The bio-based polyurethane market will touch a value of USD 63.3 million by 2030, at a compound annual growth rate of 6.9% in the years to come. The growth of the industry is because of the numerous uses of this polymer, like in footwear, packaging, biomedical and transportation industry.

Bio-based polyurethane coatings are widely replacing petrochemical coatings as they do not pose much damage to the environment and are affordable, easily accessible and recyclable.

The largest share, more than 50%, was held by the flexible foam category, and rigid foam and coatings, adhesives, & sealants followed it.

Flexible foam made with bio-based polyurethane is strong, light and comfortable. The material is put to use for cushioning for a large number of consumer and commercial products, for example automotive interiors, carpet underlay, packaging, furniture, seating, mattresses, and specialty items. The acceptance of this material is because of its ability to be highly firm or soft and viscoelastic.

The packaging category will grow significantly at a rate of about 9%. Snack food bags, shopping bags, and printed films use one-component polyurethane adhesives largely.

Moreover, a custom-made two-component polyurethane adhesive is used to apply polyvinyl chloride to aluminum sheets for medical uses. Furthermore, hot-melt polyurethane is extremely appropriate for wrapping applications because of its low viscosity and low temperature.

Green buildings are getting popular as they are environment-friendly and help save on the costs of operations. Numerous government agencies have recognized and incentivized green buildings, such as the World Green Building Council, Ministry of Skill Development & Entrepreneurship, SIDBI and the GSA in the U.S.; in addition to municipal bodies and state governments across nations.

APAC bio-based polyurethane market had a share of over 35% in the past, and this dominance will continue in the years to come. This is because of the growing requirement for this material from the construction, packaging, automotive, and consumer goods industries in numerous nations.

North America will grow the fastest and also followed APAC in terms of revenue as a result of the increasing construction spending in the U.S.

Additionally, the growth of the industry will be boosted by the increasing investments in water, renewable energy, transportation, and housing projects. Moreover, the continuing commercial construction projects, such as corporate office buildings, outdoor leisure facilities, hotels & resorts, and retail buildings, support the prospects for growth of the industry.

The construction industry is on the way of growth, and due to the widespread use of bio-based polyurethane all over the world, the demand for bio-based polyurethane will continue to rise even further in the years to come.

Source: P&S Intelligence