Global Polyols Market, By Type (Polyether Polyols and Polyester Polyols), Application (Flexible Polyurethane Foam, Rigid Polyurethane Foam, Coatings, Adhesive & Sealants, Elastomers, and Others), End User (Construction, Furniture, Transport, Packaging, Carpet Backing, and Others) Industry Trends and Forecast to 2030.
Polyols Market Analysis and Size
Polyols are organic compounds. This organic compound is a compound that contains carbon covalently bound to other atoms, especially carbon-carbon, and carbon-hydrogen. A class of polyols called sugar alcohols includes those that are derived from sugars. They may occur naturally or produce industrially. The growing demand for polyurethane foams, increasing demand in the construction and infrastructure sector, and increasing focus on energy-efficient insulation materials, and sustainable products are the major factors that act as a driving factor for the global polyols market. However, environmental regulations and sustainability concerns, high costs associated with polyols are acting as a restraining factors for the growth of the global polyols market. Increasing demand for polyols for packaging materials, usage of polyols in insulation applications, and growing demand for bio-based are estimated to provide opportunities for global polyols market growth. However, fluctuations in raw material prices and technological limitations, and performance requirements are creating a challenging environment for the global polyols market growth.
Data Bridge Market Research analyses that the global polyols market is expected to reach a value of USD 47,040.76 million by 2030, at a CAGR of 5.6% during the forecast period. The Global Polyols market report also comprehensively covers pricing analysis, patent analysis, and technological advancements.
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Million
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Segments Covered
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Type (Polyether Polyols and Polyester Polyols), Application (Flexible Polyurethane Foam, Rigid Polyurethane Foam, Coatings, Adhesive & Sealants, Elastomers, and Others), End User (Construction, Furniture, Transport, Packaging, Carpet Backing, and Others)
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Countries Covered
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U.S., Canada, and Mexico. Asia-Pacific market is further segmented into China, Japan, South Korea, India, Australia and New Zealand, Singapore, Indonesia, Thailand, Malaysia, Philippines, and Rest of Asia-Pacific. Europe market is further segmented into Germany, U.K., France, Italy, Netherlands, Spain, Switzerland, Russia, Turkey, Belgium, and Rest of Europe. The Middle East and Africa market is further segmented into U.A.E., Saudi Arabia, Israel, Egypt, South Africa, and Rest of the Middle East and Africa. Also, the South America market is further segmented into Brazil, Argentina, and Rest of South America
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Market Players Covered
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Huntsman International LLC, Repsol, Biesterfeld AG, DIC CORPORATION, Tosoh Corporation, Arkema, BASF SE, Dow, Cargill, Incorporated, LANXESS, Shell plc, Mitsubishi Chemical Corporation, Vertellus, Wanhua, Stepan Company, Gulshan Polyols Ltd, Perstorp Holding AB (Subsidiary of PETRONAS Chemicals Group), Emery Oleochemicals LLC, Covestro AG, Coim Group, and Shakun Industries, among others
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Market Definition
Polyols are alcohols with more than one hydroxyl group and they constitute one of the main raw materials for manufacturing polyurethane. They are commonly used as key raw materials in manufacturing various products, such as polyurethane foams, coatings, adhesives, sealants, elastomers, and more. Polyols are primarily derived from petrochemical sources or renewable resources like vegetable oils and sugar derivatives. They can be classified into different types based on their chemical structure, including polyether polyols and polyester polyols. Each type possesses specific properties and is suitable for different applications. The different types of polyols are polyether polyols and polyester polyols. The polyols are being used in different applications in different forms such as flexible polyurethane foam, rigid polyurethane foam, coatings, adhesives & sealants, elastomers, and others. Polyurethanes are versatile, modern, and safe. They have a huge range of applications for creating all kinds of industrial products and consumer basics to make our life more practical, comfortable, and environmentally friendly. Polyurethane is made up of plastic material presented and is available in various forms. It can be used in various forms such as rigid or flexible and is preferred based on material in a wide range of applications. One such polyol is Repsol which offers a portfolio of polyether polyols developed with home-grown technology with a wide range of alternatives.
Global Polyols Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints, and challenges. All of this is discussed in detail below:
Drivers
- Growing Demand for Polyurethane Foams
Polyols are one of the two main components used in the production of polyurethane foams, with the other component being isocyanates. Polyols are polymeric compounds that contain multiple hydroxyl (-OH) functional groups. They can be derived from various sources, such as petroleum, vegetable oils, or polyesters. In the manufacturing process of polyurethane foam, polyols are reacted with isocyanates to form a polymer network. The growing demand for polyurethane foams is expected to drive the global polyol market. Polyurethane foams are versatile materials used in various industries such as construction, automotive, furniture, and packaging due to their excellent insulation, cushioning, and durability properties.
Opportunity
- Increasing Demand for Polyols for Packaging Materials
The packaging materials are used to enclose, protect, and contain products for storage, distribution, and sale. Packaging serves various functions, including preserving the quality and integrity of products, ensuring their safety during transportation, providing information to consumers, and facilitating convenience in handling and storage. Packaging materials can be made from a wide range of materials, including plastics, paper and cardboard, glass, metals, and composite materials. Packaging materials play a vital role in ensuring the safety, preservation, and presentation of products. They contribute to the overall consumer experience and provide essential information about the product, such as ingredients, nutritional values, and usage instructions. Effective packaging materials help protect products from damage, extend their shelf life, and enhance their marketability
Restraints/Challenges
- High Cost Associated With Polyols
The cost of polyols is dependent on various factors such as raw materials, manufacturing process, and market demand. The prices of raw materials used for the production of polyols, such as propylene oxide and ethylene oxide, are volatile and can fluctuate frequently, leading to an increase in the production cost of polyols. Additionally, the production process for polyols is complex and requires specialized equipment and expertise, leading to higher capital and operating costs.
- Fluctuation in Raw Material Prices
The raw materials for polyol production can vary depending on the type of polyol being produced such as polyether polyols and polyester polyols.
Recent Developments
- In September 2022, Covestro AG announced the launch of polyether polyols based on bio-circular raw materials. The company will be able to offer selective prepolymers for various adhesive applications and their customer base. The main components for polyurethanes will be based on alternative raw materials. This step helps the company to offer substitutes to various industries and enhance its brand image in the market.
- In September 2022, Wanhua announced the launch of a new chemical that has developed a bio-based polyol to reduce its carbon footprint. The new bioproducts have been launched to contribute towards a sustainable environment and to increase production efficiency. This will help the company to enhance its product portfolio for the company.
Global Polyols Market Scope
The global polyols market is segmented into three notable segments based type, application, and end user. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Polyether Polyols
- Polyester Polyols
On the basis of type, the global polyols market is segmented into polyether polyols and polyester polyols.
Application
- Flexible Polyurethane Foam
- Rigid Polyurethane Foam
- Coatings
- Adhesives & Sealants
- Elastomers
- Others
On the basis of application, the global polyols market is segmented into flexible polyurethane foam, rigid polyurethane foam, coatings, adhesives & sealants, elastomers, and others.
End User
- Construction
- Furniture
- Transport
- Packaging
- Carpet Backing
- Others
On the basis of end user, the global polyols market is segmented into construction, furniture, transport, packaging, carpet backing, and others.
Global Polyols Market Regional Analysis/Insights
Global polyols market is analysed, and market size insights and trends are provided by country, type, application, and end-use as referenced above.
On the basis of region, the global polyols market is segmented into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. The North America market is further segmented into U.S., Canada, and Mexico. Asia-Pacific market is further segmented into China, Japan, South Korea, India, Australia and New Zealand, Singapore, Indonesia, Thailand, Malaysia, Philippines, and Rest of Asia-Pacific. Europe market is further segmented into Germany, U.K., France, Italy, Netherlands, Spain, Switzerland, Russia, Turkey, Belgium, and Rest of Europe. The Middle East and Africa market is further segmented into U.A.E., Saudi Arabia, Israel, Egypt, South Africa, and Rest of the Middle East and Africa. Also, the South America market is further segmented into Brazil, Argentina, and Rest of South America.
The Asia-Pacific polyols market is expected to attain lucrative growth due to the rising consumer demand for comfort, convenience, and improved living standards. China is expected to dominate Asia-Pacific polyols market. Polyol-based flexible foams are widely used in mattresses, furniture, and automotive seating to provide comfort and cushioning. As consumer expectations continue to rise, the demand for high-quality polyol-based products also increases in the region. On the basis of market value U.S., China, and Japan are the top three countries in the market. The US possesses a robust and advanced manufacturing infrastructure, which includes state-of-the-art facilities and technologies. This enables efficient production processes and ensures high-quality polyol products. China has a massive manufacturing capacity and is known as the world's factory. The country has a vast network of production facilities, skilled labor, and cost-effective manufacturing processes. This enables China to produce polyol products in large quantities, meeting both domestic and international demand. Japan is renowned for its technological expertise and innovation across various industries. In the polyol sector, Japanese companies have a strong focus on research and development, leading to the development of advanced polyol formulations, improved production processes, and innovative applications.
The region section of the report also provides individual market-impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, and Porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the region data.
Competitive Landscape and Global Polyols Market Share Analysis
The global polyols market competitive landscape provides details of the competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to global polyols market.
Some of the major players operating in the global polyols market are, Huntsman International LLC, Repsol, Biesterfeld AG, DIC CORPORATION, Tosoh Corporation, Arkema, BASF SE, Dow, Cargill, Incorporated, LANXESS, Shell plc, Mitsubishi Chemical Corporation, Vertellus, Wanhua, Stepan Company, Gulshan Polyols Ltd, Perstorp Holding AB (Subsidiary of PETRONAS Chemicals Group), Emery Oleochemicals LLC, Covestro AG, Coim Group, and Shakun Industries, among others.
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