According to the new market research report “Polyols Market by type (Polyether Polyols and Polyester Polyols), Application (Flexible Polyurethane Foam, Rigid Polyurethane Foam, CASE), and Region (APAC, Europe, North America, South America and Middle East & Africa) – Global Forecast to 2024″, The polyols market size is projected to grow from USD 26.2 billion in 2019 to USD 34.4 billion by 2024, at a CAGR of 5.6% during the forecast period. This growth is attributed to the increasing consumption of polyurethane foam in the expanding construction and automotive industries of developing economies, globally. Also, growing refrigerator and freezer manufacturing in the APAC region is expected to drive the polyols market.
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Based on application, the polyols market is segmented into flexible polyurethane foam, rigid polyurethane foam, and CASE. Rigid polyurethane foam is expected to be the fastest-growing application of the polyols market. The growing construction and refrigeration industries are driving the growth of rigid polyurethane foam segment. Rigid polyurethane foam is used in the construction industry for applications, such as insulation of windows, roof, walls, doors and air barrier sealants to maintain a uniform temperature and lower the noise levels in the commercial and industrial properties.
The polyols market in APAC is projected to register the highest CAGR between 2019 and 2024. The region is emerging as the fastest-growing market for polyols due to the increasing consumption of polyols-based polyurethane foams, owing to the growth of industries, such as construction, electronic & electrical, footwear, and automotive. Thus, the huge capital investment in capacity expansion, R&D, and new product launch, across these industries is expected to drive the polyols market in the region. The growth of the construction and automotive industries is attributed to the economic development, availability of cheap labor, and increased foreign direct investment in the region. Owing to the increased demand from the APAC market, Royal Dutch Shell and China National Offshore Oil Corporation (CNOOC) have signed a joint venture agreement for the expansion facility in Huizhou, Guangdong Province, China. The expanded facility will be dedicated toward the production of ethylene oxide and polyols. Thus, the increasing opportunities for the polyol manufacturers in APAC are expected to drive the polyols market, in the region.
Browse and in-depth TOC on “Polyols Market – Global Forecast to 2024”
78 – Tables
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The global polyols market size is estimated at USD 26.2 billion in 2019 and is projected to reach USD 34.4 billion by 2024, at a CAGR of 5.6%, between 2019 and 2024. Polyol is a type of alcohol containing multiple hydroxyl groups. Polyols are categorized into two types, namely, polyether polyols and polyester polyols based on their chemical compositions. Polyol is a main component of polyurethane formulation. The major applications of polyols includes flexible polyurethane foam, rigid polyurethane foam, and CASE (Coatings, Adhesives, Sealants, Elastomers) applications, which are further used in end-use industries, such as automotive, construction, refrigeration, electronics, and packaging.
The key players in the polyols market are BASF SE (Germany), Covestro AG (Germany), Royal Dutch Shell Plc (Netherlands), The Dow Chemical Company (US), Mitsui Chemicals (Japan), Wanhua Chemicals Group (China), LANXESS AG (Germany), Huntsman Corporation (US), Stepan Company (US), and Repsol SA (Spain). The polyols market report analyzes the key growth strategies adopted by the leading market players, between 2014 and 2019, which include collaborations, expansions, joint ventures, and new product developments.
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Covestro AG (Germany) is one of the major players of the polyols market. The company operates through three business segments, namely, polyurethanes, polycarbonates, and coatings, adhesives, specialties. It offers polyols through its polyurethanes business segment. The company caters to various end-use industries, such as furniture, automotive, electronics, aviation, construction, and medical technology. It has 30 production sites across Europe, Asia, and North America including China, Thailand, the US, Germany, and Belgium. The company previously operated as a subsidiary of Bayer AG and got separated from it in September 2015.
BASF SE (Germany) is one of the leading players in the polyols market. The company is actively engaged in research & development and expansion activities for its polyols and polyurethane businesses. It operates through five business segments, namely, functional materials & solutions, chemicals, performance products, agricultural solutions, and oil & gas. The company provides polyols products through the monomers sub-division of the chemicals segment. It caters to various end-use industries, such as agriculture, automotive & transportation, constructions, and pharmaceutical. It has a strong geographical presence with six Verbund production sites and an additional 355 production facilities in more than 90 countries, globally.
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