Natural Oil Polyols (NOP) Market Analysis 2024 By Top Players Cargill, BASF, The Dow Chemical Company, BioBased Technologies LLC, Stepan Company, Elevance Renewable Sciences, Inc., Mitsui Chemicals Group, The Lubrizol Corporation, Vertellus Specialties In

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.

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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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.

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.

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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.

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.

Renowned organizations such as EPA and REACH have formulated norms to reduce the carbon emissions in the atmosphere, which will fuel natural oil polyol market. It has been observed that the manufacturing process of NOPs reduces nearly 25% of the energy demand and generates almost 30% less carbon emissions. In addition, the EES (European Emission Standards) has also been striving to reduce emissions from the automobile tail pipe, for which it has standardized certain regulations. Since these emissions are specifically caused by the vehicle weight, it becomes imperative for manufacturers to use bio-based counterparts, which will impel natural oil polyols industry.

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Natural oil polyols market is quite consolidated and is shared between selected participants. Major players operating in this market include Dow Chemical, Urethane Soy Systems, Elevance Renewable Sciences, Hunstman, Cargill, BioBased Technologies LLC, Emery Oleochemicals, BASF, Bio Amber, Vertellus Specialties, Stepan Company, Lubrizol, Covestro, Jayant Agro Organics, Mitsui Chemicals, and IFS Chemicals Group. This technology-driven market is expected to chart out a profitable roadmap for itself over the years ahead.

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