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Key Trend Reshaping the Natural Oil Polyols Market in 2025: Sustainable Innovation In Natural Oil Polyols With Bio-Circular Raw Materials And The Mass Balance Approach
Key Trend Reshaping the Natural Oil Polyols Market
The market size of natural oil polyols has experienced significant expansion in the past few years. It's expected to increase from $7.55 billion in 2024 to $8.17 billion in 2025, with a compound annual growth rate (CAGR) of 8.2%. Factors contributing to the market's growth during the historic period include a surge in disposable income among consumers, a rise in research and development activities, a boost in demand due to its myriad applications, an uptick in automotive sector consumption, and growing consumer awareness of the advantages of environmentally friendly products.
Expectations for the natural oil polyols market predict robust expansion over the next few years, with projections pointing to a growth to $11.12 billion by 2029 with a compound annual growth rate (CAGR) of 8.0%. The anticipated growth within this period can be traced back to factors such as the rise in the utilization of bio-based polyurethane foams, escalating demand for lightweight yet highly durable products, growing environmental anxieties, a surge in the need for natural polyols, and a discernible shift towards curtailing dependency on petrochemicals. Key trends projected for the forecast period encapsulate an increasing preference for beauty and skincare items, a call for sustainable and eco-friendly alternatives, a pivot towards bio-based and green products, a surge in demand for lightweight and long-lasting products, coupled with advancements in extraction methodologies, and research and development.
What Is Stimulating Growth in the Natural Oil Polyols Market?
The growth of the natural oil polyols market is projected to be catalyzed by the burgeoning demand in the automotive sector. The increase in demand for vehicles and associated products, driven by growing incomes, urbanization, technological advancements, and population growth, signifies the automotive sector. Natural oil polyols offer sustainable and eco-friendly solutions for the manufacturing of polyurethane foams, coatings, and adhesives in the automotive industry, promoting lightweight materials to improve fuel efficiency and reducing the industry's carbon footprint. For example, in February 2023, data from the European Automobile Manufacturers Association, a Belgium-based advocacy and standards group for the auto industry, revealed that there were over 68 million passenger vehicle productions globally in 2022, exhibiting a growth of 7.9% from the previous year. As a result, the burgeoning demand in the automotive industry is bolstering the growth of the natural oil polyols market. Similarly, the progression of the natural oil polyols market is anticipated to be propelled by the augmenting demand in the construction industry. The construction industry entails the building, renovation, and maintenance of infrastructure, and residential, commercial, and industrial establishments. Owing to urbanization driven by migration for better work opportunities, education, and quality of life, the demand for infrastructure leads to construction growth. Natural oil polyols, essential in construction, enhance the sustainability and performance of materials such as coatings, adhesives, and foams. They provide green alternatives to petrochemical polyols, encouraging more sustainable construction practices. For instance, in July 2024, the United States Census Bureau, a government agency, reported that in June 2023, 1,493,000 privately owned housing units were authorized by building permits at a seasonally adjusted annual rate, which is 3.1% higher than the May rate of 1,399,000. Also, private homeownership started at a seasonally adjusted annual rate of 1,415,000 in June 2023, marking a 4.4% increase from the May 2023 rate of 1,314,000. Adding to this, in September 2022, the Center for Sustainable Systems, a US-based research center, predicted that by 2050, the commercial building floor space would reach 124.6 billion square feet, signifying a 35% surge from 2021. Therefore, the growing demand in the construction industry is invigorating the growth of the natural oil polyols market.
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Which Businesses Are at the Forefront of Natural Oil Polyols Market Development?
Major companies operating in the natural oil polyols market are 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
What Are the Latest Innovations in the Natural Oil Polyols Market?
In order to improve sustainability and lower environmental impact, major firms in the natural oil polyols market are adopting the use of bio-circular raw materials in their product development. The polyols are produced with the help of a mass balance strategy, which mathematically allocates renewable raw materials from biowaste and plant remnants to the product. For example, Covestro AG, a materials manufacturing company based in Germany, introduced sustainable polyether polyols derived from bio-circular raw materials in September 2022. This procedure enables a gradual replacement of fossil-based raw materials with bio-circular alternatives, leading to a reduced carbon footprint in comparison to conventional fossil fuel-based products. The manufacturing technique implements a mass balance procedure, allocating renewable ingredients to products via computation. This ensures that the bio-circular raw materials are precisely credited to the final products.
How Is the Natural Oil Polyols Market Segmented?
The natural oil polyols market covered in this report is segmented -
1) By Type: Polyester Oil, Polyether Oil
2) By Application: Polyurethane Foams, Metallic Coatings, Cushioning, Feed Stocks, Bakery Products, Other Applications
3) By End-User: Construction, Automobile, Food, Transportation, Other End-Users
Subsegments:
1) By Polyester Oil: Vegetable Oil-Based Polyester Polyols, Animal Fat-Based Polyester Polyols, Other Polyester Oils
2) By Polyether Oil: Propylene Oxide-Based Polyether Polyols, Ethylene Oxide-Based Polyether Polyols, Other Polyether Oils
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Where Is the Natural Oil Polyols Market Growth Most Prominent?
North America was the largest region in the natural oil polyols market in 2023. The regions covered in the natural oil polyols market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Natural Oil Polyols Global Market Report?
- Market Size Analysis: Analyze the Natural Oil Polyols Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Natural Oil Polyols Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Natural Oil Polyols Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Natural Oil Polyols Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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