Global Bio-Based Polyurethane Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Bio-Based Polyurethane Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Polyurethane is an organic polymer compound, which can be made into polyurethane plastic, polyurethane fiber, polyurethane rubber and elastomer. Bio-based polyurethane is prepared from biomass materials, such as soybean oil, castor oil, palm oil, etc. It has the advantages of green, environmental protection and renewable, and is widely used in electronics, automobile transportation, construction and other fields.

Market Overview:

The latest research study on the global Bio-Based Polyurethane market finds that the global Bio-Based Polyurethane market reached a value of USD 40.53 million in 2022. It’s expected that the market will achieve USD 89.27 million by 2028, exhibiting a CAGR of 14.07% during the forecast period.

Upstream and downstream interactions will cause business disruption

First of all, due to the impact of the epidemic, it is difficult for the procurement and transportation of raw materials and equipment to be in place in a timely manner, and upstream enterprises affect the work progress of mid- and downstream enterprises. Secondly, manufacturing companies in the bio-based polyurethane industry are affected to varying degrees, and companies re-examine their investment strategies, especially their productive expansion investment strategies. They will re-formulate production plans based on the current epidemic situation and market supply and demand; the epidemic will have an impact on the cash flow of small and medium-sized enterprises in the industry, which in turn will affect the operating conditions. At the same time, delays in production and delivery due to poor logistics may lead to loss of customers if the customer's delivery time requirements do not meet the contractual requirements.

The development of e-commerce

In recent years, with the technological advancement of the Internet, e-commerce has continued to develop. Affected by the global new crown pneumonia epidemic, countries have introduced isolation policies, people have been isolated at home and travel has been restricted, companies have begun to work online, and e-commerce has emerged. Many small and medium-sized enterprises will also obtain good development opportunities with the help of e-commerce platforms. In the new economic environment, e-commerce has provided many new market opportunities for many enterprises. First, enterprises can open up new development space through e-commerce network, improve themselves, and find new business opportunities and partners. Second, some small and medium-sized enterprises can benefit from it, and publishing information on the Internet will help them seize international opportunities and develop international markets.

Broad downstream demand drives bio-based polyurethane development

Polyurethane is one of the most versatile plastic materials. The chemistry of bio-based polyurethanes allows them to adapt to challenging problems, be molded into unusual shapes, and produce industrial and consumer products that add comfort, warmth and convenience to people's lives. The construction industry is an important field of application for bio-based polyurethanes due to their excellent insulating properties, light weight, long service life and corrosion resistance. At the same time, due to its electrical insulation, impact resistance, adhesion, it is widely used in electrical and electronic applications, such as home appliances, mobile phones, mobile devices, notebook computers and TVs, etc. Additionally, bio-based polyurethane can be used in packaging applications because of its shock absorbing properties, making it ideal for storage and transportation of electronic devices, consumer products, healthcare, and more. Finally, the automotive industry is one of the most important users of bio-based polyurethanes, which can improve the load-bearing or stiffness properties of products. At present, the process of carbon neutralization and carbon peaking in various countries is continuously advancing, the global sales of new energy vehicles will maintain a rapid growth trend, and the development of the automobile industry will drive the expansion of bio-based polyurethane.

High technical barriers and high barriers to entry

With the shortage of fossil energy and the improvement of environmental protection awareness, bio-based polyurethane has received more and more attention due to its green source, low cost, easy availability and easy degradation. Vegetable oil, cashew nut shell oil and other bio-based renewable materials are the most important raw materials for the synthesis of polyols and polycyanates, which can be used to synthesize polyurethanes. However, in the process of biomass biological utilization, a series of technical problems need to be overcome to improve utilization efficiency and reduce production costs. In recent years, chemical giants such as BASF, Lubrizol, and Covestro have developed bio-based polyurethanes. They have the advantages of capital, technology, talents, resources, etc., and master core technologies. For new entrants, the industry has high technical barriers and high barriers to entry.

Region Overview:

In global comparison, a significant portion of the revenue was generated in United States (37.11% in 2022).

Company Overview:

BASF is one of the major players operating in the Bio-Based Polyurethane market, holding a share of 36.18% in 2022.

BASF

BASF SE is a German multinational chemical company and the largest chemical producer in the world. Its headquarters is located in Ludwigshafen, Germany.
At BASF, they create chemistry – and have been doing so for 150 years. Their portfolio ranges from chemicals, plastics, performance products and crop protection products to oil and gas. As the world's leading chemical company, they combine economic success with environmental protection and social responsibility.

Lubrizol

The Lubrizol Corporation is an American provider of specialty chemicals for the transportation, industrial and consumer markets. These products include additives for engine oils and other transportation-related fluids, additives for industrial lubricants, and additives for gasoline and diesel fuel.
Lubrizol is committed to enabling a sustainable future. Their unmatched science unlocks immense possibilities at the molecular level, driving sustainable and measurable results on their mission to help the world Move Cleaner, Create Smarter and Live Better.

Segmentation Overview:

By type, Case (coatings, adhesives, sealants and elastomers) segment accounted for the largest share of market in 2022.

Case (coatings, adhesives, sealants and elastomers)

The uses of polyurethanes in the coatings, adhesives, sealants and elastomers (CASE) market offer a broad and growing spectrum of applications and benefits. Polyurethane coatings can enhance a product’s appearance and lengthen its lifespan. Polyurethane adhesives can provide strong bonding advantages, while polyurethane sealants provide tighter seals. Polyurethane elastomers can be molded into many shape, are lighter than metal, offer superior stress recovery and can be resistant to many environmental factors.

Foams

Flexible polyurethane foam is used as cushioning for a variety of consumer and commercial products, including bedding, furniture, automotive interiors, carpet underlay and packaging. Flexible foam can be created in almost any variety of shapes and firmness. It is light, durable, supportive and comfortable.
Rigid polyurethane foams create popular, energy-efficient and versatile insulations. These foams can significantly cut energy costs while making commercial and residential properties more efficient and comfortable.

Application Overview:

The market's largest segment by application is the segment Electronics &Electrical Appliances, with a market share of 39.65% in 2022.

Key Companies in the global Bio-Based Polyurethane market covered in Chapter 3:

Mitsui Chemicals
Lubrizol
Woodbridge Foam
Covestro
BASF
Malama Composites

In Chapter 4 and Chapter 14.2, on the basis of types, the Bio-Based Polyurethane market from 2018 to 2029 is primarily split into:

Case (coatings, adhesives, sealants and
elastomers)
Foams
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Bio-Based Polyurethane market from 2018 to 2029 covers:

Electronics &Electrical Appliances
Automotive
Construction
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)