Global Polyols Market Size
Polyols find widespread application in polyurethanes manufacturing. A slew of products is manufactured using polyols including adhesives & sealants, coatings, elastomers and others. Polyols are a common industrial material and have massive market. Market Research Future (MRFR) reports that the global polyols market Size will witness a healthy growth over the next several years.
Polyols are a key raw material for manufacturing polyurethane foams. These foams find application in building & construction, furnishing, automotive, packaging and electronics manufacturing. Polyols are use in manufacturing both rigid and flexible polyurethane foams. There two major types of polyols – polyester polyols and polyether polyols. Polyester polyols are produced through creating a polycondensation reactions between dicarboxylic acids and diols. The polyester polyols are produced through a creating a polycondensation reaction between dicarboxylic acids and diols.
Increased use of polyurethane in industries such as automotive, construction, electronics, furnishing, footwear and others. In recent years, the construction sector has witness an impressive growth owing to rapid urbanization and infrastructure development in fast-developing countries. This has influenced the global demand for polyols in food.
Growth of the automotive sector has provided an impetus to the global polyols market. Polyurethane is used in various automotive components and its demand in expected to remain strong among automotive OEMs during the forecast period. The consumer electronics and appliances segment is also expected to remain highly attractive during the assessment period.
The bio-based polyol variant is expected to gain traction in near future. Manufacturers are leaning towards eco-friendly alternation, which is creating opportunities for bio-based polyols. However, this may create market impediments for synthetic polyols which currently represent the dominant share.
Global Polyols Market: Segmental Analysis
The segmental analysis of the global polyols market has been segmented into application, product type, end-use industry and region.
Based on application, the market has been segmented into CASE, rigid foams, flexible foams and others. Based on product type, the market has been segmented into polyester polyols, polyether polyols and others. Based on end-user industry, the market has been segmented into automotive, consumer appliances, construction, footwear, furnishing and others.
Global Polyols Market: Regional Analysis
On the basis of region, the market has been segmented into North America, Latin America, Asia Pacific, the Middle East & Africa (MEA), and Europe. In terms of value, APAC accounts for the largest market share. In addition, the market is APAC is expected to exhibit the fastest CAGR during the forecast period. This is mainly owing to the increased consumption of polyurethane in various end-use markets in APAC including automobile, building & construction, furnishing, electronics, among others. In recent years, APAC has become a top-destination for overseas manufacturers owing cost benefits and accessibility to a broader pool of labour.
APAC is followed by North America and Europe. North America and Europe are technologically advanced regions which are witnessing tremendous uptake in polyurethane in different manufacturing verticals. The electronic and automotive sector in these regions present attractive opportunities to market players.
The market in the Middle East & Africa (MEA) is expected to witness a healthy growth in the years to come. Increased focus toward bolstering non-oil industries in the region will open new avenues during the forecast period.
Global Polyols Market: Competition Analysis
Covestro AG (Germany),Royal Dutch Shell PLC (Netherlands), Mitsui Chemicals, Inc. (Japan), BASF SE (Germany), Vertellus Holdings LLC (U.K), Expanded Polymer Systems Pvt. Ltd. (India), POLYOLS & POLYMERS PVT.LTD. (India), Stepan Company (U.S.), DowDuPont, Inc. (U.S.), China National Bluestar (Group) Co, Ltd. (China), INVISTA B.V. (U.S.), N Shashikant & Co. (India), and Coim Group (Italy) are among the prominent market participants.