NEW YORK, July 27, 2022 /PRNewswire/ — The size of the bio-based polyurethane market was around $35 million in 2021, and it will reach approximately $63 million in the year 2030, with a CAGR of nearly 7% during 2021–2030. The growth of the industry is because of the varied uses of this polymer, such as biomedical, footwear, transportation, and packaging.
Moreover, the constant increase in the number of commercial construction projects, including corporate office buildings, outdoor leisure facilities, hotels & resorts, and retail buildings, supports the growth of the industry.
Bio-based polyurethane coatings have replaced petrochemical-based coatings as the former affect the environment less and are reasonably priced, widely accessible, and biodegradable.
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Flexible foam has the largest share, of more than 50%, in the bio-based polyurethane market. Flexible foam is durable, supportive, light, and comfortable. It is utilized as padding for a number of consumer and industrial products, including automotive interiors, carpet underlay, packaging, furniture, seating, mattresses, and specialty items. The acceptance of this material is because it can be soft or firm and even visco-elastic.
Packaging applications will record momentous growth in the coming years, with a CAGR of approximately 9%, over this decade. One-component polyurethane adhesives are used on a large scale in printed films, snack food bags, and shopping bags.
Furthermore, a personalized two-component polyurethane adhesive is used to stick polyvinyl chloride to aluminum sheets, for medical purposes. Moreover, hot-melt polyurethane is extremely appropriate for wrapping purposes because of its low application temperature and lower thickness.
Green buildings are becoming popular because they are environment-friendly and help save on operational costs. Numerous government agencies have approved and incentivized green buildings, such as the World Green Building Council, the Ministry of Skill Development & Entrepreneurship and the SIDBI, and the GSA in the U.S., along with state administrations and municipal bodies around the world.
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The bio-based polyurethane market of the APAC had the largest revenue share, of over 35%, in 2021, and this region will continue its dominance for a long time. This will be due to the growing requirement for this material in the construction, automotive, packaging, and consumer goods industries in several nations.
For example, the people’s Republic is continually recording high automobile sales and production volumes. Furthermore, India, Vietnam, Indonesia, and the Philippines have created many public–private construction partnerships, which fortifies the usage of bio-based polyurethane.
North America is the fastest-growing region in the bio-based polyurethane market because of the increasing construction spending in the U.S. Additionally, the growth of the industry will be supported by the increasing investments in renewable energy, water transportation, and housing projects.
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