Bio-based PU is more cost-stable as compared to the conventional fossil-fuel (petroleum) based PU as fossil fuels suffer from intense fluctuations in availability, trade and hence their prices. Also, the performance of bio-based PU is comparable to that of petroleum based PU. Therefore, a competitive advantage of bio-based PU from conventional PU in terms of its cost stability and performance is expected to be one of the key factor driving the growth of global Bio-Based PU Market.
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Bio-based PU are produced from sustainable substitutes of petroleum. Bio-based PU is a promising alternative to the conventional petroleum based PU as they have reduced carbon content, are more environment friendly and biodegradable. The intensity of participation in the global bio-based PU market is expected to increase as it offers a promising growth in coming years. Existing chemical market players are collaborating and investing huge capitals on other research institutes and biotechnology firms for the development of new bio-based PU products and for the optimization of the methods of bio-based PU production.
Furthermore, the utilization of bio-based PU instead of petroleum based PU helps reduce the carbon footprint of industries. The industries are more focused towards the adoption of sustainable methods of production and manufacturing. This factor has significantly resulted in the increasing demand for bio-based PU from industries such as automotive, construction, and paints and coatings among others that are trying to achieve their sustainability goals and offer more environment friendly products to the consumers. Therefore, an increase in the global awareness for the utilization of bio-based PU amongst industrialists is driving the growth of global bio-based PU market.
Although bio-based PU is cost stable, the prices of bio-based PU is higher as compared to the conventional petroleum based PU because the production of bio-based PU is comparably difficult and requires additional investments. This factor significantly restraints the sales of global bio-based PU market and acts as a significant restraint against the growth of global bio-based PU market.
The opportunities of growth in the global bio-based PU market are tremendous. These opportunities have been successfully recognized by the existing polymer manufacturers and in order to grow in the global bio-based PU market, they are actively participating in collaborations and mergers with other players for research and development of new bio-based PU products. As a consequence, the global bio-based PU market has been witnessing a frequent number of product launches that is expanding the global bio-based PU market product portfolio and is increasing the intensity of competition amongst the different market participants.
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East Asia is expected to dominate the global bio-based PU market in terms of consumption. This is driven by the increasing manufacturing capacity of industries that consume bio-based PU in the region. Also, China is expected to project a prominent growth in the global bio-based PU market. Implementation of stringent government regulations in the regions such as North America and Europe is expected to increase the consumption of bio-based PU and have a positive impact on the growth of global bio-based PU market in North America and Europe. Emerging economies such as India is expected to project a promising growth in the South Asia bio-based PU market. Other regions such as Middle East and Africa and Oceania are also expected to project significant growth in the global bio-based PU market.
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Bio-Based PU Market Inclined to Deliver Positive Growth Results until 2029
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