San Francisco, California, Jan. 12, 2015 (GLOBE NEWSWIRE) -- Global bio-based polyurethane (PU) market is expected to reach USD 37.5 million by 2020, according to a new study by Grand View Research, Inc. Growing preference for bio plastics on account of environmental concerns, is expected to drive global bio-PU market over the next six years. Growing demand for sustainable products from construction, automotive and footwear industries is also expected to have a positive influence on market growth. Complex manufacturing process and high cost compared to its synthetic counterpart is expected to remain a key challenge for bio-PU market participants.
More information on Bio Based Polyurethane (PU) Market: http://www.grandviewresearch.com/industry-analysis/bio-based-polyurethane-industry
Flexible foam was the largest product segment and accounted for 49% of total market volume in 2013. Increasing demand from automotive and furniture industries coupled with consumer shift towards adoption of bio-based products is expected to drive this segment. Flexible foam is also expected to witness the highest growth rate over the next six years. The segment is expected to grow at an estimated CAGR of 6.7% from 2014 to 2020.
Further key findings from the study suggest:
- Global bio-PU market was 1,634.0 tons in 2013 and is expected to exceed 2,546.6 tons by 2020, growing at an estimated CAGR of 6.5% from 2014 to 2020.
- Construction was the largest end-use industry for bio-PU market and accounted for 35% of total volume in 2013. Increasing construction of green buildings coupled with growing consumer preference towards eco-friendly construction materials such as spray foams and coatings, adhesives, sealants & elastomers (CASE) is expected to drive the market.
- Automotive applications are expected to dominate bio-PU market, with demand estimated to grow at a CAGR of 7% from 2014 to 2020. Increasing flexible foam demand from major automotive OEMs, especially in the U.S., for car seats, headrests and dashboard is expected to drive the market. European Commission regulation for reducing vehicle weight in order to limit emissions is also expected to have a positive impact on the market growth.
- Asia Pacific was the largest regional market and accounted for over 30% of total volume in 2013. Availability of natural oil in abundance particularly in South East Asia coupled with government support in the form of tax benefits and financial incentives in countries such as China and India is expected to drive the regional bio-based PU market. Asia Pacific is also expected to witness the highest growth rate over the next six years, at an estimated CAGR of 8.4% from 2014 to 2020.
- Major synthetic polyurethane manufactures have shifted focus towards developing sustainable and environment friendly products. For this purpose, several market players have collaborated with biotechnology firms to synergize their expertise to manufacture bio-based polyurethane. For instance, Lubrizol acquired Merquinsa and integrated its bio TPU products to its portfolio in November 2011. Other major players operating in global bio-based PU market include BASF SE, Bayer MaterialScience, The Dow Chemical Company, Biobased Technologies and Mitsui Chemicals.
Detailed research report on Global Bio Based Polyurethane (PU) Market: http://www.grandviewresearch.com/industry-analysis/bio-based-polyurethane-industry
For the purpose of this study, Grand View Research has segmented the bio-PU market on the basis of product, end-use and region:
Global Bio-Based Polyurethane (PU) Product Outlook (Volume, Tons, Revenue, USD Million, 2012 - 2020)
• Rigid Foams
• Flexible Foams
Global Bio-Based Polyurethane (PU) End-Use Outlook (Volume, Tons, Revenue, USD Million, 2012 - 2020)
• Furniture & Interiors
Global Bio-Based Polyurethane (PU) Regional Outlook (Volume, Tons, Revenue, USD Million, 2012 - 2020)
• North America
• Asia Pacific
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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Source:Grand View Research