According to ChemAnalyst report, “Polyol Market Analysis: Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End Use, Distribution Channel, Regional Demand, 2015-2030”, The Polyol market witnessed significant growth in 2020 and is anticipated to grow at a healthy CAGR of 5.34% in the span of the next ten years. Consistently increasing demand for Polyol from various end-use industries, including automotive, building & construction, electronics, and electricals, medical, and others, is likely to boost the Polyol market in the forecast period. Polyol is inherently eco-friendly and non-hazardous, which can provide a positive outlook to the Polyol market around the world.
Polyol, also referred to as sugar alcohol, is an organic compound that contains multiple hydroxyl (HO− radical) groups. Polyols are naturally viscous liquids or waxy solids depending on hydroxyl content and molecular weight. They are formed via the catalytic hydrogenation of carbohydrates. Polyols can be categorized into Polymeric Polyols, Low molecular weight Polyols, and Sugar Alcohol. Among these, Polymeric Polyols accounts for the largest share in the market owing to the increased demand for derivatives such as Polyether Polyols and Polyester Polyols. Polymeric Polyols come under an important group of functional resins, which are broadly used in construction, automotive, paint & coatings, and medical sectors. They are also used in a few non-urethane applications, such as surfactants and oil demulsifiers. The surged demand for Polyether Polyols can be attributed to its use in the production of Polyurethane.
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Polyol market is segmented based on end-use, grade, distribution channel, and region. Based on various applications, the market is divided into automotive, building & construction, electronics, and electricals, appliances, medical, packaging, and others. It is used in an array of applications such as flexible & rigid foams, surface and fabric coatings, thermoplastic polyurethanes, adhesives, elastomers, etc. Depending upon different grades, the market is divided into below 1000 MW, 1001-2999 MW, and 3000 MW & above grades. 3000 MV segment is expected to dominate the market in the upcoming years due to its high demand around the globe. This grade possesses versatile properties and has various end uses, including bedding/ mattresses, transportation, industrial insulations, footwear, construction, and others. Below 1000 MW, Polyol is used in insulating panels. Grade 1001-2999 MW have mixed applications that are either blended to make rigid foams or to synthesize flexible foams. Whereas 3000 MW & above grade Polyols are used to make highly flexible Polyurethanes which is further used in mattresses.
In 2020, due to COVID-19, the Imposition of nationwide lockdowns and stringent restrictions by the leading authorities in major economies had negatively affected the Polyol industry. The demand outlook showcased a downward trajectory due to the disruption in the downstream automotive and construction industry as these sectors are the major end-users of the chemical. An improvement in the market condition is observed during the second half of 2020 owing to the surging demand from industries such as construction, packaging, and others. Volatility in the prices of conventional raw material and the increasing environmental concerns shifts the focus of manufacturers to use bio-based Polyols to replace petroleum-derived Polyols are influencing the demand of the product.
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Among different regions, the Asia-Pacific region is anticipated to dominate the market across the world in the forecast period. Due to rapidly growing industrialization, the demand for Polyols is surging from various sectors that utilize Polyurethane in the production of mattresses, insulation panels for households & industries, medical devices, electrical devices, footwear, etc., especially in China and India. Latin America is emerging as the second-fastest-growing market for Polyols, followed by the Asia Pacific. The rising demand for Polyurethane foams is a key factor driving the growth and expansion in the Polyol market across the region. Europe and North America are also likely to witness promising growth in the upcoming years due to the presence of the leading manufacturers and various end-use industries in the region.
Some of the major players operating in Polyol market include BASF Group, Covestro AG, The Dow Chemical Company, DIC Corporation Woodbridge Foam Corporation, Wanhua Chemical Group, Eastman Chemical Corporation, Huntsman, LANXESS AG, Mitsui Chemicals, Repsol SA, Royal Dutch Shell Plc., RTP Company, and others.
“The continuously growing demand for Polyol from various downstream industries including automotive, building & construction, electronics and electricals, medical, packaging and others and others is likely to boost the Polyol market across the world in the upcoming years. The increasing disposable income and rising industrialization around the world have led to increased demand for Polyols which will propel its market in the forecast period. The surging demand for Polyurethane foams is driving the Polyol market across several countries.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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