PUBLISHER: The Business Research Company | PRODUCT CODE: 1527076
PUBLISHER: The Business Research Company | PRODUCT CODE: 1527076
Natural oil polyols (NOPs), alternatively termed biopolyols, denote polyols derived from natural oils and fats, typically sourced from renewable agricultural products such as soybean oil, castor oil, palm oil, sunflower oil, and rapeseed oil. These polyols undergo chemical modification of the natural oils, often employing processes such as epoxidation and ring-opening polymerization, to yield polyol molecules featuring hydroxyl groups capable of reacting with isocyanates, thus forming polyurethanes.
The primary varieties of natural oil polyols include polyester oil and polyether oil. Polyester oil constitutes a natural oil polyol derived from polyester polyols, typically synthesized from renewable sources such as soybean or palm oil. These find application across diverse sectors including construction, automotive, food, transportation, among others, for purposes ranging from polyurethane foams, metallic coatings, cushioning, feedstocks, to bakery products.
The natural oil polyols market research report is one of a series of new reports from The Business Research Company that provides natural oil polyols market statistics, including the natural oil polyols industry global market size, regional shares, competitors with natural oil polyols market share, detailed natural oil polyols market segments, market trends, and opportunities, and any further data you may need to thrive in the natural oil polyols industry. These natural oil polyols market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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 expansion observed during the historical period can be attributed to several factors, including the rise in consumers' disposable income, increased investment in research and development activities, heightened demand across its diverse applications, growth in consumption within the automotive sector, and increased awareness regarding the advantages 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 projected growth in the forecast period can be linked to several factors, including the escalating consumption of bio-based polyurethane foams, heightened demand for lightweight and exceptionally durable products, mounting environmental concerns, increasing product demand for natural polyols, and a shifting trend towards reducing dependence on petrochemicals. Significant trends anticipated during this period encompass a growing preference for beauty and skincare products, a heightened demand for sustainable and environmentally friendly solutions, a transition towards bio-based and eco-friendly products, an increased demand for lightweight and durable goods, and advancements in extraction techniques and research and development efforts.
The natural oil polyols market is poised for growth due to increasing demand in the automotive sector. This sector, fueled by rising incomes, urbanization, technological advancements, and population growth, is driving the need for vehicles and related products. Natural oil polyols play a vital role in the automotive industry by offering sustainable alternatives for manufacturing polyurethane foams, coatings, and adhesives. These materials contribute to fuel efficiency through lightweight components and aid in reducing the carbon footprint of vehicle production. For example, the European Automobile Manufacturers Association reported a 7.9% increase in global passenger car production in 2022, reaching over 68 million units, highlighting the surge in automotive sector demand that propels the natural oil polyols market.
Leading companies in the natural oil polyols market are focusing on developing products derived from bio-circular raw materials to improve sustainability and minimize environmental impact. These polyols are manufactured using a mass balance approach, which involves attributing renewable raw materials from biowaste and plant residues to the final product. For instance, Covestro AG introduced sustainable polyether polyols based on bio-circular raw materials in September 2022. This innovative approach gradually replaces fossil-based raw materials with bio-circular alternatives, thereby reducing the carbon footprint compared to traditional products. The mass balance approach ensures accurate allocation of renewable precursors to the products, maintaining transparency and sustainability throughout the production process.
In September 2021, Cargill Incorporated acquired Arkema's epoxides business for $39 million. This acquisition enables Cargill to gain full control over the production process, transforming commodity soybean oil into epoxides, essential for creating bio-based plasticizers and polyols. Arkema, a US-based chemical company specializing in natural oil polyols, particularly for polyurethane applications, provides Cargill with expertise in this sector, strengthening their position in the market.
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
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.
The countries covered in the natural oil polyols market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The natural oil polyols market consists of sales of castor oil polyols, soy oil polyols, palm oil polyols, and rapeseed oil polyols. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Natural Oil Polyols Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on natural oil polyols market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for natural oil polyols ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The natural oil polyols market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.