Green polyols and Bio polyols are environment friendly alcoholic liquids that contain more than one hydroxyl groups. Bio polyol is prepared of different vegetable oils such as canola, corn and castor, whereas green polyol is devoloped from reprocessed polyurethanes and polyethylene terepthalate. Polyester polyols and polyether polyols are the two major types of bio poyols and green polyols which are most widely used. Such products are widely used in a series of applications including flexible, sealants, rigid and adhesives polyurethane foams and coatings.
The crucial raw materials that find major usage in the manufacture of elastomers, coatings, adhesives, polyurethane, thermoplastic, artificial leather and sealants are Bio polyol and green polyol. Some of the key factors fuelling the growth of the global green & bio polyol market include presence of strict environmental rules and regulations by several government and non-government bodies as well as feasible legislations which allow the manufacturers to increase the content of green & bio polyol in their products. Moreover, the demand for green & bio polyols has been rapidly growing from several end use industries including construction and transportation. Various growth factors including feasibility of raw materials as well as rising prices of crude oil owing to rise in prices in traditional polyols have contributed to the rapid growth of the global market. Several other factors including lesser carbon footprint have also implemented to a relatively higher sustainability for bio polyols and green polyols. However, lack of efficient technical equipment and machinery coupled with desired effects as compared to traditionally used polyols is anticipated to hamper the growth of the global green & bio polyol market.
Globally the green polyols and bio polyols market is divided Based on type, application, end-use industry and geography. On the basis of type, the global green & bio polyols market can be divided into polyether and polyester. On the basis of application, the global green & bio polyols market can be segmented into polyurethane rigid foam, case, polyurethane flexible foam. On the basis of end-use industry, the global green and bio polyols market can be segmented into packaging, furniture & bedding, automotive, backing, carpet. Geographically, the global green & bio polyols market can be segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
The strong demand especially in the Asia Pacific province is thought to be one of the key driving factors for the overall progress of the global market. Moreover, China is further likely to account for the maximum share in the global market and is expected to maintain its lead in the overall demand during the forecast period. This can be attributed to speedy industrialization and growing urbanization during the previous few years. The markets in many other rising economies such as Russia, Poland, Brazil, New Zealand, Indonesia, Argentina, Korea and India among others are also anticipated to witness a rapid growth during the forecast period. In addition to this, rising per capita disposable income and rush in global economy is another key factor which is expected to the evolution of the global market during the projection period.
Key players in the global market are focusing on key market strategies such as unions and acquisitions to toughen their goodwill in the ever competitive market. Some of the major players operating in the global market include BASF SE, Mitsui Chemicals, Inc., Arkema S.A, Cargill Inc. Emery Oleochemicals, INVISTA S.A.R.L, Sdn Bhd, BioBased Technologies LLC, Bayer Material Science, Global Bio-Chem Technology Group, E.I. du Pont de Nemours and Company, Jayant Agro-Organics Limited, , The Dow Chemical Company, Johnson Controls Inc., Cargill Inc. and Stepan Company among others.
Globally the green polyols and bio polyols market is segmented:
• Polyurethane rigid foam
• Polyurethane flexible foam
By End-User Industry:
• Furniture & bedding
• North America
• Asia Pacific
• Latin America
• Middle East & Africa