Green polyols and bio polyols are eco-friendly alcohol solutions containing multiple hydroxyl groups. Green polyol is derived from recycled polyethylene terepthalate (PET) and polyurethanes, while bio polyol is extracted from different vegetable oils such as canola, castor and corn. Polyether polyols and polyester polyols are the two primary types of green polyols and bio poyols which are commonly used. These products are used in series of applications such as adhesives, sealants, coatings, and polyurethane foams (flexible & rigid). Different end-user consumers of these polyols include packaging, construction, transportation, furniture and carpet among others.
The demand for green & bio polyols market has been majorly growing from certain end user industries such as transportation and construction. Several growth factors such as availability of raw materials and increasing prices of crude oil leading to price rise in conventional polyols have contributed to the growth of the market. Other factors such as the lower carbon footprint have also lead to a higher sustainability for green polyols and bio polyols. However, lack of technology and desired effects as compared to conventionally used polyols is expected to slow down the growth of the green polyol and bio polyol market.
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North America is the largest consumer of green polyols and bio polyols where soybean and corn are the commonly used raw materials to manufacture bio polyols. Future market growth is expected to be from emerging regions such as Asia Pacific with growth of the end-user industries such as automotive and packaging, which are also expected to provide growth opportunities to the market.
Arkema S.A., BASF SE, Biobased Technologies LLC, Bayer MaterialScience, Cargill Inc., Global Bio-Chem Technology Group Co. Ltd., Emery Oleochemicals (M) Sdn Bhd, Johnson Controls Inc, and Jayant Agro Organics Ltd. are some of the key industry manufacturers dominating the green polyol and bio polyol market.