According to the new market research report “Polycarbonate Diols Market by form (Solid, Liquid), Molecular Weight (g/mol) (<1000, 1000 – Below 2000, 2000 & Above), Application (Synthetic Leathers, Paints & Coatings, Adhesives & Sealants, Elastomers), and Region – Global Forecast to 2024″, The global polycarbonate diols market size is expected to grow from USD 200 million in 2019 to USD 255 million by 2024 at a compound annual growth rate (CAGR) of 5.0% during the forecast period.
The primary factor driving the polycarbonate diols industry during the forecast period includes the rising demand for high performance polyurethane in the synthetic leather application. Also, rising demand for waterborne paints & coatings and stringent government regulation across the globe are providing an impetus for the growth of the market.
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The global polycarbonate diols market size is estimated at USD 200 million in 2019 and is projected to reach USD 255 million by 2024, at a CAGR of 5.0% between 2019 and 2024. The rising demand for high-performance polyurethane for manufacturing synthetic leather and waterborne paints & coatings in the automotive industry provides an impetus for the growth of the polycarbonate diols market. Supporting this, the growing production of electric vehicles and vehicle parc in the developed regions that, in turn, have a significant impact on the growth of the market.
Over the recent past, there has been significant growth in automotive production across the globe. This is mainly attributed to the rising population, disposable income, and growing per capita spending, among others, in the developing region such as India, China, Brazil, and ASEAN countries. According to the OICA, around 95.7 million units of vehicles were produced in 2018, among which 55% were produced in the Asia Pacific alone. Also, there has been significant growth in the global vehicle parc, i.e., increased from 1.28 billion units in 2015 to 1.56 billion units in 2018. In automotive vehicles, synthetic leather is used mainly for its interiors, especially seat upholstery, covers, hood, and other products, which help to improve the aesthetics of the interiors.
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The global polycarbonate diols market size is projected to grow from USD 200 million in 2019 to USD 255 million by 2024, at a compound annual growth rate (CAGR) of 5.0% during the forecast period. The major driving factors for the growth of the polycarbonate diols market are the rising demand for the high performance polyurethane in several end-use industries such as synthetic leathers, paints & coatings, adhesives & sealants, and elastomers, among others.
Polycarbonate diols have excellent hydrolytic stability & low water absorption, high oil & chemical resistance, weather ability, UV resistance, superior mechanical properties, excellent durability, enhanced gloss retention, and exceptional stability, among others. The synthetic leather segment is the largest and the fastest-growing application of Polycarbonate diols market. Increasing use of synthetic leather in automotive, textiles, footwear, and bags, among other applications, will drive market growth.
The polycarbonate diols market is consolidated in nature with key players being Ube Industries Ltd. (Japan), Mitsubishi Chemical Corporation (Japan), Asahi Kasei Corporation (Japan), Covestro Ag (Germany), Tosoh Corporation (Japan), Daicel Corporation (Japan), Perstorp Group (Sweden), Saudi Arabian Oil Co. (Saudi Arabia), GRR Fine Chem Pvt. Ltd.(India), and Chemwill Asia Co. Ltd. (China), among others. These players adopted acquisitions, new product launch, and agreements as key growth strategies between 2015 to 2019, which helped them to increase their capacities and cater to the widening customer base.
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Covestro Ag has a strong polyurethane production capacity and ranked 2nd in terms of production across the globe. Along with this, the company has a significant share in the global polyol market. Moreover, the company is channelizing its efforts towards the development of eco-friendly chemicals that, in turn, supports sustainability development. To promote sustainability development, Coverstro Ag developed CO2 based polyol for polyurethane production. The company had built a plant with a production capacity of 5,000 to 6,000 tons in June 2016. This project is called “Dream Production.” In the production of polycarbonate polyol, CO2 produced from fossil fuel is used as substitutes for polyether carbonate polyether. The company produces CO2-based polyol through copolymerization of CO2 and alkylene oxide with an amorphous double metal cyanide catalyst.
With the adoption of the strategy mentioned above coupled with the help of existing capacities and growing demand for polycarbonate diols across the globe, the company is expected to register a stellar growth in the upcoming years.
Similarly, Saudi Aramco is producing polycarbonate diols based on the Converge technology by the conversion of CO2 into high end-products such as polyols, and binder compounds, among others. Moreover, this technology provides high performance, cost-effective, and sustainable products. For instance, the polycarbonate diols produced through this technology comprise 40% CO2, which in turn helps the company to minimize carbon footprint. As compared to traditional polyols, Converge polyols have around one-third the carbon footprint. The company is planning for a full-scale production facility in Saudi Arabia, which will support the expansion of foothold in the specialty chemicals business.
Thus, the development of polycarbonate diols based on the CO2 method is gaining traction among the manufacturers.
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