Environmental Concerns Pertaining to Petroleum-based Chemicals to Aid Market Growth
Polyurethanes are primarily synthesized by the poly addition of di isocynates with low molecular weight chain extenders and polyols. However, in recent times, due to research and development activities, polyurethane synthesis can be attained by utilizing the non-isocynate approach. Mounting concerns related to the environment, and negative impact of petroleum-based chemicals on environment and human health have played a key role in augmenting the demand for bio-based polyurethane in recent times. Moreover, rising emphasis laid on exploring the potential of utilizing natural resources to produce non-isocyanate polyurethanes is expected to further improve the growth prospects of the global bio-based polyurethane market during the forecast period.
The increasing demand for bio-based polyurethane for the preservation of wooden structures, furniture, and manufacturing of flooring materials is expected to fuel the expansion of the global market for bio-based polyurethane during the assessment period. With considerable rise in the number of infrastructure development projects, the booming construction sector, particularly in developed regions such as Asia Pacific, the demand for bio-based polyurethane is likely to grow at an impressive rate during the assessment period. A number of players involved in the current bio-based polyurethane market is estimated to expand their market presence by tapping into opportunities in the flooring space.
At the back of these factors, the global bio-based polyurethane market is on the course to witness steady growth during the assessment period. Technological advancements coupled with increasing usage of new manufacturing techniques and processes are expected to fuel the interest in bio-based polyurethane in the upcoming years.
High Demand for Bio-based Products for Wood Coating to Drive Market
For several decades, preservation of wooden products and structures has remained a major challenge. Furthermore, the consumption of wood as a natural hybrid composite material for indoor as well as outdoor applications has surged by a considerable margin in recent years, and as per current observations, the trend is set to continue during the forecast period. However, stakeholders involved in the wood industry are seeking new solutions to address the oxidative degradation process in various environmental conditions due to which, bio-based polyurethane has garnered immense popularity.
The increasing application of bio-based polyurethane coatings to improve the durability of the wooden structure is expected to play a key role in the overall growth of the market for bio-based polyurethane in the upcoming years. While protection and preservation of wooden products and structures are anticipated to remain one of the most vital applications of bio-based polyurethane, the uptake of bio-based polyurethane as a flooring material is on the rise. A number of companies operating in the current bio-based polyurethane market landscape is expanding their product portfolio to gain a competitive edge in the current market landscape. For instance, in December 2018, Mats Inc. and Windmoeller Inc. expanded their commercial flooring product portfolio by announcing the launch of wineo PURline bio-based polyurethane flooring that is primarily produced with renewable raw materials, including bio-based polyurethane.
COVID-19 Pandemic to Hinder Market Growth as Demand Declines
The demand for bio-based polyurethane witnessed a steep decline in the first two quarters of 2020, owing to the onset of the COVID-19 pandemic. Stringent lockdown measures coupled with restrictions on domestic as well as international transportation resulted in major barriers across the supply chain. Due to this, the demand and the production of bio-based polyurethane witnessed considerable decline. The drop in the number of construction projects due to lockdown measures and shortage of labor is another factor expected to negatively impact the growth of the bio-based polyurethane market during the COVID-19 pandemic.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.