Polyols Market Research Report โ€“ Forecast to 2030

Polyols Market Research Report Information By Product (Polyether, Polyester), By Application (Flexible Foam, Rigid Foam, Coatings, Adhesives & Sealants), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) โ€“ Market Forecast Till 2030

ID: MRFR/CnM/4656-HCR | 100 Pages | Author: Chitranshi Jaiswal | October 2023         

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Global Polyols Market Overview


The Polyols Market Size was valued at USD 28.4 Billion in 2022. The Polyols market industry is projected to grow from USD 28.68 Billion in 2023 to USD 38.6 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8% during the forecast period (2023 - 2030). Polyols have varied applications and they require minimal manufacturing costs as well. Therefore, the organic compound with various hydroxyl 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.
Polyols Market Overview
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Polyols Market Trends




  • Rapid industrialization & urbanization in developing countries and various infrastructural development projects across the globe.




The advancement in the automotive and construction industries combined with the growing demand is considered the major driver of polyols market growth. For instance, polyurethane foams that are manufactured from 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 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. 


Additionally, 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.


Polyols Market Segment Insights


Polyols Product Insights


The Polyols Market segmentation, based on Product, includes Polyether, Polyester. polyether polyols accounted for the largest market share in 2020. The segment is expected to continue its dominance over the forecast period. Polyether polyols have rebound properties, wear and tear resistance, and hydrolytic stability owing to which it is used to formulate rigid polyurethane foams. These are used by various end-use industries such as transportation, construction, furniture, and packaging. 


Polyols Application Insights


Based on Application, the Polyols Market segmentation includes Flexible Foam, Rigid Foam, Coatings, Adhesives & Sealants. Flexible foam emerged as the largest application segment in 2017 in the polyols market and accounted for a share of over 27.0% by volume that year. Flexible foams are widely utilized as cushioning material for furniture, bedding and mattresses, seating, and other soft products in several end-use industries such as furniture and mattress, automotive, handbag and luggage, footwear and textile, home appliances, engineering, and packaging.


Figure 2: Polyols Market, by Product, 2023 & 2030 (USD Billion)           
Polyols Market, by Product, 2023 & 2030
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


Polyols Regional Insights


By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific: The Asia-Pacific region dominates the polyols market, accounting for over 50% of the global market share. The growth of the polyols market in this region is attributed to rapid industrialization, economic growth, and increasing demand for polyurethane products. China and India are the major markets in this region, followed by Japan and South Korea.


Figure 3: POLYOLS MARKET SHARE BY REGION 2023 (%)     
POLYOLS MARKET SHARE BY REGION 2023
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


North America: The North American market for polyols is expected to grow at a moderate pace due to the increasing demand for energy-efficient and sustainable materials in the construction industry. The United States is the largest market for polyols in North America, followed by Canada and Mexico.


Europe: The European market for polyols is driven by the demand for polyurethane products in the automotive and construction industries. Germany is the largest market for polyols in Europe, followed by France, the United Kingdom, and Italy.


Polyols Key Market Players & Competitive Insights


Major market players are spending a lot of money on R&D to increase their product lines, which will help the Polyols market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Polyols industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.


The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Polyols. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Polyols industry must offer affordable products.


Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Polyols industry to benefit customers and expand the market sector. The Polyols market has recently given medicine some of the most important advantages. Major Polyols market players, including BASF SE (Germany), Covestro AG (Germany), Royal Dutch Shell Plc (Netherlands), The Dow Chemical Company (US), and others, are attempting to increase market demand by funding R&D initiatives.


BASF is a company that provides petrochemicals, intermediates, performance materials, monomers, dispersions and pigments, performance chemicals, catalysts, coatings, and care chemicals. It conducts its operations through six business segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition and Care, and Agricultural Solutions.


Also, Covestro is a polymer materials company. It operates through two segments: Performance Materials; and Solutions and Specialties. The former segment comprises standard polycarbonates, standard urethane components, and base chemicals businesses. The latter segment's business entities are as follows: engineering plastics, coatings and adhesives, tailored urethanes, thermoplastic polyurethanes, specialty films, and elastomers.


Key Companies in the Polyols market include



  • 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)


Polyols Industry Developments


In September 2021 Mitsui Chemicals, Inc. and SKC Co. Ltd., announced their new plan to terminate their partnership, due to increased discrepancies, and changes in their goals for growth. The future goals of the firm included the use of polyurethane as a raw material for its business operation as per the policy about the basic materials business sector that will be beneficial for the global economy. Therefore, this was one major change, which led to the shift in the growth opportunity for this market


On April 27, 2021 Azelis Americas CASE LLC, was responsible for the distribution of BASF's portfolio of polyurethane catalysts, marketed under the Lupragen brand in North America. Through this collaboration, the company was able to expand its relationship with Azelis providing benefits in terms of coatings, adhesives, sealants, and elastomers. Thus, it offered an advantage to the business, leading to market growth in the forecast period


Polyols Market Segmentation


Polyols Product Outlook



  • Polyether

  • Polyester


Polyols Application Outlook



  • Flexible Foam

  • Rigid Foam

  • Coatings

  • Adhesives & Sealants


Polyols Regional Outlook




  • North America



    • US

    • Canada




  • Europe



    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe




  • Asia-Pacific



    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific




  • Rest of the World




    • Middle East




    • Africa




    • Latin America







Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD ย 28.4 Billion
Market Size 2023 USD 28.68 Billion
Market Size 2030 USD 38.6 Billion
Compound Annual Growth Rate (CAGR) 8% (2023-2030)
Base Year 2023
Market Forecast Period 2023-2030
Historical Data 2018 & 2020
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Product, Application, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled 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 Dynamics Rapid industrialization & urbanization in developing countries and various infrastructural development projects across the globe.


Frequently Asked Questions (FAQ) :

The Polyols Market size was valued at USD 28.4 Billion in 2022.

The global market is projected to grow at a CAGR of 8% during the forecast period, 2023-2030.

Asia Pacific had the largest share of the Polyols Market.

The key players in the market are 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)

The polyether categories dominated the market in 2023.

The Flexible Foam had the largest share in the global market for Polyols.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major playersโ€™ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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