NEW YORK, April 8, 2024 /PRNewswire/ — The global polyols market size is estimated to grow by USD 10.08 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 5.96% during the forecast period. The polyols market is driven by the electronics industry’s growth, with polyols used in adhesives, sealants, and encapsulants for bonding and insulating components. Key applications include packaging solutions, polyurethane foams, coatings, and elastomers. Polyether and polyester polyols are popular, with demand for tailored properties like adhesion strength, flexibility, and moisture resistance. Other sectors include automotive, furniture, and bedding. Renewable sources like rapeseed oil and soy-based polyols are gaining traction for reduced carbon footprints.
Technavio has announced its latest market research report titled Global Polyols Market 2024-2028
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Polyols Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018 – 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.96% |
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Market growth 2024-2028 |
USD 10.08 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
5.4 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 40% |
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Key countries |
US, China, India, UK, and Germany |
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Key companies profiled |
Arkema Group, BASF SE, COIM Spa, Covestro AG, DIC Corp., Dow Chemical Co., Evonik Industries AG, Huntsman International LLC, Lanxess AG, Mitsui Chemicals Inc., N Shashikant and Co., Nippon Shokubai Co. Ltd., Otto Chemie Pvt. Ltd., POLYOLS and POLYMERS PVT. LTD., Shakun Industries, Shell plc, Stepan Co., Thermo Fisher Scientific Inc., Wanhua Chemical Group Co. Ltd., and Repsol SA |
Segment Overview
This polyols market report extensively covers market segmentation by Type (Polyether polyols, Polyester polyols) Application (Flexible polyurethane foams, Rigid polyurethane foams, CAS and E) Geography (APAC, Europe, North America, South America, Middle East and Africa)
Market segmentation by Type
The global polyols market experiences robust growth due to the increasing demand for flexible polyurethane foams in various industries. These foams are utilized in packaging goods, including wooden boxes and healthcare packaging, as well as in seating applications for furniture and bedding producers. The market is driven by the high usage of diisocyanates, such as toluene diisocyanate (TDI) and methylene diphenyl diisocyanate (MDI), in producing rigid and flexible polyurethane foams. Renewable polyurethanes, derived from natural oil polyols and soy-based polyols, are gaining popularity due to their lower carbon footprints. Renewable biomass, like corn stalks, is used to produce aliphatic and phenolic hydroxyl groups, which are essential in polyether polyols production. The automotive and furniture industries are significant consumers of these foams, along with decorative paints, flooring systems, coil coatings, and Venetian blinds. Polyurethane systems, including polyurethane and polyisocyanurate, are used in building insulations and thermal insulation materials. Low-calorie meals, organic personal care, food and beverage industries also utilize soy-based bio polyols. Petrochemical-derived polyols and bio-based polyols are supplied by various manufacturers to cater to the diverse needs of industries.
Geography Overview
The Polyols Market in the APAC region experiences robust growth, driven by the Automotive, Electronics, Footwear, Mattresses, Pillows, and Furniture cushions industries. Polyols, the primary building blocks of Polyurethane, are essential for Flexible and Rigid foams used in Car seats, Furniture cushions, and Bedding producers. The Automotive industry utilizes Polyols in the production of Isocyanate and Rigid polyurethane foam. Renewable polyurethanes, such as Natural oil polyols and Bio-based polyols, including Soy-based polyols, reduce Carbon footprints. The Furniture industry employs Decorative paints, Flooring systems, Coil coatings, and Venetian blinds, all of which incorporate Polyols. Additionally, Polyols are used in Corrugated and Plastic boxes, Wooden boxes, Packaging goods, Healthcare packaging, Labelled products, Dairy products, and Refrigeration. Diisocyanates, with Phenolic hydroxyl groups, are crucial in the production of Polyols. Renewable biomass, such as Corn stalks, is used to produce Aliphatic and Phenolic hydroxyl groups in Polyether polyols.
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The polyols market is thriving due to the rising preference for flexible polyurethane foams. These versatile materials are used in various sectors, including furniture and automotive, for their comfort, durability, and customization benefits. In furniture, they offer cushioning and support, while in automotive, they conform to complex shapes for superior comfort. Key raw materials include plant-based ones, such as rapeseed oil, used in bio-based polyols production. Applications span from bedding and carpets to automotive seats and coatings.
The polyols market faces challenges from volatile raw material prices, including propylene oxide, ethylene oxide, glycerol, and adipic acid. Fluctuations in supply, demand, geopolitical factors, currency exchange rates, and natural disasters impact costs, disrupting production schedules and squeezing profit margins. Unpredictable raw material pricing hampers strategic planning and supply chain management for industries like automotive, furniture, and insulation. Keywords: Polyols, Rigid foam, Renewable biomass, Corn stalks, Aliphatic, Phenolic hydroxyl groups, Lignin, Polyether polyols, Flexible foam, Decorative paints, Coil coatings, Venetian blinds, Doors, Building insulation, Polyurethane, Polyisocyanurate, Low-calorie meals, Organic personal care, Food and beverage, Soy-based bio polyols, Polyurethane systems, Bio-based polyols, Petrochemical-derived polyols, Polyol suppliers.
Insights on Market Drivers, trends, & Challenges, historic period(2018 – 2022) and forecast period(2024-2028)- Request a sample report!
Research Analysis
The Polyols Market encompasses the production and supply of essential raw materials for the manufacturing of various types of foams, including flexible and rigid polyurethane foams. These foams find extensive applications in various industries such as Automotive, Refrigeration, and Packaging goods. In the Automotive sector, polyols are used to produce seats, bedding, cushions, and carpets for passenger cars and commercial vehicles. Additionally, they are utilized in the production of insulation materials for refrigeration systems. Plant-based raw materials, specifically soy-based bio polyols, have gained popularity in recent years due to their eco-friendly nature. Polyol suppliers offer both bio-based and petrochemical-derived polyols to cater to the diverse needs of industries. These polyols are also used in the production of polyurethane systems and polyisocyanurate, which are integral components of low-calorie meals, organic personal care products, food and beverage packaging, and various other applications.
Market Research Overview
The Polyols Market encompasses a significant segment of the global chemicals industry. Polyols, also known as polyhydric alcohols, are essential raw materials for the production of polyurethanes and polyesters. These materials are widely used in various industries, including automotive, construction, furniture, and electronics. The market for polyols is driven by the increasing demand for polyurethane and polyester-based products. The key players in the market include BASF, Dow, DuPont, Huntsman, and Invista. The market is expected to grow at a steady pace due to the rising demand for lightweight and insulating materials in various applications. The use of biodegradable and renewable polyols is also gaining popularity due to increasing environmental concerns. The market is segmented based on product type, application, and region. The major product types include polyether polyols and polyester polyols. The major applications include foam production, coatings, and adhesives. The major regions include North America, Europe, Asia Pacific, and the Rest of the World. The market is expected to face challenges from the fluctuating raw material prices and the increasing competition from alternative materials. However, the market is expected to continue its growth trajectory due to the increasing demand for polyurethane and polyesters in various end-use industries.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Type
Polyether Polyols
Polyester Polyols
Application
Flexible Polyurethane Foams
Rigid Polyurethane Foams
CAS And E
Geography
APAC
Europe
North America
South America
Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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SOURCE Technavio