The Growing Demand for Natural Oil Polyols: Market Trends and Future Projections
The global natural oil polyols market size is expected to reach USD 11.40 billion by 2030, registering a CAGR of 7.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market demand is driven by the increasing demand for lightweight and highly durable products in industries, including automotive, construction, and electronics, especially in emerging economies such as China, India, and Indonesia. The growth of the market is likely to be propelled by the increasing consumption of bio-based polyurethane foams in automotive, construction, electrical and electronics, and other sectors. Regular efforts to reduce vehicle weight to enhance fuel efficiency and reduce carbon emissions have propelled the automotive OEMs to embrace the use of polyurethane foams obtained from natural oils polyol in different automotive components, such as seat covers and interiors. Soy oil polyols are majorly used as an alternative industria...