Analysis of Bio-Based PU market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Bio-based PU is produced from sustainable substitutes of petroleum. Bio-based PU is a promising alternative to conventional petroleum-based PU as they have reduced carbon content, are more environmentally friendly, and are biodegradable. The intensity of participation in the global bio-based PU market is expected to increase as it offers promising growth in the coming years. Existing chemical market players are collaborating and investing huge capital in other research institutes and biotechnology firms for the development of new bio-based PU products and for the optimization of the methods of bio-based PU production.
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Bio-Based PU Market Drivers
Bio-based PU is more cost-stable as compared to the conventional fossil-fuel (petroleum) based PU as fossil fuels suffer from intense fluctuations in availability, trade, and hence their prices. Also, the performance of bio-based PU is comparable to that of petroleum-based PU. Therefore, a competitive advantage of bio-based PU from conventional PU in terms of its cost stability and performance is expected to be one of the key factors driving the growth of the global bio-based PU market.
Furthermore, the utilization of bio-based PU instead of petroleum-based PU helps reduce the carbon footprint of industries. The industries are more focused on the adoption of sustainable methods of production and manufacturing. This factor has significantly resulted in the increasing demand for bio-based PU from industries such as automotive, construction, and paints and coatings among others that are trying to achieve their sustainability goals and offer more environment-friendly products to the consumers. Therefore, an increase in the global awareness for the utilization of bio-based PU amongst industrialists is driving the growth of the global bio-based PU market.
Bio-Based PU Market Restraints
Although bio-based PU is cost stable, the prices of bio-based PU are higher as compared to the conventional petroleum-based PU because the production of bio-based PU is comparably difficult and requires additional investments. This factor significantly restraints the sales of the global bio-based PU market and acts as a significant restraint against the growth of the global bio-based PU market.
Bio-Based PU Market Trends
The opportunities for growth in the global bio-based PU market are tremendous. These opportunities have been successfully recognized by the existing polymer manufacturers and in order to grow in the global bio-based PU market, they are actively participating in collaborations and mergers with other players for research and development of new bio-based PU products. As a consequence, the global bio-based PU market has been witnessing a frequent number of product launches that are expanding the global bio-based PU market product portfolio and are increasing the intensity of competition amongst the different market participants.
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Some of the market participants identified across the value chain of global bio-based PU market are:
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East Asia is expected to dominate the global bio-based PU market in terms of consumption. This is driven by the increasing manufacturing capacity of industries that consume bio-based PU in the region. Also, China is expected to project a prominent growth in the global bio-based PU market.
Implementation of stringent government regulations in the regions such as North America and Europe is expected to increase the consumption of bio-based PU and have a positive impact on the growth of global bio-based PU market in North America and Europe. Emerging economies such as India is expected to project a promising growth in the South Asia bio-based PU market. Other regions such as Middle East and Africa and Oceania are also expected to project significant growth in the global bio-based PU market.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. Report also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
The global Bio-Based PU market can be segmented on the basis of type, applications, end-uses and regions.
On the basis of type, the global Bio-Based PU market can be segmented as:
On the basis of applications, the global Bio-Based PU market can be segmented as:
On the basis of end-use industry, the global Bio-Based PU market can be segmented as:
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The global bio-based PU market is estimated to reach US$ 60 million by 2029.
With 40% market share, Asia Pacific provides optimistic opportunities for market players.
The bio-based PU market is estimated to develop at a CAGR of 6% over the forecast period.
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