Key Highlights
The global polyols and polyurethane market isexpected to show a significant rise during the forecast period of 2019 to 2027.The global market for polyols will rise at a healthy CAGR of 4.55% duringthe forecast period of 2019 to 2027. Its valuationin revenue was calculated to be US$ 24.4 bn in 2018 andis expected to reach US$ 36.4 bn by 2027. Whereas,the global market for polyurethane is expected to rise at a CAGR of 5.43% by 2027 andis estimated to reach a value of US$ 94.4 bn. The globalmarket for Polyols and Polyurethane is expected to grow at a CAGR of 4.92% from 2019-2027.
The demand for polyols and polyurethane is expected to see healthygrowth in 2020. The demand for energy efficient technologies are leading todemand for polyols and polyurethane market globally.
Segmental Outlook: Global Polyols and PolyurethaneMarket
The polyurethanes market is segmented on the basis of product types,application, and geographical regions. On the basis of product types,polyurethanes market is segmented as rigid foams, coatings, soft solid thoseare elastomers with low density, adhesives, sealants, flexible foam, and hardsolid that are flexible plastics. Of all the product types of polyurethanes,rigid foam and flexible foam held the largest share of the polyurethanes marketboth in terms of revenue as well as volume. Together, flexible foam and rigidfoam accounted for 65.5% of the demand for polyurethanes in2018.
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In the end user section, polyurethane is in highest demand due to thefurniture and interior segment. Polyurethanes such as Flexible PolyurethaneFoam (FPF) are highly demand for home furnishing products due to its flexibilityand durability properties. FPF is suitable for items such as carpet underlay,bedding, and furniture. They are followed by construction and automotiveindustries and are in third place. Polyurethane is the prominent material forthe production of pillows, mattresses and other stuff in the furniture andinterior industries. Also commonly used as an isolation material inconstruction and design is polyurethane rigid foam.
However, appliances and electronics are expected to drive the demand ofpolyurethanes in the end-user application in the coming years. Fluctuating rawmaterial prices and economic downturn that influences products’ sales maychallenge the polyurethanes market globally.
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Asia Pacific Dominated the Global Polyols andPolyurethane Market in 2018
Geography-wise, the polyurethanes market can be segmented as Europe,Rest of the World (RoW), North America, and Asia Pacific. Asia Pacific accountsas an important market for polyurethanes. High demand for polyurethanes in theemerging economies such as India, China, and Brazil will fuel the growth of themarket in coming years. Additionally, the demand for quality products in Brazilwill further propel the polyurethanes market in future.
China is the leading exporter and suppliers to drive the polyurethanesmarket in Asia Pacific. Asia Pacific accounted for 40.4% shareof the polyurethanes market in 2018 followed by Europe andNorth America. The global polyurethanes market experienced significant declinedue to the global economic crisis in 2008 and 2009.However, the demand for polyurethanes has been rising since 2010 dueto growing trend in end-user application and resurgence of the global economy.
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Global Polyols and Polyurethane Market Dominated byFew Big Players
Leading vendors in the global polyols and polyurethane market include MitsuiChemicals Inc., Huntsman Corporation, BASF SE, Chemtura Corporation, The DowChemical Company, and Bayer MaterialScience.
Global Polyols and Polyurethane Market – KeyDevelopments
· On September2019, MOL and Thyssenkrupp started construction of a new polyol complex.The MOL Group is investing a total of $ 1.3 billion in a newpolyol plant complex in Hungary. It is expected to be commissioned in 2021 andwill produce around 200,000 tons of polyols per year.
· On September2019, Huntsman Corp. announced the opening of its new polyurethanes systemshouse in Dubai. Situated within the Jebel Ali Free Trade Zone (JAFZA), thepurpose-built facility strengthens Huntsman’s downstream capabilities in theMiddle East and North Africa – increasing its capacity to produce polyurethanesystems and polyester
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