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The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
Persistence Market Research (PMR) has published a new report in its report repository. The report is titled, “Polyester Polyols Market: Global Industry Analysis 2012 – 2016 and Forecast 2017 – 2025.” Polyol is a liquor, which essentially comprises of substantial number of hydroxyl amalgamates. It is characterized into polyether and polyester polyol. Prior, polyester polyols were utilized in both adaptable and unbending froth plans. In any case, in 1957, polyfunctional polyether polyols were presented for use in urethane based foam systems. Despite the fact that the improvement of inflexible polyether foams was extensively slower than that of the adaptable polyether foams, critical steps have been made in this field, and unbending polyether froths at present rule the inflexible urethane based froth market.
In order to cater to the growing needs of the consumers and the vertical industries, the manufacturers if polyester polyol are focusing on production expansion along with product portfolio expansion. This will help them not only in expanding their consumer base but also retain their position in the market. For instance, In July 2016, Stepan Company expanded its polyester polyols division in Brzeg Dolny, Poland, with the addition of a new reactor. This expansion would help the company’s growth of C.A.S.E. (Coatings, Adhesives, Sealants and Elastomers) business. The other companies operating in the market are Purinova LLC, Saudi Arabian Oil Co., Emery Oleochemicals, Huntsman Corporation, Myriant Corporation, and Helios Group, among several others.
According to the report, the global polyester polyol is expected to witness a CAGR of 5.3% from 2017 to 2027. The market was valued at US$ 7,788.7 Mn in 2017 and is projected to rise to a valuation of US$ 11,963.6 Mn by the end of 2025.
Growing Applications in Leather and Footwear Market to Make Way for Future Prospects
Polyurethane elastomers that are extracted from polyester polyols are highly preferred materials that are used in the manufacturing of shoe soles and different other footwear products. They are a preferred option as they are tough and durable which is a core requirement for footwear items. Polyester polyols are also inexpensive in nature and their specialized application capabilities make them perfect for soft material footwear applications. Besides, polyester polyols are known to create apposite and translucent thermoplastic elastomers. Moreover, polyester polyols also offer greater thermal stability as compared to polyether polyols, which makes them a preferred option in several industrial applications.
Moreover, at present, manufacturers of polyester polyols have been concentrating on using eco-friendly raw materials, for example, bio-succinic acid for the manufacturing of polyester polyols, thereby decreasing the environmental footprint significantly. This, in turn, has been rendering into a reduction in performance penalty at a competitive cost, which has been inspiring polyester polyol producers to expand their production capacity in order to cater to the growing demand from consumers. Moreover, this has also been leading to a reduced dependence on petroleum-based raw materials which are extremely vulnerable to the price fluctuations of crude oil.
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