the market prefer cheaper alternatives. The extensive price difference between the counterparts poses a challenge to the market. Further, the technologies required to manufacture bio-based thermoplastic polyurethane are costlier and sophisticated.
BASF, Cargill, Covestro, Dow Chemical, Dow Chemical, Hitachi Chemical Company, Mitsui Chemicals, Myriant, RAMPF Polymer Solutions, Rhino Lining, SNP.