Natural Oil Polyols Market Size Is Estimated To Reach $13.7 Billion By 2027

The global natural oil polyols market size is expected to reach USD 13.7 billion by the end of 2027, expanding at a CAGR of 8.4% from 2020 to 2027, as per a new report by Grand View Research Inc. The market is expected to be majorly driven by growing demand for bio-based polyurethanes for sound and thermal insulation across the end-use industries.

The paradigm shift towards bio-based feedstock owing to growing government initiatives supporting bio-based feedstock is expected to create lucrative growth opportunities for the global market in the near future. Natural oils polyols (NOP) are considered to be an efficient replacement for petroleum-derived polyols that are widely used to produce rigid and flexible polyurethanes. They are cost-effective and as good as petroleum-based polyol polyurethane in terms of performance. These factors have significantly boosted product consumption amongst the manufacturers that are more focused on green and sustainable production.

Soy oil polyol is expected to be one of the prominently selling products, followed by palm oil polyols and others, due to its ease of availability, lightweight, durability, and efficient properties. The construction sector that consumes polyurethanes for excellent thermal and sound insulation applications is likely to create a significant demand for the product over the forecast period. Regionally, the product demand is expected to augment from the regions, such as North America and Europe, wherein manufacturers’ inclination towards bio-based feedstock is observed to be higher. Lucrative demand is expected to be witnessed from the Asia Pacific, where countries such as China, India, Indonesia, and Malaysia are transforming into global manufacturing hubs.

Technological innovation in terms of biorefineries and efficient ways of plant-oil extraction is one of the prime factors behind the market competition. R&D, coupled with patent filings, is expected to intensify this competition amongst the manufacturers. Long-term supply contracts with the raw material suppliers and end-users, positioning in markets with high raw material availability, supply chain optimization, and production in association with Agro-based and plant-based industries are some of the prominent operating strategies observed amongst the market players.

Natural calamities and climatic fluctuations that negatively impact plant cultivation are expected to pose a significant threat to the market. This threat is expected to be widened by the trade halts, supply chain disruptions, and industrial shutdowns caused by the impact of COVID-19 in some of the major economies, such as the U.S., the U.K., Italy, India, and China, which is further likely to project industry challenge in 2020. The uncertainties in the global market are likely to be further intensified by the changing trade policies of some of the leading economies, such as the U.S., the U.K., the European Union, India, and China post-COVID-19 impact across the geographies.

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Natural Oil Polyols Market Report Highlights

• Soy oil polyol was the largest product segment with a revenue share of 36.02% in 2019 owing to its wide usage in polyurethane applications
• The construction end-use segment emerged as the largest segment with a revenue share of 32.8% in 2019 owing to mounting demand from the industry for thermal and sound insulation applications
• The furniture and interiors end-use segment is likely to expand at a lucrative CAGR of 8.5% from 2020 and 2027 owing to the growing demand for bio-based polyurethanes for cushioning applications
• In 2019, North America emerged as the largest regional market in terms of revenue, holding a share of 45.0%
• R&D, technological innovation, and application diversification are some factors expected to drive the market in the near future.

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About Grand View Research        

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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