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Natural oil polyols are also called bio polyols; it is derived from vegetable oils. These polyols are produced by transesterification of natural oils such as palm oil, soy oil, sunflower oil, castor oil, peanut oil, canola oil, mustard oil, olive oil, tallow, and lard. In addition, the commercially available natural polyol, such as castor oil is manufactured directly from vegetable or plant oil. The product holds an impressive eco- friendly quotient due to its bio-based and non-polluting raw materials. The natural oil polyols find their use in a wide range of applications such as polyurethane foams, metallic coatings, cushioning, feedstocks, and bakery products.
The increasing demand for natural oil polyols from polyurethane foams and other applications to drive market growth. The product is utilized in the formulations of several polyurethane materials which include foams with the cell structure and properties required for their typical applications. Also, vegetable oils including palm and rapeseed oils were highly adopted as a key ingredient for preparing flexible polyurethane foams. Moreover, the rising demand for natural oil polyols from the construction and automotive industries will boost product consumption. Hence, these factors will fuel market growth during the review period.
However, the availability of substitutes including animal oil polyols is restricting the product adoption in various applications. Hence, this is anticipated to hamper the market growth.
Key Market Driver -
The rising product demand of natural polyols in the polyurethane foams and other applications to drive the market growth.
Key Market Restraint -
Availability of substitutes to hamper the market growth
Based on type, the natural oil polyols market is segmented into polyester oil and polyether oil. Based on product type, the market is segmented into sunflower oil, canola oil, palm oil, castor oil, and others. Based on application, the market is segmented into polyurethane foams, metallic coatings, cushioning, feed stocks, bakery products, and others. Based on end-use industry, the market is segmented into construction, transportation, automobile, food, and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The key players in the natural oil polyols market include The Dow Chemical Company,Huntsman Corporation, Cargill Inc., Jayant Agro Organics Ltd., Elevance Renewable Sciences Inc., IFS Chemicals Group,Stepan Company, Covestro AG, and Emery Oleochemicals.
North America is anticipated to witness the highest growth in the natural oil polyols market. The growth is attributed to the rising product demand in the construction industry. Further, the rising urbanization coupled with infrastructure development in countries such as US, Canada, and Mexico will fuel the market growth in this region. In Asia Pacific, the growth is due to increasing product demand in the transportation application. In Europe, the growth is due to, rising use of palm and canola oil in bakery products. The Middle East & Africa is anticipated to witness significant growth, owing to the adoption of the product in the polyurethane foams.
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