[FURL=https://www.industryarc.com/Report/11727/bio-polyols-market.html?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Bio Polyols market[/FURL] size is forecast to reach US$7.8 billion by 2026, after growing at a CAGR of 10.2% during 2021-2026. The increasing awareness about the environment and the rising prices of petroleum are the reasons for soaring demand of bio polyols. Bio polyols, also known as natural oil polyols, are polyols derived from vegetable oils. A polyol is an organic compound containing multiple hydroxyl groups. Bio polyols are extracted from natural oils like castor oil, soybean oil, canola oil, coconut oil and others.Key Takeaways
North America dominates the bio polyols market, owing to the increase in production of soy-based polyols which result in increased usage of bio polyols in the region.
The escalating use of polyurethanes in the automotive industry consecutively increases the demand for bio polyols. Thus, driving the market growth.
Increasing applications for environmentally friendly polyols in various end use industries notably in automobiles, technological advancements in the construction industry are expected to drive the demand for bio polyols through the years to come
The major opportunity for this market is high research spending and growing environmental awareness about bio polyols. This has a positive impact on the market.
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Bio Polyol Market Segment Analysis – By Geography
North America held the largest share in the bio polyol market in 2020 up to 35%. The US is North America's largest market for bio polyols, which accounted for a major share of the industry in 2020. Growing end-use industries in US, Canada, and Mexico has a direct positive impact on the overall bio polyols market. This region is the largest market in the world for soy-based bio polyols, owing to the high availability of soy. The increasing awareness about the use of eco-friendly and sustainable materials for the production of polyurethane foams which are used in various end use industries such as construction, automotive, packaging, and others is expected to drive growth of bio polyols market.
Bio polyols Market Drivers
Increasing environmental awareness and government regulations
Growth of construction industry
Bio Polyols Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the bio polyols market. Bio polyols market top companies are Arkema S.A., Global Bio Chem Technology Group Co. Ltd., The Dow Chemical Company, BASF S.E, Stepan Company, Bayer Material Science, Mitsui Chemicals Inc., Bio Based Technologies Llc, Johnson Controls Inc., Cargill Inc., Jayant Agro Organics Ltd., E.I. DuPont de Nemours & Co., Invista S.A.R.L., Polylabs and Emery Oleo Chemicals (M) Sdn Bhd.
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