Yahoo Finance Worldwide Bio-based Polyurethane Industry to 2026 - Increasing Demand from the Construction Industry in Developing Countries is Driving Growth
Dublin, May 07, 2021 (GLOBE NEWSWIRE) -- The "Bio-based Polyurethane Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The market for bio-based polyurethane is expected to grow at a CAGR of more than 6% during the forecast period. Key factors driving the market studied are the demand for sustainable materials in various industries.
The high cost of research & development is expected to hinder the growth of the market studied. Industrial growth in Middle-East and Africa is expected to act as an opportunity in the forecast period.
Key Market Trends
Increasing Demand from the Construction Industry
Steel, concrete, and mortar still dominate the construction industry. However, the current generation is putting greater efforts toward achieving a circular economy, which uses recyclable and renewable raw materials.Bio-based polyurethane is finding a strong ground, owing to the preference by the government, producers, and consumers to shift toward bio-based renewable resources. In order to reduce the consumption of polymers derived from non-renewable fossil fuels and to promote environmental preservation, several initiatives have been taken up by numerous organizations and governmental bodies, to promote the usage of bio-based products in several key sectors.Currently, the German Federal Ministry of Food and Agriculture (BMEL) is funding a project named PULaCell.
The aim of this project is to develop bio-based reinforcing profiles for solid wood construction materials, and several industrial companies and research institutes are developing bio-based, cellulose fiber-reinforced polyurethane profiles, which are expected to make future wood-based materials stronger.Various emerging economies, such as Indonesia, Vietnam, and the Philippines, have been witnessing robust growth in construction activities. Strong economic performance is expected to further accelerate the growth in housing construction activities in the region. The growth of the market studied is majorly driven by the urbanization, increase in disposable incomes of individuals, construction of new houses, and activities, such as repainting of old infrastructures.Therefore, the demand of the construction industry is expected to increase the demand of the bio-based polyurethane in the forecast period.
Asia-Pacific to Dominate the Market
Asia Pacific is the largest producer of bio-based polyurethane with high abundance of synthetic di isocyanates and large number of bio-based polyurethane in the region.The emerging construction markets, such as India, Indonesia, the Philippines, and Vietnam are coming up with PPPs and construction projects.These countries are seeking to bring in international firms with relevant technical expertise in the construction industry, which is to drive the market for a bio-based polyurethane market in the region.In Indonesia, millennials account for more than 50% of the productive population.
With the increasing young population in the country, the housing demand has also been increasing simultaneously. In order to cater to the increasing demand for affordable houses, the construction of housing units has been increasing for the past couple of years.Furthermore, in the furniture industry, PU foams are used to create the soft cores of sofas and other upholstered household furniture, commercial/institutional furniture, such as office chairs and sofas, and seating for theaters and stadiums. The demand of furniture industry is increasing the region.Aforementioned factors are likely to increase the demand of bio-based polyurethane in the forecast period.
Competitive Landscape
The bio-based polyurethane market is fragmented. The major companies include BASF SE, Covestro AG, Dow, Huntsman International LLC, and the Lubrizol Corporation etc., among others.
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Key Topics Covered:
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Demand from the Construction Industry in Developing Countries
4.1.2 Increasing Demand for Pre-set Products in Electronic Appliances
4.1.3 New Government Regulations
4.1.4 Demand for Sustainable Materials
4.2 Restraints
4.2.1 High Cost of R&D
4.2.2 Other Restraints
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Raw Material Analysis
4.6 Technological Snapshot
4.7 Patent Analysis
5 MARKET SEGMENTATION
5.1 Product Type
5.1.1 Foams
5.1.2 Coatings
5.1.3 Adhesive and Sealants
5.1.4 Other Product Types
5.2 End-user Industry
5.2.1 Transportation
5.2.2 Footwear and Textile
5.2.3 Construction
5.2.4 Packaging
5.2.5 Furniture and Bedding
5.2.6 Electronics
5.2.7 Other End-user Industries
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.2.4 Rest of North America
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 Italy
5.3.3.4 France
5.3.3.5 Spain
5.3.3.6 Rest of Europe
5.3.4 Rest of the World
5.3.4.1 Brazil
5.3.4.2 Saudi Arabia
5.3.4.3 South Africa
5.3.4.4 Rest of World
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 BASF SE
6.4.2 Cargill, Incorporated
6.4.3 Covestro AG
6.4.4 Dow
6.4.5 Huntsman International LLC.
6.4.6 Johnson Controls.
6.4.7 Mitsui Chemicals, Inc.
6.4.8 The Lubrizol Corporation
6.4.9 TSE Industries, Inc.
6.4.10 Woodbridge
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Industrial Growth in Middle-East and Africa
7.2 Developments in Bio-based Building Materials
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