The bio-based polyurethane market will touch a value of USD 63.3 million by 2030, at a compound annual growth rate of 6.9% in the years to come. The growth of the industry is because of the numerous uses of this polymer, like in footwear, packaging, biomedical and transportation industry.
Flexible foam made with bio-based polyurethane is strong, light and comfortable. The material is put to use for cushioning for a large number of consumer and commercial products, for example automotive interiors, carpet underlay, packaging, furniture, seating, mattresses, and specialty items. The acceptance of this material is because of its ability to be highly firm or soft and viscoelastic.
The packaging category will grow significantly at a rate of about 9%. Snack food bags, shopping bags, and printed films use one-component polyurethane adhesives largely.
Green buildings are getting popular as they are environment-friendly and help save on the costs of operations. Numerous government agencies have recognized and incentivized green buildings, such as the World Green Building Council, Ministry of Skill Development & Entrepreneurship, SIDBI and the GSA in the U.S.; in addition to municipal bodies and state governments across nations.
APAC bio-based polyurethane market had a share of over 35% in the past, and this dominance will continue in the years to come. This is because of the growing requirement for this material from the construction, packaging, automotive, and consumer goods industries in numerous nations.
Additionally, the growth of the industry will be boosted by the increasing investments in water, renewable energy, transportation, and housing projects. Moreover, the continuing commercial construction projects, such as corporate office buildings, outdoor leisure facilities, hotels & resorts, and retail buildings, support the prospects for growth of the industry.