Green and bio polyols are alcoholic solutions made from recycled polyethylene terephthalate (PET) and polyurethanes that are environmentally beneficial. Green and bio polyols are bio-based polyols of excellent quality that are employed in a variety of applications. Renewable resources are used to create green and bio polyols. The main cause of the green and bio polyols market growth rate is the rise and expansion of numerous end user verticals. The growing need for lightweight materials and components in the automotive industry would provide lucrative growth prospects for the green and bio polyols industry. Green and bio polyols demand will continue to rise as a result of a consistent and adequate supply of feedstock combined with oil price volatility.
COVID-19 resulted in significant drops in crude oil prices and demand for liquid fuels in the United States in 2020, resulting in lower costs for gasoline and diesel fuel. Personal mobility and seasonal driving demand have climbed dramatically year-over-year in 2021, as immunization levels have increased and general economic activity has begun to rebound, resulting in higher crude oil, gasoline, and diesel fuel costs compared to the same time last year. As the crude price increases, dependency on bio products derived from natural oils is likely to increase and it will lead to increase in the price of raw material required for green polyols. Currently, fluctuations in crude oil prices impact the market of green polyol.
High push from the government in the form of incentives and penalties for sustainable development as well as increased consumer awareness and choice for sustainable products has increased the demand for bio polyols.
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Consumers are becoming more conscious of health and wellbeing, as well as the impact that food components, particularly protein, have on total physical and mental development. This is one of the major drivers for Green and Bio Polyols Market. The growing demand for perishable products and the need for quick delivery linked with the e-commerce-based food and beverage delivery business has boosted cold chain operations significantly.
As consumer interest in environmentally friendly products grows, so does demand for materials made from renewable polyurethanes. Natural oil polyols (NOPs) and sugars, which were previously used as raw materials in alkyd paints, are now used to make polyurethane (PU) foams for automotive applications, while thermoplastic polyurethanes (TPUs) derived from biobased polyester polyols are used in sporting goods, particularly shoes, and medical devices. The commercialization of a broader range of higher-performing, cost-competitive bio-based polyols by established polyol manufacturers as well as newer companies focused on the production of renewable materials will drive further growth in the sustainable PU segment.
Key players are increasing their share in the market by anticipating future demand and innovating. They are adopting the strategy of mergers and acquisition to enter the arena which was not touched before.
The key players in Global Green and Bio Polyols Market are Arkema SA, BASF se, Covestro, Emery Oleochemicals, Cargill Inc., Jayant Agro Organics Ltd., Mitsui Chemicals Inc., Piedmont Chemical Industries Inc., Polylabs, Huntsman International LLC.