Bio-based Polyurethane Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Bio-based Polyurethane Market is segmented by Application (Foams, Coatings, Adhesives and Sealants, and Other Applications), End-user Industry (Transportation, Footwear and Textile, Construction, Packaging, Furniture and Bedding, Electronics, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, and Rest of the World). The report offers the market size and forecasts in volume (kiloton) for all the above segments.

Bio-based Polyurethane Industry Overview

Bio-based polyurethane market Overview
Study Period: 2018 - 2028
Fastest Growing Market: Asia Pacific
Largest Market: Europe
CAGR: > 15 %

Major Players


*Disclaimer: Major Players sorted in no particular order


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Bio-based Polyurethane Market Analysis

The bio-based polyurethane market is projected to register a CAGR of greater than 15% during the forecast period (2022-2027).

The market was negatively affected by COVID-19 in 2021. The construction industry was significantly impacted during the pandemic, which affected the demand in the market studied. ​However, the market is excepted to retain its growth trajectory in the coming years.

  • Over the mid-term, the key factors driving the market studied are the increasing demand from the construction industry in developing countries and increasing demand from electronic appliances manufacturing.
  • On the flip side, the high cost of bio-based materials is expected to hinder the growth of the market studied.
  • Industrial growth in Middle-East and Africa is expected to act as an opportunity during the forecast period.

Bio-based Polyurethane Industry Segments

Bio-based polyurethanes are an important class of renewable thermosets. They can be 10% to 100% bio-based and are typically prepared by reacting natural oil polyols with diisocyanates. The market is segmented by application, end-user industry, and geography. By application, the market is segmented into foams, coatings, adhesives and sealants, and other applications (polyurethane binders, polyurethane dispersions). By end-user industry, the market is segmented into transportation, footwear and textile, construction, packaging, furniture and bedding, electronics, and other end-user industries (biomedical, fertilizer industry). The report also covers the market size and forecasts for the bio-based polyurethane market in 15 countries across the major regions. For each segment, the market sizing and forecasts have been done based on volume (kiloton).

Adhesive and Sealants
Other Applications (Polyurethane Binders, Polyurethane Dispersions)
End-user Industry
Footwear and Textile
Furniture and Bedding
Other End-user Industries (Biomedical, Fertilizer Industry)
South Korea
Rest of Asia-Pacific
North America
United States
United Kingdom
Rest of Europe
Rest of the World
Saudi Arabia
South Africa
Rest of the Countries

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Bio-based Polyurethane Market Trends

This section covers the major market trends shaping the Bio-based Polyurethane Market according to our research experts:

Increasing Demand from the Transportation Industry

  • Bio-based polyurethane finds its key applications in the transportation industry, including the automotive, railway, and aerospace industries. Moreover, the automotive industry consumes bio-based PU foams, coatings, adhesives, and sealants. Specifically, bio-based PU foams are used in seating systems (headrests, headliners, armrests, seat cushioning, and others) and interior parts.
  • According to OCIA, global automotive production reached 80.14 million units in 2021. The production capacity increased by 3% compared to 2020. Thus, growth in automotive vehicle production is likely to boost the market for bio-based polyurethane materials.
  • Asia-Pacific, the largest automotive production region, also witnessed a growth rate of 6% in 2021. The production increased from 44.27 million in 2020 to 46.73 million in 2021, respectively. Similarly, South America and Africa witnessed 18% and 16% growth rates, respectively, in 2021.
  • In the railway industry, bio-based PU has potential applications, as it can replace conventional PU products by a significant amount in the coming years. In railways, bio-based foams can be used in seat cushioning and for thermal insulation applications. Furthermore, in the aerospace industry, bio-based PU foams and coatings can substitute conventional PU materials.
  • Therefore, the demand in the transportation industry is expected to increase the demand for bio-based polyurethane during the forecast period.
Bio-based Polyurethane Market - Segmentation Trends

Asia-Pacific to Dominate the Market

  • Asia-Pacific is the largest producer of bio-based polyurethane, with a high abundance of synthetic diisocyanates and a large number of bio-based polyurethane in the region.
  • China is in the midst of a construction mega-boom. The country has the largest buildings market in the region and in the world, making up 20% of all construction investments globally. The Chinese government is estimated to have an annual limit for new infrastructure bonds worth CNY 3.85 trillion in 2022, up from CNY 3.65 trillion in 2021.
  • According to OICA, around 4.39 million vehicles were produced in China in 2021, compared to 3.38 million vehicles produced in 2020, witnessing a growth rate of about 30%. This scenario is expected to boost the bio-based polyurethane market in the country.
  • Similarly, in India, the electronics market witnessed a growth in demand, with market size increasing at a rapid growth rate. India’s electronic goods exports fetched USD 11.11 billion in 2020-21. The growing electronics and appliances markets in India and China may push the market growth further in Asia-Pacific.
  • The aforementioned factors are likely to increase the demand for bio-based polyurethane during the forecast period.
Bio-based Polyurethane Market - Regional Trends

Bio-based Polyurethane Market Competitor Analysis

The bio-based polyurethane market is consolidated in nature. The major manufacturers in the market studied include BASF SE, Covestro AG, Huntsman International LLC, Mitsui Chemicals Inc., and The Lubrizol Corporation.

Bio-based Polyurethane Market Top Players

  1. The Lubrizol Corporation

  2. Huntsman International LLC.

  3. Covestro AG

  4. BASF SE

  5. Mitsui Chemicals Inc.

*Disclaimer: Major Players sorted in no particular order

 BASF SE, Covestro AG, Huntsman International LLC, Miracll Chemicals Co. Ltd​, Mitsui Chemicals, Inc., Stahl Holdings BV, The Lubrizol Corporation​​,  Woodbridge

Bio-based Polyurethane Market Recent Developments

  • In September 2021, Lubrizol Engineered Polymers announced the launch of a 100% TPU prototype shoe. The shoe has ESTANE ECO TPU, which is a bio-based TPU product offered by Lubrizol, as a key component.

Bio-based Polyurethane Market Report - Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand from the Construction Industry in Developing Countries

    2. 4.2 Restraints

      1. 4.2.1 High Cost of Bio-based Materials

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition


    1. 5.1 Application

      1. 5.1.1 Foams

      2. 5.1.2 Coatings

      3. 5.1.3 Adhesive and Sealants

      4. 5.1.4 Other Applications (Polyurethane Binders, Polyurethane Dispersions)

    2. 5.2 End-user Industry

      1. 5.2.1 Transportation

      2. 5.2.2 Footwear and Textile

      3. 5.2.3 Construction

      4. 5.2.4 Packaging

      5. 5.2.5 Furniture and Bedding

      6. 5.2.6 Electronics

      7. 5.2.7 Other End-user Industries (Biomedical, Fertilizer Industry)

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. Rest of Asia-Pacific

      2. 5.3.2 North America

        1. United States

        2. Canada

        3. Mexico

      3. 5.3.3 Europe

        1. Germany

        2. United Kingdom

        3. Italy

        4. France

        5. Spain

        6. Rest of Europe

      4. 5.3.4 Rest of the World

        1. Brazil

        2. Saudi Arabia

        3. South Africa

        4. Rest of the Countries


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share(%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Arkema SA

      2. 6.4.2 BASF SE

      3. 6.4.3 Covestro AG

      4. 6.4.4 Huntsman International LLC

      5. 6.4.5 Miracll Chemicals Co. Ltd

      6. 6.4.6 Mitsui Chemicals Inc.

      7. 6.4.7 Stahl Holdings BV

      8. 6.4.8 Toray Industries Inc.

      9. 6.4.9 Teijin Limited

      10. 6.4.10 The Lubrizol Corporation

      11. 6.4.11 Woodbridge

    5. *List Not Exhaustive

    1. 7.1 Industrial Growth in Middle-East and Africa

    2. 7.2 Developments in Bio-based Building Materials

**Subject to Availability
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Bio-based Polyurethane Market Research FAQs

The Bio-based Polyurethane Market is studied from 2018 - 2028.

The Bio-based Polyurethane Market is growing at a CAGR of >15% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2018 - 2028.

Europe holds highest share in 2021.

The Lubrizol Corporation, Huntsman International LLC., Covestro AG, BASF SE, Mitsui Chemicals Inc. are the major companies operating in Bio-based Polyurethane Market.

Bio-based Polyurethane Industry Reports

In-depth industry statistics and market share insights of the Bio-based Polyurethane sector for 2020, 2021, and 2022. The Bio-based Polyurethane research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Bio-based Polyurethane report PDF.

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