Transparency Market Research in its new report titled, “Soy Polyols Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 – 2026,” provides key insights on the soy polyols market. The TMR report anticipates that the low price of the polyurethane products which are based on these polyols and the environmental friendly nature of these polyols will be a primary driver for the soy polyol market during the forecast period i.e, 2018-2026. Increasing awareness regarding soy polyols in various industrial applications such as lubricants, additives, and solvents is further expected to drive the global market during the forecast period, says the report. The report further says that soy polyols perform like their petrochemical counterparts and in some cases, soy polyols based foams are even enhanced with lighter weight, more strength, and better durability. Presently, greenhouse gas (GHG) emissions is a major concern. Increased usage of petrochemical-based products is leading to the emission of considerable amounts of VOCs, thereby degrading the environment. Several government initiatives to reduce the emissions of the VOCs is also boosting the soy polyols market. Volatile petroleum prices over the last few years is anticipated to boost the demand for soy polyols during the forecast period.
The TMR report has segregated the soy polyols market in terms of industrial applications into coatings, adhesives, sealants, elastomers, flexible molded, rigid molded, slabstock, and spray foam insulation applications. Of all the applications, the most dominant application of the soy polyols is in the production of the polyurethane foams, says the report. Polyurethane foams are of many sub segments such as flexible, rigid, and semi-rigid. Flexible polyurethane foam is currently the dominant application segment of the soy polyol market. Increasing adoption and preference for the usage of bio based materials across the world has led to the rise in usage of renewable and sustainable products. Soy polyols in the polyurethane flexible foam application, is escalating due to its growing consumption of the polyurethane foams for the manufacture of automotive seats, beddings, and other consumables.
From a geographical perspective, the soy polyols market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, North America is the dominant market for soy polyols. This is ascribed to the rising preference for and consumption of materials and chemicals that have a lower carbon impact and those that are recyclable or derived from non-polluting resources. Asia Pacific is a prominent vegetable oil producing region in the world, and thus holds a major share of the global soy polyols market. Countries in Southeast Asia such as Malaysia, Thailand, and Indonesia hold a major share in the production of these vegetable oils. The market in Latin America and Middle East & Africa is also anticipated to expand at a significant growth rate during the forecast period. Expansion of the construction industry coupled with the increase in automobile sale is estimated to drive the sol polyols market in Latin America. Major companies operating in the global soy polyols market include Cargill, and Honeybee Polyol, and BioBased Technologies, LLC.
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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