Natural Oil Polyols Market Growth Analysis and Business Opportunities by 2024 | Key Participants Cargill, BASF, Dow Chemical, BioBased Technologies LLC, Stepan Company, Elevance Renewable Sciences, Inc., Mitsui Chemicals Group, The Lubrizol Corporation, V
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.
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• Mitsui Chemicals
• Dow Chemical
• Stepan Company
• Huntsman Corporation
• BioBased Technologies LLC
• Jayant Agro Organics
• IFS Chemicals Group
• Elevance Renewable Sciences
• Emery Oleochemicals
Soy oil based polyols dominated demand and generated over USD 1.75 billion. Ease of processability and abundant raw material availability owing to increasing soy acreages in U.S. and Brazil is estimated to drive product demand.
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.
Natural Oil Polyols (NOP) Market Product Analysis (Volume, Kilo Tons and Revenue, USD Million, 2012 - 2023)
• 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.
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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.
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.
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