The global natural oil polyols (NOP) market is expected to reach USD 11.30 billion by 2024, according to a new report by Grand View Research, Inc. Growing demand for environment-friendly polymers on account of volatile prices of conventional plastics/polymers is expected to drive global NOP market.
Regulatory support in the form of financial incentives from European Commission for the adoption of environment-friendly polymers is estimated to augment market growth. The growing use of NOP for metallic & plastic coatings and door foams & headliners in the transportation industry coupled with its increasing acceptance for cushioning in footwear, and for concrete & wood coatings in the construction sector is also projected to drive the NOP market growth over the forecast period.
Further key findings from the report suggest:
- Global natural oil polyols market demand was 1.89 million tons in 2015 and is expected to reach 3.57 million tons by 2024, growing at a CAGR of 7.3% from 2016 to 2024
- Soy oil polyols emerged as the leading product segment and accounted for 36.2% of total market volume in 2015. The ease of processing and abundant availability of raw materials on account of increasing soy acreage particularly in the U.S. and Brazil is expected to drive this segment over the forecast period.
- Castor oil polyols and palm oil polyols are expected to witness above average growth rates over the forecast period. Increasing demand for high purity NOP at lower prices coupled with advancements in extraction technologies is expected to lead to the development of castor & palm oil-based polyols.
- North America was the leading regional market and accounted for 44.4% of global demand in 2015. The growing demand for bio-based polyurethane coupled with the availability of key raw materials such as soy in the U.S. is expected to drive the regional market.
- Asia Pacific is projected to witness the highest growth of 7.7% from 2016 to 2024. Increasing infrastructure spending in China and India coupled with the abundant availability of raw materials such as palm oil and castor oil in South East Asian countries is expected to have a positive influence on the regional market growth.
- Some leading companies operating in the global natural oil polyols market include BASF SE, The Dow Chemical Company, Cargill Inc, Huntsman Corporation, Jayant Agro Organics Ltd, BioBased Technologies LLC, Elevance Renewable Sciences Inc., Stepan Company, IFS Chemicals Group, Bayer MaterialScience, and Emery Oleochemicals.