Polyurethanes are commonly synthesized by the poly addition of di isocyanates with low molecular weight chain extenders and polyols. However, during recent times, owing to research and development activities, polyurethane synthesis can be achieved by utilizing the non-isocyanate method. Mounting concerns connected to the environment, and negative impression of petroleum-based chemicals on environment and human health have played a foremost role in augmenting the requirement for the bio-based polyurethane during recent times. Moreover, growing emphasis laid on exploring the potential of using natural resources to introduce non-isocyanate polyurethanes is expected to further enhance the growth prospects of the global bio-based polyurethane market during the review period.
According to the report analysis, ‘Bio-Based Polyurethane Market: Current Analysis and Forecast (2021-2027)’ states that the requirement of bio-based polyurethane is probable to grow during the forecast period due to innovation in technology and augmenting the focus on sustainable future. The trend of sustainable future and circular economy can be witnessed around the industry, as a result company are trying to transform the industry operates conventionally. For instance, until presently, in automotive industry, petrochemical based on ethylene and propylene are utilized for finishing leather and synthetic surfaces. But with the innovation in biotechnology has resulted in the advancement of renewable raw materials like bio-based polyurethane. It can also demonstrate greater film performance to their fossil fuel-based predecessors. Further, increasing development of green buildings is replacing the conventional materials with bio-based alternatives. Since polyurethane finds application in countless areas of building & construction like for insulation and carpet underlaying. Therefore, with the growth in green buildings, requirement of bio-based polyurethane would also influence.
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Based on end-use, the market is classified into automotive, building & construction, bedding & furniture, footwear, electrical & electronics, and many others. Of all, building & construction accounts for proficient revenue share in the global bio-based polyurethane industry. Growing energy cost and augmenting the awareness concerning the benefit of insulating material in home has augmented the demand of bio-based polyurethane-based foam in building & construction industry. Further, polyurethane foams are utilized as carpet underlay, therefore with new construction and renovation activities, requirement of bio-based polyurethane would increase throughout the foreseeable future.
For a better understanding of the market implementation of bio-based polyurethane, the market is analysed based on its worldwide existence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific controlled the considerable share in the global bio-based polyurethane market due to large and rapidly augmenting the end-use industry particularly in countries such as China and India. For instance, according to Oxford Economics, between 2020-2030, India is projected to showcase the fastest growth rate in the infrastructure construction, around the globe. Further, shifting of manufacturing amenities from western economies to the Asia-Pacific is growing the consumption of bio-based polyurethane. Therefore, it is predicted that the market of bio-based polyurethane will augment more proficiently over the analysed duration.
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Global Bio-Based Polyurethane Market Growth
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