NEW YORK, July 27, 2020
- The growing demand of Bio-Based Polyurethane in the construction sector, along with the increased application in CASE will boost the market growth
- Market Size – USD 46.6 Million in 2019, Market Growth - CAGR of 9.5%, Market Trends – High demand in CASE (Coatings, Adhesives, Sealants & Elastomers)
NEW YORK, July 27, 2020 /PRNewswire/ -- The global Bio-Based Polyurethane Market is forecast to reach USD 96.1 million by 2027, according to a new report by Reports and Data. Increasing inclination for bioplastics due to ecological concerns is expected to drive worldwide bio-PU market revenue growth throughout the following years. The growing interest in economical items from construction, automotive, and footwear ventures is likewise expected to impact industry development.
Adaptable foams were the most significant product section and represented 49% of total market volume in 2019. Expanding requests from automotive and furniture ventures combined with the consumer recognition of bio-based items is relied upon to drive this section. Adaptable foam is likewise expected to observe the most elevated development rate throughout the following six years.
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The COVID-19 impact:
COVID-19 has impacted the market negatively. The weaker consumer demand for lifestyle and well-being products due to the imposition of lockdown and social restrictions will have a negative impact on the demand for cosmetics and certain food additives. The COVID-19 pandemic has crippled various industries, along with public construction. Many activities that created a demand for Bio-Based Polyurethane (bio PU) will more likely cease due to the imposition of lockdown and social distancing, and work will halt due to the supply chain disruption, the termination of contracts to control expenses, and the shortage of subcontractors and materials. However, the ease in restrictions and government initiatives to restart economic recovery in the consumer goods market creates hope for the imminent recovery of the market.
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Further key findings from the report suggest
For the purpose of this report, Reports and Data have segmented into the global Bio-Based Polyurethane market on the basis of raw material, application, end-use, and region:
Raw Material Outlook (Revenue, USD Million; Volume, Tons; 2017-2027)
Application Outlook (Revenue, USD Million; Volume, Tons; 2017-2027)
End-Use Outlook (Revenue, USD Million; Volume, Tons; 2017-2027)
Regional Outlook (Revenue, USD Million; 2017-2027)
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