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The global green and bio polyols market size is projected to be USD 9.3 billion by 2030, growing at a CAGR of 9.3%, according to P&S Intelligence. This development can be credited to the growing knowledge of environmental conversation and the government guidelines for lowering the utilization of polyols made from petroleum.

The growing requirement for flexible PU or stiff foams in the construction industry and the woodworking sector is also projected to drive the demand for such chemicals throughout the globe.

Bio-Based Polyols Are in High Demand in Construction, Automotive, and Furniture Industries

Isocyanates, polyols, and several other additives are utilized in the manufacturing of polyurethanes, which are extremely versatile polymers for the woodworking and other sectors. However, the former generation of polyols is low on both quality and performance, thus driving the demand for bio-based alternatives.

Worries for Non-Renewable Resource Exhaustion and AQI Degradation

The growing anxieties regarding the deficiency and unsustainability of non-renewable resources and the thinning of the atmosphere from their utilization have led to several steps to encourage the production and usage of bio-based chemicals.

The U.S. EPA and REACH have introduced numerous rules in this regard. Damaging VOCs are utilized as a key ingredient in old-style polyols, while the bio-based alternatives contain zero or tremendously low quantities of such chemicals.

In 2022, North America generated the highest revenue, of USD 2,664 million, and the region is also projected to be in the leading position throughout the forecast period.

This is mainly because the continent is a vast market for polyols owing to the quickly rising need for them and the efforts being put in to enhance their performance and quality.

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The total value of the global progressing cavity pump market was USD 2,244 million in 2022, and it will rise at a growth rate of above 5.2% shortly, reaching USD 3,366 million by 2030, according to P&S Intelligence.

This growth can be credited to the increasing demand for such pumps in the utilization of improved oil recovery and other upriver processes, the rising concentration and steps for advancing water and wastewater supervision practices, and the growing applications in energy generation because of their cost-efficiency. 

In the coming few years, the up to 50 hp category, is expected to experience the highest CAGR, of 6.1%, in the progressing cavity pump market. This is mainly because 50 hp pumps are utilized in efficiently maintaining pumping applications and the rapidity of pumps for sticky fluids hinges on the power rating.

Also, such pumps are progressively been accepted by different industries like wastewater treatment, chemicals & petrochemicals, oil & gas, and food & beverages, as they include applications like management of food waste and chemicals comprising viscous materials and others.

The increasing demand for technological improvements in solutions for the managing of different manufacturing plants in China and India brands the APAC region an industry leader, with a market share of 38% in 2022. Furthermore, this is also boosted by advancing the economic circumstances of nations and growing industrialization in the region. 

Hence, the increasing demand for such pumps in the utilization of improved oil recovery and other upriver processes, the rising concentration and steps for advancing water and wastewater supervision practices, and the growing applications in energy generation because of their cost-efficiency, are the major factors propelling progressing cavity pump market. 

As per a report by P&S Intelligence, the thermoplastic polyurethane (TPU) market generated a value of USD 3,100 million in 2022, and it will touch USD 5,326 million, advancing at 7.0% CAGR, by 2030. 

The growth in this industry is mainly credited to the widespread adoption of TPU in numerous applications, for instance, medical devices, wound care products, and automobile parts.

In 2022, the footwear category held the largest industry share, and it will remain the largest throughout this decade. This is primarily because polyurethane is highly required in the industry of footwear, because of its customization options and cost-effectiveness. 

The medicinal industry provides numerous opportunities to the manufacturers of thermoplastic polyurethane as it is a renowned material in this sector and can be implemented in numerous medicinal applications and healthcare products, for instance, wound care products, orthodontic products, dental materials, healthcare mattresses, medical instrument cables, gel shoe orthotics, compression stockings, and catheters. 

In 2022, APAC generated the largest revenue share in the industry, at over 55%, and it will continue to lead the industry in the years to come. 

The growth in APAC is because of the high adoption of TPU in the automotive and medical industries, most original equipment manufacturers are implementing polyurethane for producing automobile parts, and the region is the largest automobile exporter in the world.