Polyols Market Research Report – Forecast to 2030

Polyols Market Information: By Product Type (Polyether Polyols, Polyester Polyols), Application (Flexible Foams, Rigid Foams, Case), End-Use Industry (Construction, Automotive, Furnishing, Electronics, Footwear), And Regions – Forecast Till 2030

ID: MRFR/CnM/4656-HCR | February 2021 | Region: Global | 100 pages

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Polyols Market overview:


 


Polyols Market is expected to surpass the market value of over USD 35.7 billion by the year 2027 while registering a CAGR of 6% during the forecast 2021-2030.


Polyols have varied applications and they require minimal manufacturing costs as well. Therefore the organic compound with the various hydroxyl is contributed to varied applications. Especially polyols are used in the construction industry. The demand for energy-conserving buildings is growing. The growing population with energy-conserving techniques is rapidly gaining momentum. The utilization of polyurethane rigid foams as construction materials are increasing as they possess energy-saving attribute. They are used as insulators and thereby they conserve energy and emit minimal greenhouse gases. 


 


Moreover, the plastic recycling facilities across the globe and the regulations regarding plastic recyclability are further propelling the polyols market growth in recent years.


 


COVID 19 Analysis:


 


Like several industries, the polyols market growth is also significantly affected by the widespread of COVID-19. The decline in the potential end-users such as construction, automotive and significant others have reduced the polyols market value. However, the increasing demand from the food industry combined with the strategies of the key market players and utilization of e-commerce has increased the overall growth of the polyols industry even during the pandemic. 


 


 Market dynamics:


 


 Market drivers:


 


The advancement in the automotive and construction industries combined with the growing demand is considered as the major driver of polyols market growth. For instance, the polyurethane foams that are manufactured from the polyols are gaining momentum in the automotive and construction industries for cushioning and bedding. The consumption of polyurethane foams is surpassing the growth rate of 65% in recent years.


 


The production of artificial sweeteners in the food industry is also considered as the major driver of polyols market growth. Polyols are also known as sugar alcohols and they possess reduced-calorie carbohydrates, therefore it is intensively used in chewing gums, candies, and ice creams. The growth of the food industry also impacts the growth of the polyols industry.


 


Market opportunities:


 


The effectiveness of the end-products that are derived from polyols, such as rigid polyurethane foams is expected to boost the overall growth of the polyols industry during the forecast period. For instance, the manufacturers prefer polyurethane foams over other substitutes for the applications such as building and construction, electronics, automotive, and others due to their supreme efficiency.


 


Additionally, the established companies are agreeing to promote the manufacturing processes and commercialize the bio-based polyols. Such factors are considered as the major drivers of the polyols industry.


 


The advent of bio-based polyols that are manufactured from renewable resources such as natural oil polyols is expected to comply with the regulations imposed by the government. Moreover, bio-based polyols are gaining momentum in the industry as they exhibit higher sustainability, reduce the usage of petrol as well. Such factors are expected to augment the overall growth of the polyols industry during the forecast period. 


 


Market restraints:


 


The governmental regulations regarding the manufacturing of polyurethane foams which is the essential end-product of polyols are stringent as the emissions from the production processes leave harmful residues to the environment and this factor is considered as the major restraint of polyols market growth.


 


The harmful emissions from production processes affect the health of the professionals and therefore it adds to the compensation to them and insurance costs. The additional production costs are also considered as the major restraint of polyols market growth. Moreover, several substitutes are equally effective in the industry and therefore it is considered as the major restraint of polyols market growth.


 


Market challenges:


 


The volatility of the raw materials for manufacturing polyols such as propylene oxide, ethylene oxide, adipic acid, and others are changing in terms of prices, as they are derived from petrol-based derivatives. The change in the petrol price and production also affects the production of raw materials required for the polyols as well. This factor is considered as the major challenge for the overall growth of the polyols industry.


 


The stringent regulations towards the utilization of the polyols that leaves a carbon footprint are expected to restraint the overall growth of the polyols industry.


 


Cumulative growth analysis:


 


The market value of the polyols industry was at USD 25.6 billion in the year 2020 and it is expected to surpass the market value of over USD 35.7 billion by the year 2027 while registering a CAGR of 6% during the forecast period. The key manufacturers are focusing on joining hands with other key market players and expanding their business processes and they are also increasing their investment in the polyols market growth. On the other hand, the advent of new developments in the industry is also bolstering the polyols market growth in recent years. For instance, one of the leading manufacturers had developed polyester polyols with higher molecular weight compared to the existing ones. This new development has created few favorable characteristics for the synthesis of polyurethane pre-polymer. 


 


On the other hand, the growing demand for polyurethane which is derived from polyols is considered as the major driving factor. Polyurethane foam is consumed with over 65% by the manufacturing industries in recent years including the applications such as automotive, construction, and significant others. Similarly, the utilization of the polyurethane rigid foam as construction material, especially as the walls, roofs, and doors insulation are propelling the polyols market demand.


 


Value chain analysis:


 


The recent trends in the industry such as manufacturing aromatic polyester polyols for manufacturing purposes from the PET wastes and the support from the PET manufacturers regarding the waste deployment and other properties are currently boosting the polyols market growth. The economical solution from the key market players such as utilizing eco-friendly raw materials such as bio-succinic acid and the increasing production rates are some of the key factors that are driving the polyols market growth. Polyurethane foams are intensively utilized as the raw material for producing polyether polyols that are used in crucial applications such as automotive components and construction industries. 


 


The increasing demand for the end-products such as bedding, textiles, fibers, packaging, and much more that are manufactured from flexible polyurethane foam is also expected to impact the overall growth of the Polyols industry during the forecast period. Therefore the increasing investment in the automotive industry combined with the growing demand is expected to utilize the flexible polyurethane foam, which in turn is expected to boost the polyols market growth.


 


Segment overview:


 


Based on Type:


 



  • Polyether Polyols

  • Polyester Polyols


 


Based on Application:


 



  • Flexible Polyurethane Foam

  • Rigid Polyurethane Foam

  • CASE 

  • Others


 


Based on Industry:


 



  • Carpet Backing

  • Packaging

  • Furniture

  • Automotive

  • Building & Construction

  • Electronics

  • Footwear

  • Others


Global Polyols Market Share in 2017, by Application


 Polyols Market Share


Source: MRFR Analysis


Regional analysis:


 


Currently, the Asia-pacific region is holding the highest market share in the polyols industry and is expected to hold the market share during the forecast period. The countries such as China, Japan, India, Thailand, and other parts of the Asia-pacific region are showcasing higher growth rates in the production of construction, automotive, electronics, electrical, and other significant manufacturing industries. The favorable economic condition of these countries and the changing preferences of the customers are also considered as the major drivers of polyols market growth. Since polyols are intensively used in the manufacturing of automotive components that include doors, seats, building panels, foams of car seats, carpets, and so on. The growth of the automotive industry is expected to impact the overall growth of the Polyols industry across the Asia-pacific region.


 


European countries are also witnessing significant growth in recent years due to governmental support regarding industrial development.


 


Competitive landscape:


 



  • BASF SE (Germany)

  • Covestro AG (Germany)

  • Royal Dutch Shell Plc (Netherlands)

  • The Dow Chemical Company (US)

  • Mitsui Chemicals (Japan)

  • Wanhua Chemical Group (China)

  • LANXESS AG (Germany)

  • Huntsman Corporation (US)

  • Stepan Company (US)

  • Repsol SA (Spain)


 


 Recent developments:


 


The advent of aromatic polyester polyols that are produced from the PET industrial wastes due to the increasing usage of PET across the globe. This reusability trend is considered a major trend of the polyols since the recycling industries have reduced their business processes. For instance, since 2013, China had reduced its recycling processes and stopped accepting plastic wastes from various parts of the world.


 


In the year 2018, one of the leading market players, DOW chemical company had joined hands with a Germany-based company which is known as a huge manufacturer that focuses on recycled polyols from end-of-life mattresses. This acquisition is expected to boost the overall production rate. 


 


Report overview:


 


 This report has covered:



  • Market overview

  • COVID 19 Analysis

  • Market dynamics

  • Cumulative growth analysis

  • Value chain analysis

  • Segment overview

  • Regional analysis

  • Competitive landscape

  • Recent developments


 


 Segmentation Table:


 


Based on Type:


 



  • Polyether Polyols

  • Polyester Polyols


 


Based on Application:


 



  • Flexible Polyurethane Foam

  • Rigid Polyurethane Foam

  • CASE 

  • Others


 


Based on Industry:


 



  • Carpet Backing

  • Packaging

  • Furniture

  • Automotive

  • Building & Construction

  • Electronics

  • Footwear

  • Others



Report Scope:
Report Attribute/Metric Details
  Market Size   2030: Significant Value
  CAGR   2021-2030: Substantial CAGR
  Base Year   2021
  Forecast Period   2021-2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Product Type, Application, End-Use Industry
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   BASF SE (Germany), Covestro AG (Germany), Stepan Company (U.S.), Royal Dutch Shell PLC (Netherlands), DowDuPont, Inc. (U.S.), Mitsui Chemicals, Inc. (Japan), China National Bluestar (Group) Co, Ltd. (China), Vertellus Holdings LLC (U.K), INVISTA B.V. (U.S.), Expanded Polymer Systems Pvt. Ltd. (India), N Shashikant & Co. (India), POLYOLS & POLYMERS PVT.LTD. (India), and Coim Group (Italy)
  Key Market Opportunities   Growing building & construction industry
  Key Market Drivers   rapid industrialization & urbanization in developing countries and various infrastructural development projects across the globe


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Frequently Asked Questions (FAQ) :

Insulation application of automotive interiors is expected to be the biggest driver of the global automotive elastomers market.

Alternatives such as bio-based polyols will be the biggest challenge threatening the growth of the global polyols market.

The APAC is the biggest and best-performing region of the global polyols market due to massive demand for polyurethane from end-use industries.

Flexible foams is the biggest application of the global polyols market and will continue to contribute till 2030.

INVISTA B.V., Royal Dutch Shell PLC, Stepan Company, DowDuPont, Inc., Expanded Polymer Systems Pvt. Ltd., N Shashikant & Co., POLYOLS & POLYMERS PVT.LTD., Mitsui Chemicals, Inc., Vertellus Holdings LLC, Covestro AG, BASF SE, China National Bluestar (Group) Co, Ltd., and Coim Group are the most reputed players of the global polyols market.

The market value of the polyols industry was at USD 25.6 billion in the year 2021 and it is expected to surpass the market value of over USD 35.7 billion by the year 2030 while registering a CAGR of 6% during the forecast period.