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Natural Oil Polyols (NOP) Market Growth Analysis | Industry Players Cargill, BASF, Dow Chemical and Hunstman. Other industry participants include BioBased Technologies LLC, Stepan Company, Jayant Agro Organics
Natural Oil Polyols (NOP) Market
Soy oil based polyols dominated demand and generated over USD 1.75 billion in 2015. Ease of processability and abundant raw material availability owing to increasing soy acreages in U.S. and Brazil is estimated to drive product demand. Cargill and Dow have successfully capitalized soy based natural oil polymer market size for manufacturing PU spray foams and insulations.
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Castor based NOP should grow significantly owing to key properties such as high purity and resistance towards hydrolysis. Additionally, it is one of the purest commercially available product requiring minimalistic modifications as compared to other counterparts such as soy and palm.
Favorable regulations by REACH and EPA to reduce GHG emissions may favor natural oil polyol market size growth. NOPs production process generates almost 30% less carbon emission and reduces energy demand by around 25% compared petrochemical counterparts.
Technology innovation for product development in cosmetics and food industry should favor industry growth. Also, industry participants such as BioAmber and Vertellus have invested to develop 100% bio-based polyols for commercial applications. Increasing R&D spending coupled with introduction of 100% bio-based NOP may have lucrative opportunities in near future.
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Castor, soy, sunflower and palm are major vegetable oil sources used as NOP feedstock. Increasing application scope in food & biofuel industries may lead to tight raw material supply and affect natural oil polyols market price trend. Majority of vegetable oil production is concentrated in APAC and NOP market price trend in North America and Europe is affected by import duties and regional government policies.
North America, led by U.S. natural oil polyol market size, dominated the overall consumption with over 800 kilo tons in 2015.
Palm based NOP may witness highest gains in APAC. Increasing infrastructure spending in China and India coupled with key raw materials may fuel regional industry growth.
APAC, led by India & China natural oil polyol market size, may observe highest gains may generate over USD 2.75 billion by 2023. Growing industrial application scope in additives, solvents and lubricants owing to increasing bio based product awareness should drive regional demand.
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Sunflower based NOPs may observe 6.5% CAGR in Europe and surpass 42 kilo tons by 2023. The segment is at its nascent phase owing to low commercial yield for industrial purposes.
LATAM, led by Brazil, may grow significantly gains during the forecast timeframe. Increasing application in automotive and construction industries may drive NOP market size growth.
Global natural oil polyol market share is technology driven and fairly consolidated. BASF, Cargill, Covestro, Mitsui Chemicals, and Dow Chemical are key industrial players. Other companies include Stepan Company, Huntsman Corporation, BioBased Technologies LLC, Jayant Agro Organics, IFS Chemicals Group, Elevance Renewable Sciences, Emery Oleochemicals, and Lubrizol.
Some of the companies have integrated their operations from manufacturing NOPs to process them further into PU and finished products including rigid & flexible foams.
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