Natural Oil Polyols (NOP) Market Key Players are Cargill, BASF, Dow Chemical, Huntsman Corporation, BioBased Technologies LLC, Elevance Renewable Sciences, Inc., Stepan Company, Emery Oleochemicals, Covestro, Mitsui Chemicals Grou

A paradigm shift from conventional PU products to eco-friendly products will stimulate Natural Oil Polyols Market size over the coming years. Regulatory bodies across the globe have enforced norms pertaining to the rising GHG and carbon emissions, owing to which biotechnology companies have shifted to manufacturing bio-based PU, which in turn will spur natural oil polyols industry. These products are obtained from vegetable oils and are used to produce polyurethane used across the automotive and transportations sectors. Ford Motor Company, the renowned American automaker, had recently used soy oil based PU foam for its seating in the popular Ford Mustang. Soy oil based foams are heavily utilized for plastic & metal coatings, door foamers, footwear cushioning, wood & concrete coatings, and headliners, which will subsequently propel NOP market trends.

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Growth Drivers:

1. Reducing petrochemicals dependency
2. Supportive regulations for bioplastics usage
3. Increasing bio-based polyurethane (PU) penetration

Global market Insights, Inc., affirms natural oil polyols (NOP) industry to surpass a valuation of USD 10.3 billion by 2023, growing at a CAGR of 7% over 2016-2023. Bio-based PU possess the properties of high performance, durability, and sustainability. In fact, the demand for bio-based polyurethane was more than 1600 tons in the year 2015 and is estimated to surpass 2600 tons by 2023, with a CAGR projection of 6.5% over 2016-2023. The rising usage of bio-based PU in numerous end-use sectors will consequently lead to the growth of natural oil polyols market.

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Natural oil polyols industry from palm oil products is expected to record a CAGR of 7% over 2016-2023, subject to the vast farmlands of castor and palm oil tress across South East Asia and the technical advancements in extraction techniques. It has been predicted that palm oil market will witness the maximum growth across the Asia Pacific belt. The surging automotive and construction sectors across the emerging economies of India and China will fuel the regional natural oil polyols industry.

With China and India being the main contributors, Asia Pacific NOP market will register the highest gains of 7.5% over 2016-2023, and will cross USD 2.75 billion by 2023. This growth can be attributed to the increasing demand for the product in lubricants, solvents, and additives and the rising awareness regarding bio-based products.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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