Zion Market Research has published a new report titled “Polyols Market (Polyester and Polyether) for Flexible Foam, Rigid Foam, and Other Applications: Global Market Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”. According to the report, global polyols market was valued at USD 21.60 billion in 2016 and is expected to reach USD 34.0 billion in 2022, growing at a CAGR of 8.0% between 2017 and 2022.
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Polyols are alcohols with multiple functional groups. They are also known as “sugar alcohols” and are widely used in food science and polymer chemistry. They are used in food as a sweetener because of their lower calorie content and inability to be broken down or metabolized to acids by the bacteria. The largest application of polyols is in the construction industry to make polyurethanes. Polyols are reacted with isocyanates to make polyurethanes. Polyurethanes are used to make foam for mattress, insulation, home & automotive seats, elastomers, adhesives etc.
The global polyols market is expected to witness significant growth primarily owing to the demand from the construction industry in the emerging economies. The construction industry in developing countries such as India and China is expected to grow at a significant rate during the forecast period. Government schemes and policies are also expected to fuel the growth of construction industry. Moreover, the growing demand for insulation products in North America is also expected to boost the growth of the global polyols market within the forecast period. However, the volatility in the prices of raw materials of polyols may hinder the growth of the polyols market within the forecast period. The introduction of bio-based and green polymers is expected to present opportunities to combat the volatile pricing issue for the players in the coming years.
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Polyester polyols and polyether polyols are the two products types of polyols. The polyether polyols accounted for the largest share in the global polyol market in 2016. This can be attributed to their extensive usage in the industries for rigid foams owing to their tightly cross-linked structure and low molecular weight. Moreover, polyether polyols exhibit better resilience, abrasion resistance, and hydrolytic stability.
Based on applications, the global polyol market has been segmented into rigid foams, flexible foams and others (coatings, adhesives, sealants, elastomers etc.). Flexible foams accounted for the largest market share in 2016, owing to the extensive demand from various end-user industries such as mattresses, sofas, automotive upholstery etc.
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Asia-Pacific was the largest market for polyols in 2016 and is expected to register the fastest growth rate within the forecast period owing to the extensive demand from the emerging economies in the region. Latin America and the Middle East and Africa are also expected to register significant growth rates during the forecast period due to the growing end-user industries in the region such as automotive and construction.
Some of the major market players of polyols mainly include BASF SE, Royal Dutch Shell PLC, Dow Chemicals, Bayer AG, Cargill Incorporated, Invista B.V., COIM S.P.A., Mitsui Chemicals, Inc., Lonza Group, Emery Oleochemicals and Chemtura Corporation among others.
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