Pune, India, September, 2018 /MRFR Press Release/- Market Research Future published a cookedresearch report on “Global Polyols Market Research Report - Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
The term, Polyols is used in both, food and polymer chemistry sector. Polyols are predominantly used in polymer chemistry to manufacture polyurethanes which are largely used to manufacture polyurethane foams. An important end-product of the polyol is the polyurethane foam, the usage of which is growing rapidly in the market.
Polyurethane foam is mainly used in flexible foam application, including furniture & bedding and the automobile interiors and footwear. Polyurethane foams are also used extensively for insulation applications in building & construction, automotive, furnishing, electronics, and packaging industry among other.
In the Food sector Polyols are known as sugar alcohols, carbohydrates that occur naturally in berries, apples, plums, and other foods. Sugar alcohols also are produced commercially from carbohydrates such as sucrose, glucose, and starch and are used in the preparation of low-calorie foods. Polyols are incompletely absorbed and metabolized in the body and contribute fewer calories than sugar. They do raise blood glucose levels after a meal but not as high as table sugar does.
Most polyols are approximately half as sweet as sucrose and hence are used in the preparation of chewing gums, candies, ice cream, baked goods, fruit spreads, fillings and frostings, canned fruits, beverages, yogurt and table-top sweeteners.
Polyols are also used in medicines and pharmaceutical products such as cough syrups and throat lozenges along with toothpastes and mouthwashes. Alongside, adding sweetness, polyols perform a variety of functions such as adding volume and texture to food, preventing the browning that occurs during heating, and retaining the moisture in foods.
With such broadened applications areas, it is needless to say that the polyols market is growing exponentially on the global platform.
Recognizing the kind of growth, the market witnesses currently, Market Research Future (MRFR) has published a detailed study report giving out the market forecast for the period 2017 – 2023. In its analysis, MRFR asserts that the global Polyols market is expected to get evaluated colossally at a modest CAGR during the review period of 2017-2023.
Burgeoning sectors such as construction and automotive industries are the major consumers of polyols. Over the past few years, the pharmaceutical industry has become one of the prominent end-user sectors of polyols, generating huge demand. Augmented demand across some prominent sectors is the key factor driving the market growth of polyols worldwide.
Currently, end-user industries of polyols, such as automotive, construction, electronics & electrical are growing, and hence, growth trends in the production and supply of these industries are expected to impact the market growth positively. Furthermore, factors influencing the growth of these end-user industries are bound to impact the market growth of polyols too.
On the other hand, factors such as commodification of the product along with the price volatility of raw materials; are estimated to restrict the market growth during the forecast period. Nevertheless, increasing applications of Polyols in the packaging sector are expected to provide impetus to the market growth to an extent.
Global Polyols Market - Segments
The MRFR analysis is segmented into four key dynamics for enhanced understanding;
By Product Types : Polyether Polyols, and Polyester Polyols among others.
By Applications : Flexible Foams, Rigid Foams, and Case among others.
By End-Use Industries : Construction, Automotive, Furnishing, Electronics, and Footwear among others.
By Regions : North America, Europe, APAC and the Rest-of-the-World (RoW).
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Global Polyols Market - Regional Analysis
The Asia Pacific is the dominating market for Polyols possessing the largest market share. Augmenting demand for polyurethane from different end-use industries such as building & construction, automobile, electronics, and furnishing industry backed by the improving economic conditions, is driving the market growth in the region.
Attributing to the exceeding demand from some of the growing sectors like construction, automobiles, and electronics mainly in India and China, the region is expected to witness spurting growth during the forecast period.
The North America market for Polyols is expected to register a notable CAGR from 2017 to 2023, following the APAC market closely. The market is primarily driven by automotive, and electronics industry. Also, the huge demand for polyols during the forecast period supported by the high adoption of insulation technology to boost the building’s energy efficiency is a major contributor to the growth of the market in the region.
The world’s third largest market for polyols, Europe is rapidly becoming one of the prominent markets owing to the large utilization of the product in the automotive and construction industry.
Polyols Market - Competitive Analysis
The global Polyols market appears to be highly competitive and diversified with the presence of many well-established players having the regional and global presence. Innovation, mergers & acquisitions, and brand reinforcement remain the key trends for leading players in the market.
The global Polyols market is led by some of the fervent players including, Covestro AG (Germany), BASF SE (Germany), Stepan Company (US), Royal Dutch Shell PLC (Netherlands), Mitsui Chemicals, Inc. (Japan), DowDuPont, Inc. (US), China National Bluestar (Group) Co, Ltd. (China), INVISTA B.V. (US), Expanded Polymer Systems Pvt. Ltd. (India), Vertellus Holdings LLC (UK), N Shashikant & Co. (India), Coim Group (Italy), and Polyols & Polymers Pvt.Ltd. (India).
Industry/ Innovation /Related News:
August 05, 2018 – Bharat Petroleum Corporation Ltd (BPCL) Kochi Refinery, India announced its plan to set up a polyol plant at Ambalamugal for INR 9 crore (US$ 1.2 Mn.). BPCL is awaiting an environment clearance from the Centre for an investment of INR 10,000 crore in the petrochemical sector, including Polyols.
May 30, 2018 – Econic Technologies (UK) released its industrial research which demonstrates robust evidence of the increased flame retardance properties of CO2-based polyols in rigid foam applications.