The Global Bio-based Polyurethane Market was valued at USD 2.54 Billion in 2023 and is projected to reach USD 4.82 Billion by 2031, growing at a Compound Annual Growth Rate (CAGR) of 8.3% during the forecast period (2023–2031). This robust growth is fueled by escalating demand for sustainable materials, stringent environmental regulations, and the versatility of bio-based polyurethane across key industries like automotive, construction, and furniture.

As the world transitions toward a circular economy and low-carbon manufacturing, the focus intensifies on the chemical innovators developing renewable alternatives to petroleum-based products. In this analysis, we profile the Top 10 Companies in the Bio-based Polyurethane Industry—a group of chemical giants, specialty manufacturers, and green technology pioneers shaping the future of sustainable polymers.

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🔟 1. BASF SE

Headquarters: Ludwigshafen, Germany
Key Offering: Bio-based Polyols, Elastollan® N (Bio-TPU)

BASF is a global leader in the chemical industry and a pioneer in developing bio-based polyurethane solutions. The company utilizes renewable raw materials like castor oil and biomass balances to produce a range of polyols and thermoplastic polyurethanes (TPU), which are integral to creating sustainable foams, coatings, and adhesives.

Sustainability Initiatives:

• Mass balance approach for certified bio-based feedstocks in production

• Development of polyols with up to 100% bio-based carbon content

• Committed to achieving net-zero CO2 emissions by 2050

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9️⃣ 2. The Lubrizol Corporation

Headquarters: Wickliffe, Ohio, USA
Key Offering: Isocyanate-free Prepolymers, Bio-based TPUs (Estane®)

Lubrizol, a subsidiary of Berkshire Hathaway, is a major producer of specialized polyurethane materials. Its Estane® TPU portfolio includes bio-based grades derived from renewable resources, serving the footwear, automotive, and wire & cable industries with high-performance, sustainable alternatives.

Sustainability Initiatives:

• Innovation in bio-content measurement and certification

• R&D focused on reducing the carbon footprint of polyurethane chemistries

Download FREE Sample Report: Global Bio-based Polyurethane Market – View in Detailed Research Report

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8️⃣ 3. Dow Chemical Company

Headquarters: Midland, Michigan, USA
Key Offering: RENUVA™ Polyol, Specflex™ Bio-based Systems

Dow is a powerhouse in polyurethane chemistry, offering innovative bio-based solutions derived from waste and renewable sources. Its RENUVA™ mattress recycling program, which produces polyols from used mattress foam, exemplifies a circular economy model for the polyurethane industry.

Sustainability Initiatives:

• Investment in circular economy technologies and feedstocks

• Partnerships to scale the use of bio-based and recycled content in consumer goods and automotive applications

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7️⃣ 4. Mitsui Chemicals, Inc.

Headquarters: Tokyo, Japan
Key Offering: Bio-based TPU, Plant-derived Polyols

Mitsui Chemicals is a leading Japanese chemical company with a strong focus on sustainable innovation. It has developed a bio-based thermoplastic polyurethane derived from corn-based polyols, targeting applications in electronics, automotive interiors, and high-performance sports footwear.

Sustainability Initiatives:

• Development of biomass-derived monomers for polymer synthesis

• Active participation in global sustainability forums and initiatives

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6️⃣ 5. RAMPF Holding GmbH & Co. KG

Headquarters: Grafenberg, Germany
Key Offering: RAKU® PUR Bio-based Systems, Eco-friendly Casting Resins

RAMPF specializes in polyurethane systems, including a dedicated line of bio-based products. The company’s RAKU® PUR systems utilize renewable raw materials to produce rigid and flexible foams, coatings, and adhesives for industrial and tooling applications.

Sustainability Initiatives:

• Focus on high bio-content formulations with reduced environmental impact

• Custom-engineered solutions for clients seeking green alternatives

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5️⃣ 6. Rhino Linings Corporation

Headquarters: San Diego, California, USA
Key Offering: Bio-based Protective Coatings and Linings

Rhino Linings is a prominent manufacturer of protective polyurethane coatings. The company has integrated bio-based polyols into its formulations, creating durable, high-performance lining systems for truck beds, industrial floors, and marine applications with a lower carbon footprint.

Sustainability Initiatives:

• Development of coatings with soy-based and other bio-derived polyols

• Commitment to reducing VOC emissions and enhancing product lifecycle

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4️⃣ 7. Covestro AG

Headquarters: Leverkusen, Germany
Key Offering: Desmodur® and Desmophen® Bio-based Grades, Cardyon® (CO2-based)

Covestro, previously part of Bayer MaterialScience, is a global polyurethane giant driving the shift toward circularity. While famous for its CO2-based Cardyon® technology, it also actively develops polyols and isocyanates with significant bio-based content for foams, elastomers, and coatings.

Sustainability Initiatives:

• Pioneering the use of captured CO2 as an alternative carbon source

• Target of transitioning fully to alternative raw materials for production

Download FREE Sample Report: Global Bio-based Polyurethane Market – View in Detailed Research Report

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3️⃣ 8. Huntsman Corporation

Headquarters: The Woodlands, Texas, USA
Key Offering: TEROL® and JEFFADD® Bio-based Polyols

Huntsman’s Polyurethanes division is a key supplier of MDI and polyols, including sustainable variants. The company offers bio-based polyol technologies that are used to manufacture flexible and rigid foams for bedding, furniture, and construction insulation with improved environmental profiles.

Sustainability Initiatives:

• Integration of recycled and bio-based content into mainstream product lines

• Focus on energy efficiency and reduced emissions in manufacturing processes

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2️⃣ 9. Woodbridge Foam Corporation

Headquarters: Mississauga, Canada
Key Offering: Bio-based Polyurethane Foams for Automotive

Woodbridge is a leading global supplier of molded polyurethane foam products, primarily for the automotive industry. The company has developed foam formulations incorporating soy-based polyols, providing automakers with sustainable seating and interior solutions that meet rigorous performance standards.

Sustainability Initiatives:

• Long-standing commitment to replacing petroleum-based polyols with soy alternatives

• Partnerships with automotive OEMs to implement cradle-to-cradle principles

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1️⃣ 10. TSE Industries, Inc.

Headquarters: Clearwater, Florida, USA
Key Offering: Custom Bio-based Prepolymers and Cast Elastomers

TSE Industries is a specialty manufacturer of polyurethane prepolymers and cast elastomer systems. The company offers a range of bio-based solutions tailored for specific applications in industrial rollers, mining, and oil & gas, emphasizing performance alongside sustainability.

Sustainability Initiatives:

• Development of high-performance elastomers with significant bio-renewable content

• Custom formulation services to help clients meet their sustainability targets

Get Full Report Here: Global Bio-based Polyurethane Market – View in Detailed Research Report

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🌍 Outlook: The Future of Bio-based Polyurethane Is Versatile and Circular

The bio-based polyurethane market is undergoing a significant transformation. While conventional PU still holds the majority share, the industry is rapidly innovating with renewable feedstocks, recycling technologies, and novel chemistries to meet global sustainability demands.

📈 Key Trends Shaping the Market:

• Expansion of bio-based feedstocks beyond soy and castor oil (e.g., algae, lignin)

• Increased regulatory pressure and corporate sustainability mandates driving adoption

• Advancements in chemical recycling of polyurethane waste into new polyols

• Growing consumer preference for eco-friendly products in automotive, construction, and consumer goods

Get Full Report Here: Global Bio-based Polyurethane Market – View in Detailed Research Report

The companies listed above are not only supplying essential polymers—they’re pioneering the sustainable transformation of the materials industry.