NEW YORK, Dec. 11, 2023 /PRNewswire/ — The polyols market size is set to grow by USD 8.66 billion during 2022-2027, progressing at a CAGR of 5.44% during the forecast period, according to Technavio Research. The increasing demand for polyols in the automotive and construction industries, rising demand for adhesives and sealants, and increasing use of polyurethane insulation in refrigerators and freezers will offer immense growth opportunities. However, stringent government regulations are likely to pose a challenge for the market vendors. In a bid to help players strengthen their market foothold, this polyols market forecast report provides a detailed analysis of the leading market vendors. The report also empowers industry honchos with information on the competitive landscape and insights into the different product offerings offered by various companies. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. Learn more insights on CAGR and YOY growth rate along with vendor analysis and much more, Download a Sample Report
Frequently Asked Questions:
- Based on segmentation by application, which is the leading segment in the market?
The flexible polyurethane foams segment will lead the market growth during the forecast period.
- What are the major trends in the market?
The use of alternative blowing agents is identified as the key trend in the market.
- At what rate is the market projected to grow?
The market is projected to grow at a CAGR of 5.44% during the forecast period.
- Who are the top players in the market?
Arkema Group, Arpadis Group, BASF SE, COIM Spa, Covestro AG, DIC Corp., Dow Inc., Evonik Industries AG, Koch Industries Inc., Lanxess AG, Mitsui Chemicals Inc., N Shashikant and Co., POLYOLS and POLYMERS PVT. LTD., Repsol SA, Stepan Co., Thermo Fisher Scientific Inc., Vertellus Holdings LLC, Wanhua Chemical Group Co. Ltd., Huntsman International LLC, and Shell plc are the top players in the market.
- What are the key market drivers and challenges?
The market is driven by the increasing demand for polyols in the automotive and construction industries. However, stringent government regulations will challenge the growth of the market.
- How big is the APAC market?
APAC will account for 40% of the market growth during the forecast period.
Polyols Market 2023-2027: Segmentation
- Application
- Flexible Polyurethane Foams
- Rigid Polyurethane Foams
- Coatings, Adhesives, Sealants, and Elastomers
- Type
- Polyether Polyols
- Polyester Polyols
- Geography
- APAC
- Europe
- North America
- South America
- Middle East and Africa
The market will witness significant growth in the flexible polyurethane foams segment over the forecast period. Flexible polyurethane foams are environmentally friendly. They are highly recyclable and sustainable materials. The growth in the furniture industry, building and construction, transportation, electronics, and packaging sectors, and economic growth in developing countries has increased the demand for flexible polyurethane foams. The increasing use of flexible polyurethane foams in healthcare equipment, footwear, and personal care products will further drive the growth of the segment.
APAC will account for 40% of the market growth during the forecast period. The construction industry in APAC is thriving with the rise in purchasing power and rapid urbanization. This has increased the number of residential, non-residential, and public infrastructure projects in countries such as China, India, Malaysia, and other developing countries in APAC. In addition, the growth of various end-user industries such as automotive, construction, and furniture will drive the growth of the polyols market in APAC during the forecast period.
To learn more about market segments analysis and its impact on business, download a sample report
Polyols Market 2023-2027: Vendor Analysis and Scope
The global polyols market is fragmented and highly competitive, with several small and medium-sized players operating in various regions. Most vendors compete based on factors such as formulations, purity, portfolio range, and services. Vendors also compete based on the pricing strategy, which is disrupting the market and intensifying the rivalry among the players. The vendors offer a wide range of polyols products, such as polyether polyols and polyester polyols, for various end-use applications, including coatings, adhesives, sealants, elastomers, flexible polyurethane foams, and rigid polyurethane foams. Some of the key vendors covered in the report include:
- BASF SE – The company offers polyol solutions such as Lupranol.
- Covestro AG – The company offers polyol solutions such as Arcol.
- Dow Inc. – The company offers polyol solutions such as vorapel and voranol.
- Evonik Industries AG – The company offers polyol solutions such as DYNACOLL.
- Arpadis Group
- COIM Spa
- DIC Corp.
- Koch Industries Inc.
- Lanxess AG
- Mitsui Chemicals Inc.
- N Shashikant and Co.
- POLYOLS and POLYMERS PVT. LTD.
- Repsol SA
- Stepan Co.
- Thermo Fisher Scientific Inc.
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Polyols Market 2023-2027: Driver
The market is driven by the increasing demand for polyols in the automotive and construction industries. Polyurethane foams are extensively used in the automobile industry to manufacture various parts such as side skirts, wiper cowls, roll pans, and bumpers. They are also used in seats, headrests, armrests, roof liners, dashboards, and instrument panels of cars. Similarly, polyurethane foams find extensive applications in the construction industry. They are used as insulation to provide weather resistance. They are also used to cover irregular, hard-to-insulate shapes and fill gaps. Thus, with the rising demand for housing, hospitality, flooring material, and furnishing, the market size will increase during the forecast period.
Polyols Market 2023-2027: Challenge
Stringent government regulations are identified as the major challenge hindering the growth of the market. Polyols are widely used in applications such as polyurethane foam, coatings, adhesives, and elastomers. However, the production of polyols is associated with several environmental and health concerns. Hence, governments are introducing regulations to reduce the negative environmental impact caused by polyols. The Restriction of Hazardous Substances (RoHS) directive is one of the major regulatory challenges faced by vendors in the market. The directive restricts the use of lead, mercury, and cadmium in the manufacture of electronic and electrical equipment. In addition, the presence of regulations such as the Clean Air Act regulates the emissions of volatile organic compounds (VOCs) from polyol production facilities. The presence of such stringent regulations will hinder the growth of the market.
Polyols Market 2023-2027: Key Highlights
- CAGR of the market during the forecast period 2023-2027
- Detailed information on factors that will assist polyols market growth during the next five years
- Estimation of the polyols market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the polyols market across APAC, Europe, North America, South America, and Middle East and Africa
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of polyols market vendors
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TOC
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Application
- Market Segmentation by Type
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
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