Global Natural Oil Polyols (NOP) Market size contributed more than 18.1 million tons for 2015 and is projected to register CAGR of higher than 7.1% by end of forecast timeline. Demand of bio-based polyurethane was more than 1601 tons for 2015 and predicted to cross 2601 tons by registering CAGR of about 6.6% by end of forecast timeline.Rising scope of bio polymers application in different end use sectors due to its supportive characteristics are main factors promoting global natural oil polyols(NOP)industry trends. Industry swing towards growth of bio based products to minimize reliance on petrochemicals can promote natural oil polyols (NOP) market.
Europe Natural Oil Polyols (NOP) Market size, by product, 2012-2023 (Kilo Tons)
Rising application scope of Polyurethane in automobile sector, furniture sector and construction sector to minimize traditional plastic use are considered to fuel global natural oil polyols(NOP)industry expansion. Supportive government policies to minimize carbon emissions will favorably influence natural oil polyols demand. REACH (Registration, Evaluation, Authorization & restriction of Chemicals) and EPA (Environmental Protection Agency) compliances in order to encourage use of ecofriendly products for environmental security and safety purpose are main aspects projected to promote the industry demand.
Main raw substances like cotton & sunflower oilseeds, castor, rapeseed and soy are mainly used in production of natural oil polyols. Supply of rapeseed oil is challenged due to increasing demand from food & animal feed applications. Growing significance of key raw substances for industrial uses and biofuels can produce demand-supply gap and affect global natural oil polyols (NOP) market price trend.
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Global natural oil polyols (NOP) market is segmented into products like sunflower oil, soy oil, canola oil, castor oil and palm oil. Palm oil product segment is predicted to make substantial gains by recording CAGR of more than 7.1% during forecast timeline. Breakthroughs in methods of extraction along with growing acreages of palm and castor specifically in region of South East Asia is anticipated to have favorable effect on natural oils supply during forecast timeline.
Soy oil led the product segment and contributed more than $1.71 billion of revenue for 2015. Availability of raw substances due to growing soy acreages in Brazil and U.S. is predicted to promote natural oil polyols (NOP) industry growth.
Castor oil product segment is predicted to experience biggest gains and expected to record CAGR of more than 7.6% during forecast timeline. High rate of purity and resistance towards hydrolysis are main features driving product demand.
Global natural oil polyols (NOP) market is segmented into key regions like LATAM, Europe, North America, APAC and MEA. North America natural oil polyols (NOP) industry led the global industry and contributed more than $2.2 billion for 2015. Canada and U.S. are main contributing economies due to favorable government rules and customer consciousness.
APAC, led by China and India natural oil polyols (NOP) market, is anticipated to register CAGR of 7.6% by end of forecast timeline. Accessibility of raw substances along with presence of large scale production units is key aspect fueling regional industry expansion.
LATAM industry, dominated by Brazil, can experience gains of more than 9.6% and cross $401 million by end of forecast timeline. Growth of construction sector along with rise in vehicle sale can promote LATAM natural oil polyols (NOP) market expansion.
Key industry participants profiled in the report include Bio Amber Incorporation, Jayant Agro Organics Limited, Emery Oleochemicals, The Dow Chemical Company, Lubrizol, Stepan Company, Mitsui Chemicals Incorporation, Elevance Renewable Sciences Incorporation, Huntsman Corporation, Cargill Incorporation, BASF SE, Bio Based Technologies LLC, Urethane Soy Systems, IFS Chemicals Group, Bayer MaterialScience and Vertellus Specialties.
Written By : Dhananjay Punekar