May 26, 2021 07:00 ET | Source: Fior Markets Fior Markets
Newark, New Jersey, May 26, 2021 (Global News Agency)-According to a report released by Fior Markets, the global natural oil polyol market is expected to grow from USD 7.9 billion in 2020 to USD 14.99 billion in 2028. The growth rate is for the forecast period 2021-2028, with a compound annual growth rate of 8.34%.
The natural oil polyol market has witnessed significant growth in the past few years. Natural oil polyols called NOP/biopolyols are those polyols derived from vegetable oils, such as soybean oil seeds, sunflower oil seeds, castor oil seeds, tall oil seeds, palm oil seeds, rapeseed oil seeds and Different types of Khmer oilseed techniques help. Natural oil polyols are mainly used in the production of polyurethane products. Such products are sustainable in nature and have a positive impact on performance and durability. Natural oil polyols are competitors of petrochemical products because NOP replaces the use of petrochemical products. Natural oil polyols are used in various fields such as the food industry, construction, and automobile industry.
Due to favorable government regulations, consumer awareness of environmentally friendly products, EPA and REACH compliance related to the promotion of eco-system and health-related environmentally friendly products, the global natural oil polyol market is expected to witness significant growth. Rising demand for raw materials may cause a gap in supply and demand, which in turn will affect the market price trend of natural oil polyols. The government's measures to reduce greenhouse gas emissions have promoted the growth of the market. The cost-effective and eco-friendly production using bio-based ingredients also contributes to market growth. Macroeconomic factors, such as increased consumer disposable income leading to increased manufacturing output, are expected to drive market growth.
The application range of biopolymers in the construction and furniture industries has been continuously expanded to reduce the use of traditional plastics, the availability and accessibility of raw materials, and the increase in consumer disposable income, which are considered to be the key to market growth. Trend factors. Economic incentives, manufacturers try to reduce the use of petrochemical products to comply with national/international sustainability standards and good manufacturing practices, which also help stimulate market growth. The factors that inhibit market growth are Covid and high investment. The outbreak of Covid led to the temporary closure of many manufacturing plants and industries. At the same time, the blockade adversely affected the production of consumer electronics, automobiles, and furniture products. Bio-refining equipment and vegetable oil extraction technology require substantial investment. Therefore, these factors inhibit market growth.
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Some well-known players in the market are Cargill, Elevance Renewable Sciences, IFS Chemical Group, BASF SE, Covestro, Bio-based Technologies, Lubrizol, Huntsman, Jayant Agro Organics, Dow Chemical Company, Stepan Company, Emery Oleochemicals, Mitsui Chemicals, and Vertellus Holdings LLC.
The soybean oil polyol market segment dominates and will occupy the largest market share in 2020, accounting for 39.09%. Based on the product, the natural oil polyol market is segmented into soybean oil, sunflower oil, castor oil, palm oil and rapeseed oil . Soybean oil polyols partially dominate the market and will occupy the largest market share in 2020 at 39.09%, due to increased demand for its many applications, such as fuel additives and other polymers. The availability of raw materials, ease of processing, durability, light weight and better strength all help to maintain the largest market share. Its ability to compete with high-priced petroleum polyols is another factor. Due to the increasing demand for its purity and resistance to hydrolysis, castor oil and soybean oil polyols go hand in hand. Castor oil polyol is the cleanest natural oil polyol.
The construction end-use segment dominates the market and will occupy the largest market share of 37.78% in 2020. On the basis of the end-use segment, the global natural oil polyol market is segmented into construction, food, electronic appliances, footwear, furniture, and Interior decoration, transportation, packaging and automobiles. The construction end-use sector dominates the market and will occupy the largest market share in 2020 due to rapid industrialization, increasing adoption of polyurethane due to its excellent thermal and sound insulation properties, and the development of residual buildings and infrastructure. In addition to the construction end-use market segment, electronic devices account for the largest market share due to consumers' awareness of the use of toxic commercial products.
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Regional segmentation of natural oil polyol market
According to geography, the global natural oil polyol market is divided into North America, Europe, Asia Pacific, Middle East and Africa, and South America. North America has the largest market share in 2020, at 47%. The United States has confirmed this growth in North America due to favorable government regulations, government initiatives in the production and consumption of bio-based materials, and the high availability of bio-based materials. Due to the increase in per capita income and rapid development of US soybeans, the Asia-Pacific market is expected to witness significant growth.
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Analyze the global natural oil polyol market based on value (in billions of dollars). All market segments are analyzed on a global, regional and national basis. The research includes analysis of more than 30 countries in each market segment. The report provides an in-depth analysis of drivers, opportunities, constraints and challenges to gain key insights into the market. The research includes Porter's five forces model, attractiveness analysis, raw material analysis, and competitor's location grid analysis.
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