A paradigm shift from
conventional PU products to eco-friendly products will stimulate Natural Oil
Polyols Market size over the coming years. Regulatory bodies across the globe
have enforced norms pertaining to the rising GHG and carbon emissions, owing to
which biotechnology companies have shifted to manufacturing bio-based PU, which
in turn will spur natural oil polyols industry.
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Global market Insights, Inc., affirms natural oil polyols (NOP) industry to
surpass a valuation of USD 10.3 billion by 2023, growing at a CAGR of 7% over
2016-2023. Bio-based PU possess the properties of high performance, durability,
and sustainability. In fact, the demand for bio-based polyurethane was more
than 1600 tons in the year 2015 and is estimated to surpass 2600 tons by 2023,
with a CAGR projection of 6.5% over 2016-2023. The rising usage of bio-based PU
in numerous end-use sectors will consequently lead to the growth of natural oil
polyols market.
Natural oil polyols industry from palm oil products is expected to record a
CAGR of 7% over 2016-2023, subject to the vast farmlands of castor and palm oil
tress across South East Asia and the technical advancements in extraction
techniques. It has been predicted that palm oil market will witness the maximum
growth across the Asia Pacific belt. The surging automotive and construction
sectors across the emerging economies of India and China will fuel the regional
natural oil polyols industry.
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Soy oil dominated the product landscape of natural oil polyols industry in
2015, with a valuation of USD 1.7 billion. This product is heavily utilized
across the automotive and transportation sectors. In addition, the rising
number of soy acreages across Brazil and the United States will push natural
oil polyols market growth from soy oil. Renowned firms such as the Dow Chemical
Company and Cargill have already begun to commercialize soy based natural oil
polymers to produce PU spray insulations and foams. This product is quite
prominent across the United States and will contribute toward the growth of the
regional natural oil polyols industry.
It has been predicted that castor oil products will observe the maximum gains
of 7.5% over 2016-2023, pertaining to the product purity and hydrolysis
resistance. This product also requires the least modification as opposed to
palm oil and soy oil, which will spur the overall natural oil polyols industry.
Sunflower oil products, on the other hand, will witness a growth rate of 6.5%
in Europe and are expected to exceed a volume of 42 kilo tons by 2023, thereby
stimulating natural oil polyols market.
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Renowned organizations such as EPA and REACH have formulated norms to reduce
the carbon emissions in the atmosphere, which will fuel natural oil polyol
market. It has been observed that the manufacturing process of NOPs reduces
nearly 25% of the energy demand and generates almost 30% less carbon emissions.
In addition, the EES (European Emission Standards) has also been striving to
reduce emissions from the automobile tail pipe, for which it has standardized
certain regulations. Since these emissions are specifically caused by the
vehicle weight, it becomes imperative for manufacturers to use bio-based
counterparts, which will impel natural oil polyols industry.
Natural oil polyols market is quite consolidated and is shared between selected
participants. Major players operating in this market include Dow Chemical,
Urethane Soy Systems, Elevance Renewable Sciences, Hunstman, Cargill, BioBased
Technologies LLC, Emery Oleochemicals, BASF, Bio Amber, Vertellus Specialties,
Stepan Company, Lubrizol, Covestro, Jayant Agro Organics, Mitsui Chemicals, and
IFS Chemicals Group. This technology-driven market is expected to chart out a
profitable roadmap for itself over the years ahead.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global
market research and consulting service provider; offering syndicated and custom
research reports along with growth consulting services. Our business
intelligence and industry research reports offer clients with penetrative
insights and actionable market data specially designed and presented to aid
strategic decision making. These exhaustive reports are designed via a
proprietary research methodology and are available for key industries such as
chemicals, advanced materials, technology, renewable energy and biotechnology.
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