Green Polyols Market to Garner $17.2 Billion, Globally, By 2031 at 9.1% CAGR, Says Allied Market Research

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Jan 13, 2023, 05:31 ET

Rise in demand from industries such as automotive, packaging, construction and furniture & bedding drives the growth of the global green polyols market.

PORTLAND, Ore., Jan. 13, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Green Polyols Market by Type (Polyether Polyols, Polyester Polyols), by Application (Polyurethane Foam, Adhesives and Sealants, Coatings, Others), by End-use Industry (Furniture and Bedding, Construction, Packaging, Automotive, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global green polyols industry generated $7.3 billion in 2021, and is estimated to reach $17.2 billion by 2031, witnessing a CAGR of 9.1% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive Scenarios.

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Drivers, Restraints, and Opportunities-

Rise in demand from industries such as automotive, packaging, construction and furniture & bedding drives the growth of the global green polyols market. On the other hand, availability of alternative use of green polyols restrains the growth to some extent. However, surge in demand for bio-based polyols in car manufacturing is expected to pave the way for lucrative opportunities in the industry.

Covid-19 scenario-

The outbreak of the pandemic had a mixed impact on the global green polyols market. The demand for green polyols experienced a steep decline in the automotive and construction sectors.
On the other hand, however, there was a rise in demand for green polyols from the food packaging industry, as it provides much-needed protection from bacteria and expands the lifespan of the food products stored.

The polyether polyols segment to maintain its dominance during the forecast period-

By type, the polyether polyols segment accounted for the major share in 2021, generating nearly two-thirds of the global green polyols market revenue. The same segment would also manifest the fastest CAGR of 9.2% throughout the forecast period. The fact that polyether polyol compounds are used to manufacture hard polyurethane foaming polymers, which are widely utilized in refrigerators, freezers, refrigerated vehicles, thermal baffles, pipe insulation, and other industries drives the segment Growth.

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The polyurethane foam segment to retain its leadership status by 2031-

By application, the polyurethane foam segment contributed to the highest share in 2021, garnering nearly two-fifths of the global green polyols market revenue, and is expected to retain its dominance by 2031. The same segment would also showcase the fastest CAGR of 9.4% from 2022 to 2031. This is because polyurethane foam is formed from polyether polyols, which are commonly used in the building and construction industry. It is capable of managing temperature effectively. As a result, it is employed in the insulation of walls, doors, panels, and roofs.

The construction segment to rule the roost-

By end-use industry, the construction segment held nearly one-third of the global green polyols market share, and is projected to maintain the lion's share by 2031. This is owing to the fact that green polyols polyurethanes are used in building and construction to create high-performance, lightweight goods that are both resilient and versatile. Polyurethane materials also help in the aesthetics of homes and structures. Polyester polyols, which are used in residential construction, have properties like abrasion resistance, heat resistance, hardness, solvent resistance, and shock absorption. The automotive segment, however, would portray the fastest CAGR of 9.5% during the forecast period. This is due to the fact that green polyols are widely used in automobiles due to their capacity to insulate and reduce interior noise by absorbing noise and vibrations through the injection of polyurethane into body cavities.

North America garnered the major share in 2021-

By region, North America generated around two-fifths of the global green polyols market share, and is anticipated to dominate by 2031. This is attributed to the growing commercial & residential sectors and the emerging renovation trend among urban & suburban residents across the region. Asia-Pacific, on the other hand, would showcase the fastest CAGR of 9.4% from 2022 to 2031. This is because consumption of green polyols polyurethanes has escalated in India and Asian countries as a result of increased manufacturing of automotive and packaging in several end-use industries.

Leading Market Players-

UniSol
BASF SE
Cargill Incorporated
Arkema
Covestro AG
IQS Global
BioBased Technologies
Roquette
Emery Oleochemicals LLC
Synthesia Technology Group

The report analyzes these key players of the global green polyols market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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