CHICAGO, Dec. 7, 2022 /PRNewswire/ -- The Global "Polyols Market by Type (Polyether polyols and Polyester polyols), Application (Flexible Polyurethane Foam, Rigid Polyurethane Foam, CASE), End-Use Industry (Building & Construction, Automotive, Electronics), and Region- Global Forecast to 2027", size is estimated to be USD 36.7 billion in 2022 and is projected to reach USD 49.3 billion in 2027, at a CAGR of 6.1%.
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The main reason behind the growth of the polyol market is the increasing demand for polyurethane foams which are used in packaging industries, automotive sector and industrial sectors. Stringent environmental regulations on the manufacturing of polyurethane foams is a major market restraint. The increasing awareness and demand for eco-friendly substitute polyol products and price fluctuations are major challenges in the polyol market.
By Type, Polyether polyols segment accounted for the largest share of the global polyol market during the forecast period
Polyol is a major raw material used in the manufacturing of polyurethanes. Polyols can be divided into two types i.e., polyether polyols and polyester polyols, on the basis of their chemical compositions -. Both these are available in variety of grades in the market. The use of polyols in the manufacturing of polyurethane is indispensable and currently, there is no alternative available for polyols. Apart from polyurethane foams, polyols are also used in CASE (Coatings, Adhesives & Sealants, and Elastomers). Polyether polyols are estimated to have the largest market share during the forecast period. Polyether polyols are used for making cushioning systems and flexible foams used in furniture, bedding, automobile seats, steering pads etc. CASE application is the major consumer of polyester polyols, followed by flexible polyurethane foam.
By Application, Flexible polyurethane foams accounted for the highest market share during the forecast period
The market by application is segmented by application as flexible polyurethane foams, rigid polyurethane foams and CASE (coatings, adhesives, sealants, and elastomers). The largest market is flexible polyurethane foam. Flexible polyurethane foam is also one of the fastest-growing applications of polyols between 2022 and 2027. The growth in furniture and automobile sector is the major reason for increase in demand of cushioning applications.
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By End Use Industry, Building and construction sector accounted for the highest market share during the forecast period
Building and construction industry is estimated to be the fastest-growing market for polyol market.
The building and construction sector is growing, mainly due to the increase in demand of insulating and sealant materials used in construction. The polyols are used blinds & doors, paints, flooring, and coatings for surfaces. The rapidly growing home refurbishment activities is the main drivers of polyurethane rigid foams in this sector.
APAC is estimated to be the fastest growing market for polyol during the forecast period
The largest market for polyols is anticipated to be in APAC over the projected period. Polyol markets are estimated to register significant growth in India, China, Indonesia and Japan, due to their strong demand from end-use industries such as automotive, building and construction, electronics, packaging, and others. The growth of the Asia Pacific polyol market is driven by the economic growth of countries such as China and India. Moreover, the growing demand from major end-use industries in the region which further boosts the growth of the polyol market.
Market Players
Major companies including The DOW Chemical Company (US), Covestro AG (Germany), Shell chemicals (US), BASF SE (Germany) and Huntsman (US) are the key players operating in polyol market. Expansions, mergers, acquisitions, joint ventures, and new product developments are some of the major strategies selected by these key players to boost their positions in the polyol market
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