A recently released report from Transparency Market Research (TMR) forecasts that the global natural oil polyol market will grow at a CAGR of 9.3% from 2014 to 2020. TMR, a market intelligence firm based in the U.S., states that by 2020, the global natural oil polyol market will reach a market value of US$7.22 billion from US$3.88 billion in 2013. The report, titled ‘Natural Oil Polyol Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020’, is available for sale on the company website.
According to this market research report, greater focus on lessening the excessive reliance on petroleum derived polyurethane and increasing prices of petroleum drive the global market for natural oil polyol. Polyols refer to the most vital components that are required for producing polyurea and polyurethane. Substantial demand for natural oil polyol comes from the following markets: furnishings, coatings and paints, construction, and automotive.
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Natural oil polyols enhance the bio-content in polyurethane, which in turn leads to higher levels of renewable carbon in the product. Polyols are generally derived from petroleum feedstock, however owing to heightened environmental concerns, the trend of deriving polyols from renewable sources is gaining momentum.
This TMR report segments the global natural oil polyol market on the basis of type of product and region. On the basis of product type, this market is categorized into sunflower oil, canola oil, palm oil, castor oil, soy oil, and others. The other types of oils are peanut oil, mustard oil, and olive oil. In addition to plant oils, natural oil polyols are also derived from animal oils. However, the demand for animal based polyols is quite less as compared to plant based polyols.
Flexible, slabstock, and rigid are the different types of polyurethane that are derived from polyols varying in molecular weight and chemical structures. Surfactants, blowing agents, cross linkers, and chain extenders are the key components that are added to polyurethane foams for changing or controlling their flexibility or rigidity.Geographically, this research study segments the global natural oil polyol market into Asia Pacific, Europe, North America, and Rest of the World. Europe and North America are the largest consumers of soy oil polyol whereas Asia Pacific is the largest consumer of palm oil and castor oil polyols. In terms of consumption, North America holds the highest share in the global natural oil polyol market and is expected to retain its dominant position in the forthcoming years.
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Factors supporting the robust growth of the North America natural oil polyol market are high purchasing power of the masses and greater government initiatives, supporting the use of sustainable products. Asia Pacific is anticipated to be the fastest growing regional player in the global natural oil polyol market during the forecast period. The report identifies the following key companies operating in the global natural oil polyol market: Vertellus Specialties, Bayer Material Science AG, Emery Oleochemicals, IFS Chemicals Group, and Dow Chemical Company amongst others.
Natural Oil Polyol Market - Product Segment Analysis
- Soy oil polyol
- Castor oil polyol
- Palm oil polyol
- Canola oil polyol
- Sunflower oil polyol
- Others (Including olive oil polyol, corn oil polyol, mustard oil polyol, etc.)
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