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Natural Oil Polyols Market Outlook 2024 : Expected Market Growth Rate, Major Driver And Segments
Natural Oil Polyols Global Market Report 2024
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According to The Business Research Company's, The natural oil polyols market size has grown strongly in recent years. It will grow from $6.99 billion in 2023 to $7.55 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to rise in disposal income of consumers, rise in R&D activities, increased demand for its multitudinous applications, growth in consumption in the automotive sector, and increased awareness of the benefits of eco-friendly products.
The natural oil polyols market size is expected to see strong growth in the next few years. It will grow to $10.3 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to increasing consumption of bio-based polyurethane foams, increasing demand for lightweight and highly durable products, increasing environmental concerns, rising product demand for natural polyols, and shifting trend toward reducing reliance on petrochemicals. Major trends in the forecast period include growing preference for beauty and skin care products, demand for sustainable and environmentally friendly solutions, shift towards bio-based and eco-friendly products, increased demand for lightweight and durable products, and advancements in extraction techniques and research and development.
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Market Drivers and Trends:
The rising prevalence of neurological disorders is expected to propel the growth of the neurogenetic testing market. Neurological disorders refer to any conditions that affect the nervous system, which includes the brain, spinal cord, and nerves. The prevalence of neurological disorders are the cause of genetic predisposition, infections, trauma, toxins, autoimmune responses, and degeneration. Neurogenetic testing significantly enhances the diagnosis, treatment, and management of neurological disorders by offering personalized insights into genetic risk factors, guiding treatment decisions, and empowering individuals and families to make informed healthcare choices, thereby improving patient care and outcomes. For instance, in April 2022, according to the European Brain Council, a Belgium-based non-profit organization, over 600 neurological diseases and nearly 300 psychiatric conditions afflict millions globally, including 65 million with epilepsy. In Europe, 10.5 million people have dementia, with projections indicating a rise to 18.7 million by 2050. Therefore, the rising prevalence of neurological disorders is expected to drive the growth of the neurogenetic testing market.
Major companies operating in the natural oil polyols market are developing products from bio-circular raw materials to enhance sustainability and reduce environmental impact. The polyols are produced using the mass balance approach, which involves mathematically attributing renewable raw materials from biowaste and plant residues to the product. For instance, in September 2022, Covestro AG, a Germany-based materials manufacturing company, launched sustainable polyether polyols based on bio-circular raw materials. This approach allows for gradually substituting fossil-based raw materials with bio-circular alternatives, reducing the carbon footprint compared to traditional fossil fuel-based products. The production process employs the mass balance approach, which involves allocating renewable precursors to the products by calculation. This method ensures that the bio-circular raw materials are accurately attributed to the final products.
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Major Key Players of the Market:
Shell Chemicals, Cargill Incorporated, Mitsui Chemicals Inc., BASF SE, Repsol S.A, The Dow Chemical Company, Wanhua Chemical Group, Covestro AG, Evonik Industries AG, Arkema, Huntsman International LLC., Chevron Phillips Chemical Company LLC, Stepan Company, Croda International Plc, Ingevity Corp., Perstorp Holding AB, Sanyo Chemical Industries Ltd., Kukdo Chemical Co. Ltd., Jayant Agro Organics Ltd., Oleon NV, Emery Oleochemicals, Elevance Renewable Sciences Inc., Inolex Inc., Novomer Inc., DAICEL ChemTech Inc
Natural Oil Polyols Market 2024 Key Insights:
• The natural oil polyols market size is expected to see strong growth in the next few years. It will grow to $10.3 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.
• Automotive Sector Growth Fuels Expansion Of Natural Oil Polyols Market
• Sustainable Innovation In Natural Oil Polyols With Bio-Circular Raw Materials And The Mass Balance Approach
• North America was the largest region in the natural oil polyols market in 2023
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