Natural Oil Polyols (NOP) Market Accelerates To Hit USD 11.30 Billion By 2024: Grand View Research, Inc.

Natural Oil Polyols (NOP) Market Accelerates To Hit  USD 11.30 Billion By 2024: Grand View Research, Inc.

“Grand View Research, Inc. – Market Research And Consulting.”
According to report published by Grand View Research,Growing demand for environment-friendly polymers on account of volatile prices of conventional plastics/polymers is expected to drive global NOP market.

According to a report, “Natural Oil Polyols (NOP) Market Analysis By Product (Soy Oil, Castor Oil, Palm Oil, Canola Oil, Sunflower Oil) And Segment Forecasts To 2024″,The global natural oil polyols (NOP) market is expected to reach USD 11.30 billion by 2024, according to a new report by Grand View Research, Inc. Growing demand for environment-friendly polymers on account of volatile prices of conventional plastics/polymers is expected to drive global NOP market.

Regulatory support in the form of financial incentives from European Commission for the adoption of environment-friendly polymers is estimated to augment market growth. The growing use of NOP for metallic & plastic coatings and door foams & headliners in the transportation industry coupled with its increasing acceptance for cushioning in footwear, and for concrete & wood coatings in the construction sector is also projected to drive the NOP market growth over the forecast period.

Key Takeaways from the report:

  • Global natural oil polyols market demand was 1.89 million tons in 2015 and is expected to reach 3.57 million tons by 2024, growing at a CAGR of 7.3% from 2016 to 2024

  • Soy oil polyols emerged as the leading product segment and accounted for 36.2% of total market volume in 2015. The ease of processing and abundant availability of raw materials on account of increasing soy acreage particularly in the U.S. and Brazil is expected to drive this segment over the forecast period.

  • Castor oil polyols and palm oil polyols are expected to witness above average growth rates over the forecast period. Increasing demand for high purity NOP at lower prices coupled with advancements in extraction technologies is expected to lead to the development of castor & palm oil-based polyols.

  • North America was the leading regional market and accounted for 44.4% of global demand in 2015. The growing demand for bio-based polyurethane coupled with the availability of key raw materials such as soy in the U.S. is expected to drive the regional market.

  • Asia Pacific is projected to witness the highest growth of 7.7% from 2016 to 2024. Increasing infrastructure spending in China and India coupled with the abundant availability of raw materials such as palm oil and castor oil in South East Asian countries is expected to have a positive influence on the regional market growth.

  • Some leading companies operating in the global natural oil polyols market include BASF SE, The Dow Chemical Company, Cargill Inc, Huntsman Corporation, Jayant Agro Organics Ltd, BioBased Technologies LLC, Elevance Renewable Sciences Inc., Stepan Company, IFS Chemicals Group, Bayer MaterialScience, and Emery Oleochemicals.

U.S. natural oil polyols (NOP) market revenue by product, 2014 – 2024 (USD Million)

U.S. natural oil polyols (NOP) market

Product Insights

Soy oil was the largest product segment of NOPs with a total share of 36.03% of the global demand in 2015. Currently, the majority of commercially available NOPs are soy oil based with highest market penetration. Additionally, soy oil has been gaining popularity in food industry due to low cholesterol content.

Castor oil is one of the most promising natural oil polyols due to the presence of hydroxyl groups in the molecular structure; this makes manufacturing of finished products highly cost efficient and involves the least modification. Castor oil is second most preferred NOP source and is projected to witness the highest growth over the coming years.

Palm oil derived polyols are estimated to register significant growth over the forecast period. Advancements in extraction techniques coupled with increasing acreages of castor and palm particularly in South East Asia is expected to have a positive impact on the supply of natural oils over the forecast period.

Ask Our Industry Expert for more details on report –  www.grandviewresearch.com/inquiry/717/ibb

Regional Insights

North America NOP market led the global industry and accounted for over 40% of total market volume in 2015. Government initiatives to encourage bio based products consumption in the U.S. and Canada have been an important factor driving NOP consumption in this region. High soy oil production coupled with increasing exports in the U.S. is expected to further complement the market growth over the forecast period.

Asia Pacific is projected to grow at the highest CAGR from 2016 to 2024. Growing construction sector coupled with increasing government regulations to reduce greenhouse gas emissions and encourage sustainable development is expected to drive NOP market growth over the forecast period. Increasing automotive production in Japan, China, India, and Korea is expected to further drive NOP market growth.

Europe is expected to grow at the second-highest CAGR on account of increasing industrialization in Eastern European markets such as Ukraine, Russia, Azerbaijan, and Armenia, which is expected to drive castor oil, based polyols demand for plastic foams such as polyurethane in construction, varnishes, and adhesives.

Grand View Research has segmented the natural oil polyols market on the basis of product and region:

Global Natural Oil Polyols (NOP) Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2024)

  • Soy Oil Polyols

  • Castor Oil Polyols

  • Palm Oil Polyols

  • Canola Oil Polyols

  • Sunflower Oil Polyols

  • Others

Global Natural Oil Polyols (NOP) Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2024)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • UK

    • France

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

  • Central & South America

    • Brazil

  • Middle East and Africa

    • South Africa

Browse Latest Research Insight:

  • Metal Aerosol Cans: High Customizability Associated With These Cans Expected To Drive Growth However, a growing need for simplification of product application instruments was being realized by the major cosmetics and personal care products manufacturers. This led to the introduction of metal aerosol cans that consisted of a light-weight metal container containing the product and a propellant that provided for the easier use of the container contents.

Explore the BI enabled intuitive market research database, Navigate with Grand View Compass, by Grand View Research, Inc.Regional Insights

About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunity.

Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:201, Spear Street, 1100
City: San Francisco
State: California
Country: United States
Website: www.grandviewresearch.com/industry-analysis/natural-oil-polyols-nop-market