The global polyol market size is expected to reach USD 45.17 billion by 2025
at an 8.5% CAGR during the forecast period, according to a new report by Grand
View Research, Inc. There has been a shift in trend from conventional heavy
materials such as metals to lightweight, high performance plastics. This has, in
turn, driven the use of polyurethane to lower automotive component weight and
boost fuel savings. This is likely to have a positive impact on demand for
polyols across the globe.
Polyols are witnessing an increase in
demand owing to their growing application scope in important end-use industries
such as automotive, furniture and bedding, building and construction,
pharmaceutical, and packaging. Growth of the automotive market and rising focus
on energy-efficient buildings have emerged as major factors driving the polyol
market.
In PU adhesive formulation, polyether
polyols are the dominant product segment. Polyether polyols offer excellent
flexibility at low temperatures and are relatively less sensitive to hydrolysis
compared to polyester polyols. Polyether polyols is also utilized to formulate
reactive hot melt adhesives. Polyester polyols are widely used in highly
automated and hot melt adhesive applications that require fast set time or
initial green strengths.
Furthermore, concerning the overall polyol market
scenario, principal manufacturers are seen incorporating bio-based polyols to
reduce dependence on conventional petrochemical derived polyols and reduce
risks, such as environmental concerns and volatile raw material prices,
associated with it.
The global polyols market is concentrated
and oligopolistic in nature, with top manufacturers accounting for over 48.0%
of the global market. Pricing and various other strategic initiatives depend on
these top market players.
Access Research Report of Polyol Market@ https://www.grandviewresearch.com/industry-analysis/polyols-market
Further
key findings from the report suggest:
· The global polyol market was valued at USD
23.60 billion in 2017 and is projected to ascend at a CAGR of 8.5% over the
forecast period
· Development of new products such as
bio-based and CO2-based
polyols is creating significant growth potential in the global market
· Key companies in this market are backward
integrated owing to fluctuations in supply of raw materials. Major polyol
producers have in-house raw material production facilities, which provide them
with greater control in terms of pricing decisions
· Focus on Green Building Code and German
Renewable Energy Act (EEG), coupled with growing awareness regarding energy
conservation, is expected to drive demand for polyols in the building and
construction industry
· Key market players include Covestro, BASF
SE, The Dow Chemical Company, Shell, and Huntsman.
Grand View Research has segmented the
global polyols market on the basis of product, application, and region:
Polyol Product Outlook (Volume, Kilotons;
Revenue, USD Million, 2014 - 2025)
·
Polyether
·
Polyester
Polyol Application Outlook (Volume,
Kilotons; Revenue, USD Million, 2014 - 2025)
·
Rigid Foam
·
Flexible Foam
·
Coatings
·
Adhesives & Sealants
·
Elastomers
·
Others
Polyol Regional Outlook (Volume, Kilotons;
Revenue, USD Million, 2014 - 2025)
·
North America
o
U.S.
o
Canada
·
Europe
o
Germany
o
U.K.
o
France
·
Asia Pacific
o
China
o
India
o
Japan
·
Latin America
o
Brazil
o
Mexico
·
Middle East & Africa
o
Saudi Arabia
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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