Natural Oil Polyols (NOP) Market 2019: Cargill, BASF, The Dow Chemical Company, BioBased Technologies LLC, Stepan Company, Elevance Renewable Sciences, Inc., Mitsui Chemicals Group, The Lubrizol Corporation, Vertellus Specialties Inc.
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.
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.
Natural Oil Polyols (NOP) Market Product Analysis (Volume, Kilo Tons and Revenue, USD Million)
• Soy Oil
• Castor Oil
• Palm Oil
• Canola Oil
• Sunflower Oil
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.
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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. 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.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
4. Mitsui Chemicals
5. Dow Chemical
6. Stepan Company
7. Huntsman Corporation
8. BioBased Technologies LLC
9. Jayant Agro Organics
10. IFS Chemicals Group
11. Elevance Renewable Sciences
12. Emery Oleochemicals
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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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