Natural oil polyols Market (Updated Version Available)
Natural oil polyols Market Size, Share & Trends Analysis, By Source (Sunflower Oil, Canola Oil, Palm Oil, Castor Oil, and Others), Product Type (Polyester Polyols and Polyether Polyols), End-use Industry (Building & Construction, Automotive, and Others), By Region, Forecast Period 2023 - 2030.
Report ID : RI_673913 | Date : July 2023 |
Format : 
Key Market Overview:
Natural Oil Polyols Market size was valued at USD 7,727.22 Million in 2022, registering a CAGR of 5.8% during the forecast period (2023-2030), and the market is projected to be worth USD 12,071.85 Million by 2030.
Natural oil polyols refer to polyols derived from various sources of vegetable oils, including sunflower oil, canola oil, palm oil, castor oil, and others. The two major product types of natural oil polyols include polyester polyols and polyether polyols. The technical advantages of the above-mentioned natural oil polyols products include excellent adhesion, superior workability, and good weathering properties. As a result, natural oil polyols are an ideal solution for various end-use industries, including building & construction, automotive, and others. The bolstering of building and construction activities at the global level is a prime factor in accelerating the growth of the market.
For instance, according to the recent 2022 statistics published by the European Construction Industry Federation (FIEC), in 2020, the investment in residential construction projects in France was Euro 65,142.36 million (USD 74,405.34 million), and in 2021, it was EURO 74,588.00 million (USD 88,218.21 million), an increase of 14.5% as compared with the year 2020. Thus, the growth in building and construction activities is accelerating the demand for natural oil polyols to ensure excellent hydrolysis resistance, chemical resistance, and UV resistance. This prominent factor is driving the growth of the market.
Natural Oil Polyols Market Report Coverage:
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Market Dynamics:
Driver:
Natural oil polyols are utilized in building and construction products such as rigid polyurethanes, roofing, and others to ensure superior durability of the structure. The expansion of leisure construction projects, the increasing investment in healthcare infrastructure, and others are accelerating the growth in new building and construction projects at the global level. For instance, as of July 2023, various building and construction projects are under the near completion phase, including USD 476 million for The Eight Office Tower project in the United States (project completion year 2024), the USD 1,760 million Lok Ma Chau Emergency Hospital Development project in China (project completion year Q4 2023), and others. Hence, the growth in the near completion of building & construction projects at the global level is accelerating the demand for natural oil polyols as it is a key raw material in building products. Henceforth, the growth of the building & construction industry is proliferating the growth of the earth leakage protection market.
Restraint:
The availability of various substitutes such as animal-derived polyol, synthetic oil polyol, and others that have similar properties as compared with natural oil polyol is restraining the growth of the market. For instance, the key benefits associated with synthetic oil polyol include resistance to oxidation & chemical degradation, flows better at cold temperatures, withstand temperature extremes, and others. As a result, synthetic oil polyol is an ideal solution for various end-use industries such as building & construction, automotive, and others. Hence, the availability of various substitute products for natural oil polyol is posing a major bottleneck for market growth.
Opportunities:
Natural oil polyol is utilized in the manufacturing of foam-fabric/vinyl laminates. The foam-fabric/vinyl laminates are utilized in automotive seatings, headrests, armrests, visors, and door panels. The increasing purchasing power of people, the rising adoption of electric vehicles, and others are some of the prominent factors accelerating the growth of the automotive industry. For illustration, according to the Organisation Internationale des Constructeurs d\'Automobiles (OICA), in 2021, the production of automotive vehicles at the global level was 80,205,102 units, and in 2022, it was 85,016,728 units, an increase of 6%. Thus, the growth of the automotive industry is a prime factor boosting the demand for natural oil polyol at the global level to ensure superior resistance against chemicals. This factor will drive the natural oil polyol market growth during the projected forecast period.
Natural oil polyols Market Segmentation:
By Source
The source segment is classified into sunflower oil, canola oil, palm oil, castor oil, and others. In 2022, the castor oil segment accounted for the highest market share in the natural oil polyols market. Castor oil is a prime source utilized for the manufacturing of natural oil polyol that is produced directly from a plant source. Castor oil has various benefits. For instance, the presence of the hydroxyl group in castor oil ensures chemical derivatization of the oil that efficiently alters the properties of castor oil as compared with vegetable oils which do not have the hydroxyl group. For illustration, according to the recent data published by the Anderson International Corp, a processing equipment manufacturer, in 2021, the production of castor oil at the global level was 767,000 tons. Henceforth, the easy availability of castor oil is benefiting the adoption of oil sources. This, in turn, is accelerating the growth of the market.
However, the sunflower oil segment is projected to grow at the fastest CAGR during the forecast period. This is due to the increasing production activities associated with sunflowers in key regions such as Asia Pacific, Africa, and others.
By Product Type
The product type segment is categorized into polyester polyols and polyether polyols. In 2022, the polyester polyols segment accounted for the highest market share in the natural oil polyols market. The vital benefits associated with polyester polyols manufactured from natural oil polyol include low viscosity, excellent self-leveling properties, extremely hydrophobic, superior self-leveling properties, significant bonding properties, and others. Thus, due to the above benefits, polyester polyols are frequently deployed in the building & construction industry, electrical & electronics, and others. For instance, as of July 2023, various commercial construction projects are in the development phase, including USD 50 million Tonsberg Shopping Center project in Norway (project completion year 2024), USD 1,424 million Nantes New CHU Hospital Development project in France (project completion year 2027), USD 115 million Nexum Retail Park Shopping Center project in Spain (project completion year 2023), and others. Hence, the growth of the above end-use industries is fostering the demand for polyester polyols to ensure superior performance characteristics, which, in turn, is driving the growth of the market.
However, the polyether polyols segment is expected to be the fastest-growing segment over the forecast period owing to the increasing upgradation and expansion of existing electrical and electronics projects will boost the demand for natural oil polyols.
By End-use Industry
The end-use industry segment is categorized into building & construction, automotive, and others. In 2022, the building & construction segment accounted for the highest market share in the natural oil polyols market. The significant functions associated with natural oil polyol include being 100% solid, superior gloss development, and excellent pigment-wetting characteristics. These properties make natural oil polyol a suitable choice for building products such as rigid polyurethanes, adhesives, and others. As a result, natural oil polyols are deployed in various construction projects such as malls, office buildings, hospitals, institutional buildings, and others. For instance, in the Q1 of 2023, various commercial and leisure construction projects commenced in India, including Noida Integrated Commercial Project (project completion year 2026), Bengaluru Retail and Entertainment Complex Development (project completion year 2025), Phoenix Marketcity Kolkata (project completion year 2026), and others. Thus, the booming building and construction industry is boosting the demand for natural oil polyols to ensure superior adhesion. This, in turn, is favoring market growth.
However, the automotive segment is expected to be the fastest-growing segment over the forecast period. The development of passenger car manufacturing facilities, the growth of public transportation, and others are vital determinants accelerating the demand for automotive vehicles.
By Region:
By region, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. In 2022, North America accounted for the highest market share in the natural oil polyols market. This growth is attributed due to factors such as increasing construction activities, rising production of automotive vehicles, and others. For instance, according to the United States Census Bureau, in 2020, the new residential construction projects commenced in the United States were 1,379.61 thousand units, and in 2021, it was 1,610 thousand units, an increase of 16.7% as compared with the year 2020. Therefore, the growth of the building and construction industry is accelerating the demand for natural oil polyols to ensure superior weathering properties. This, in turn, is driving the growth of the market in the North American region.
Moreover, Asia Pacific is anticipated to be the fastest-growing region over the forecast period, owing to the development of new automotive manufacturing plants, the presence of major players in the market, and others.
Natural Oil Polyols Market Competitive Landscape:
The natural oil polyols market is highly competitive, with several large players and numerous small and medium-sized enterprises. These companies have strong research and development capabilities and a strong presence in the market through their extensive product portfolios and distribution networks. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships. The key players in the market include-
• Stepan Company
• BASF SE
• Emery Oleochemicals
• Cargill Inc.
• Vertellus
• IFS Group
• Jayant Agro-Organics Limited
• The Lubrizol Corporation
• Elevance Renewable Sciences, Inc.
• Huntsman International LLC
Recent Developments
• In September 2022, Covestro AG launched sustainable polyether polyols. Thus, the development of a new range of products will accelerate the growth of the natural oil polyol market in the upcoming years.
Natural Oil Polyols Market size was valued at USD 7,727.22 Million in 2022, registering a CAGR of 5.8% during the forecast period (2023-2030), and the market is projected to be worth USD 12,071.85 Million by 2030.
Natural oil polyols refer to polyols derived from various sources of vegetable oils, including sunflower oil, canola oil, palm oil, castor oil, and others. The two major product types of natural oil polyols include polyester polyols and polyether polyols. The technical advantages of the above-mentioned natural oil polyols products include excellent adhesion, superior workability, and good weathering properties. As a result, natural oil polyols are an ideal solution for various end-use industries, including building & construction, automotive, and others. The bolstering of building and construction activities at the global level is a prime factor in accelerating the growth of the market.
For instance, according to the recent 2022 statistics published by the European Construction Industry Federation (FIEC), in 2020, the investment in residential construction projects in France was Euro 65,142.36 million (USD 74,405.34 million), and in 2021, it was EURO 74,588.00 million (USD 88,218.21 million), an increase of 14.5% as compared with the year 2020. Thus, the growth in building and construction activities is accelerating the demand for natural oil polyols to ensure excellent hydrolysis resistance, chemical resistance, and UV resistance. This prominent factor is driving the growth of the market.
Natural Oil Polyols Market Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Million) | 12,071.85 Million |
| CAGR (2023-2030) | 5.8% |
| Base Year | 2022 |
| By Source | Sunflower Oil, Canola Oil, Palm Oil, Castor Oil, and Others |
| By Product Type | Polyester Polyols and Polyether Polyols |
| By End-use Industry | Building & Construction, Automotive, and Others |
| By Geography |
|
| Key Players | Stepan Company, BASF SE, Emery Oleochemicals, Cargill Inc., Vertellus, IFS Group, Jayant Agro-Organics Limited, The Lubrizol Corporation, Elevance Renewable Sciences, Inc., and Huntsman International LLC |
Market Dynamics:
Driver:
Natural oil polyols are utilized in building and construction products such as rigid polyurethanes, roofing, and others to ensure superior durability of the structure. The expansion of leisure construction projects, the increasing investment in healthcare infrastructure, and others are accelerating the growth in new building and construction projects at the global level. For instance, as of July 2023, various building and construction projects are under the near completion phase, including USD 476 million for The Eight Office Tower project in the United States (project completion year 2024), the USD 1,760 million Lok Ma Chau Emergency Hospital Development project in China (project completion year Q4 2023), and others. Hence, the growth in the near completion of building & construction projects at the global level is accelerating the demand for natural oil polyols as it is a key raw material in building products. Henceforth, the growth of the building & construction industry is proliferating the growth of the earth leakage protection market.
Restraint:
The availability of various substitutes such as animal-derived polyol, synthetic oil polyol, and others that have similar properties as compared with natural oil polyol is restraining the growth of the market. For instance, the key benefits associated with synthetic oil polyol include resistance to oxidation & chemical degradation, flows better at cold temperatures, withstand temperature extremes, and others. As a result, synthetic oil polyol is an ideal solution for various end-use industries such as building & construction, automotive, and others. Hence, the availability of various substitute products for natural oil polyol is posing a major bottleneck for market growth.
Opportunities:
Natural oil polyol is utilized in the manufacturing of foam-fabric/vinyl laminates. The foam-fabric/vinyl laminates are utilized in automotive seatings, headrests, armrests, visors, and door panels. The increasing purchasing power of people, the rising adoption of electric vehicles, and others are some of the prominent factors accelerating the growth of the automotive industry. For illustration, according to the Organisation Internationale des Constructeurs d\'Automobiles (OICA), in 2021, the production of automotive vehicles at the global level was 80,205,102 units, and in 2022, it was 85,016,728 units, an increase of 6%. Thus, the growth of the automotive industry is a prime factor boosting the demand for natural oil polyol at the global level to ensure superior resistance against chemicals. This factor will drive the natural oil polyol market growth during the projected forecast period.
Natural oil polyols Market Segmentation:
By Source
The source segment is classified into sunflower oil, canola oil, palm oil, castor oil, and others. In 2022, the castor oil segment accounted for the highest market share in the natural oil polyols market. Castor oil is a prime source utilized for the manufacturing of natural oil polyol that is produced directly from a plant source. Castor oil has various benefits. For instance, the presence of the hydroxyl group in castor oil ensures chemical derivatization of the oil that efficiently alters the properties of castor oil as compared with vegetable oils which do not have the hydroxyl group. For illustration, according to the recent data published by the Anderson International Corp, a processing equipment manufacturer, in 2021, the production of castor oil at the global level was 767,000 tons. Henceforth, the easy availability of castor oil is benefiting the adoption of oil sources. This, in turn, is accelerating the growth of the market.
However, the sunflower oil segment is projected to grow at the fastest CAGR during the forecast period. This is due to the increasing production activities associated with sunflowers in key regions such as Asia Pacific, Africa, and others.
By Product Type
The product type segment is categorized into polyester polyols and polyether polyols. In 2022, the polyester polyols segment accounted for the highest market share in the natural oil polyols market. The vital benefits associated with polyester polyols manufactured from natural oil polyol include low viscosity, excellent self-leveling properties, extremely hydrophobic, superior self-leveling properties, significant bonding properties, and others. Thus, due to the above benefits, polyester polyols are frequently deployed in the building & construction industry, electrical & electronics, and others. For instance, as of July 2023, various commercial construction projects are in the development phase, including USD 50 million Tonsberg Shopping Center project in Norway (project completion year 2024), USD 1,424 million Nantes New CHU Hospital Development project in France (project completion year 2027), USD 115 million Nexum Retail Park Shopping Center project in Spain (project completion year 2023), and others. Hence, the growth of the above end-use industries is fostering the demand for polyester polyols to ensure superior performance characteristics, which, in turn, is driving the growth of the market.
However, the polyether polyols segment is expected to be the fastest-growing segment over the forecast period owing to the increasing upgradation and expansion of existing electrical and electronics projects will boost the demand for natural oil polyols.
By End-use Industry
The end-use industry segment is categorized into building & construction, automotive, and others. In 2022, the building & construction segment accounted for the highest market share in the natural oil polyols market. The significant functions associated with natural oil polyol include being 100% solid, superior gloss development, and excellent pigment-wetting characteristics. These properties make natural oil polyol a suitable choice for building products such as rigid polyurethanes, adhesives, and others. As a result, natural oil polyols are deployed in various construction projects such as malls, office buildings, hospitals, institutional buildings, and others. For instance, in the Q1 of 2023, various commercial and leisure construction projects commenced in India, including Noida Integrated Commercial Project (project completion year 2026), Bengaluru Retail and Entertainment Complex Development (project completion year 2025), Phoenix Marketcity Kolkata (project completion year 2026), and others. Thus, the booming building and construction industry is boosting the demand for natural oil polyols to ensure superior adhesion. This, in turn, is favoring market growth.
However, the automotive segment is expected to be the fastest-growing segment over the forecast period. The development of passenger car manufacturing facilities, the growth of public transportation, and others are vital determinants accelerating the demand for automotive vehicles.
By Region:
By region, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. In 2022, North America accounted for the highest market share in the natural oil polyols market. This growth is attributed due to factors such as increasing construction activities, rising production of automotive vehicles, and others. For instance, according to the United States Census Bureau, in 2020, the new residential construction projects commenced in the United States were 1,379.61 thousand units, and in 2021, it was 1,610 thousand units, an increase of 16.7% as compared with the year 2020. Therefore, the growth of the building and construction industry is accelerating the demand for natural oil polyols to ensure superior weathering properties. This, in turn, is driving the growth of the market in the North American region.
Moreover, Asia Pacific is anticipated to be the fastest-growing region over the forecast period, owing to the development of new automotive manufacturing plants, the presence of major players in the market, and others.
Natural Oil Polyols Market Competitive Landscape:
The natural oil polyols market is highly competitive, with several large players and numerous small and medium-sized enterprises. These companies have strong research and development capabilities and a strong presence in the market through their extensive product portfolios and distribution networks. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships. The key players in the market include-
• Stepan Company
• BASF SE
• Emery Oleochemicals
• Cargill Inc.
• Vertellus
• IFS Group
• Jayant Agro-Organics Limited
• The Lubrizol Corporation
• Elevance Renewable Sciences, Inc.
• Huntsman International LLC
Recent Developments
• In September 2022, Covestro AG launched sustainable polyether polyols. Thus, the development of a new range of products will accelerate the growth of the natural oil polyol market in the upcoming years.
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