Bio-Based Polyurethane Market

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.