[FURL=https://www.industryarc.com/Research/Bio-based-Polyurethane-Market-Research-502887?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Bio-Based Polyurethane market[/FURL] size is forecast to reach $43 million by 2026, after growing at a CAGR of 7.2% during 2021-2026. Bio-Based Polyurethane are prepared from different vegetable oils, which can be further used in various applications. In addition it can also be obtained from cashew nut shell liquid. The major component of CNSL is anacardic acid (90 %), which is easily decarboxylated to cardanol by distillation. Whereas, with the rise in demand for interior coatings in automotive, the bio-based polyurethane industry is witnessing an increase in demand.Key Takeaways
Asia-Pacific dominates the Bio-based polyurethane market owing to the increasing demand from endues industries such as automotive, construction and others.
The growing demand for interior coatings in automotive, is likely to aid in the market growth of bio-based polyurethane.
Increasing usage of bio-based polyurethane as foam sealants for assist in controlling air leakage through buildings, is expected to drive the market growth for bio-based polyurethane market.
Polyurethane foams are highly flammable thus, this will create hurdles for the Bio-based polyurethane market.
Download Sample Report @ [FURL]https://www.industryarc.com/pdfdownload.php?id=502887[/FURL]
Bio-Based Polyurethane Market Segment Analysis - By Geography
APAC dominated the Bio-based polyurethane market in the year 2020 and is expected to grow at a CAGR of 7.1% during the forecast period. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India. The growing construction and automotive sector in this region is expected to drive the demand for bio-based polyurethane. In automotive sector, bio-based polyurethane are used as interior coatings, so the increase in automotive manufacturing will drive the market growth for bio-based polyurethane. According to OICA’s (International Organization of Motor Vehicle Manufacturers) production statistics of 2019, China is the largest producer of automotive around the globe. Whereas India is the 5th largest producer automotive producer. So, with the growing demand and manufacture of automotive in this region, the bio-based polyurethane market is expected to grow in the forecast period.
Bio-Based Polyurethane Drivers
Growing demand for battery electric vehicles
Growing demand in the packaging industry
Bio-Based Polyurethane Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the bio-based polyurethane market. Major players in the bio-based polyurethane market are Basf Se, Covestro, Dowdupont, Huntsman, Johnson Control Inc, Lubrizol, Mitsui Chemical, TosohTse Industry, Woodbridge Foam Corporation, among others.
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.