Green polyols and bio polyols belong to eco-friendly alcohol solutions that comprise of multiple hydroxyl groups. Green polyol is obtained from recycled polyethylene terepthalate (PET) and polyurethanes. Bio polyol is derived from various vegetable oils such as corn, castor and canola. The two major types of green polyols and bio polyols that are widely used include polyether polyols and polyester polyols. These products are utilized in varied applications such as coatings, adhesives, sealants, and flexible and rigid polyurethane foams. The various end-user consumers of these polyols include transportation, construction, furniture, packaging, and carpet among others.
The global green polyols and bio polyols market is segmented on the basis of type, application, end-user industry and regions. Based on the type, the global green polyols and bio polyols market is divided into polyether and polyester. By application, the global green polyols and bio polyols market is divided into polyurethane flexible foam, polyurethane rigid foam, and case. On the basis of end-user industry, the global green polyols and bio polyols market is segmented into furniture & bedding, automotive, packaging, and carpet backing.
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The global green polyols and bio polyols market is expected to grow in the forecast years owing to presence of raw materials and rising crude oil prices resulting in price rise in traditional polyols. Other factors such as the minor carbon footprint have resulted in higher sustainability for green polyols and bio polyols. But, lack of technology and desired effects as compared to traditionally used polyols is estimated to curb the growth of the green polyol and bio polyol market.
Based on regions, the global green polyols and bio polyols market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The North America is the largest revenue-generating market of green polyols and bio polyols and soybean and corn are the widely used raw materials to produce bio polyols. Factors such as growing economy, rising income level, industrialization, and evolution of end-user industries is further bolstering the growth of the European market. In the European market, Italy and Germany are the most revenue generating markets for green polyol & bio polyol and are expected to have swift growth during future period. The green polyols and bio polyols market growth in the forecast period is anticipated to be from emerging countries such as Asia-Pacific owing to the growth of the end-user industries such as automotive and packaging, which are expected to offer market growth opportunities. In the Asia-Pacific region, China, India, Malaysia, and Japan, are considered to be the major markets.
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The major companies that provide green and bio polyols include Biobased Technologies LLC, Cargill Inc., Johnson Controls Inc, Arkema S.A., Bayer MaterialScience, Global Bio-Chem Technology Group Co. Ltd., Emery Oleochemicals (M) Sdn Bhd, BASF SE, and Jayant Agro Organics Ltd. among others.