The report “Polyols Market by Type (Polyether polyols and Polyester polyols), Application (Flexible Polyurethane Foam, Rigid Polyurethane Foam, CASE), End-Use Industry (Building & Construction, Automotive, Electronics), and Region- Global Forecast to 2027″, size is estimated to be USD 36.7 billion in 2022 and is projected to reach USD 49.3 billion in 2027, at a CAGR of 6.1%. The main reason behind the growth of the polyol market is the increasing demand for polyurethane foams which are used in packaging industries, automotive sector, and industrial sectors. Stringent environmental regulations on the manufacturing of polyurethane foams are a major market restraint. The increasing awareness and demand for eco-friendly substitute polyol products and price fluctuations are major challenges in the polyol market.
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- 393 Market data Tables
- 52 Figures
- 248 Pages and in-depth TOC on “Polyols Market – Global Forecast to 2027”
Some of the prominent key players are:
· The DOW Chemical Company (US)
· Covestro AG (Germany)
· Shell chemicals (US)
· BASF SE (Germany)
· Huntsman (US)
Driver: Growth of the packaging industry
The significant growth of the e-commerce industry and online businesses require good packaging to ensure product safety for which several packaging companies often use pre-blended polyols packaging, for various containers, including corrugated, plastic, and wooden boxes. Polyol-based polyurethane foams are used for packaging goods of all kinds sensitive to shock or vibration. Polyurethane foams are well-suited for packaging lightweight items since they have a wide shock/vibration attenuation profile. The global packaging industry is estimated to witness significant growth in future owing to the rising demand for e-commerce, healthcare packaging, easy-to-make foods and labelled products, and dairy products, especially in emerging economies such as India and China. Thus, the rising demand from packaging industry is likely to drive the polyols market.
By End Use Industry, the building & construction industry accounted for the highest CAGR during the forecast period.
The building & construction segment is the fastest-growing segment and accounted for the largest share of the polyols market in 2021. Polyurethane foams are widely used in several applications of building & construction such as decorative paints & flooring systems, coil coatings for exteriors & roof elements, and Venetian blinds & doors. Therefore, the rapidly growing home refurbishment activities and building insulations for security & protection are driving the growth of the polyols market.
Asia Pacific is projected to account for the highest CAGR in the polyols market during the forecast period.
The Asia Pacific region is the largest and fastest-growing market segment for the polyols market. Owing to the rising construction activities and increasing investment in the automotive and other manufacturing industries drives the polyols market in the region. Additionally, rapid urbanization, high growth in the infrastructure, and changing lifestyle which are attributed to the demand of the furnishing and e-commerce industry in the region have also promoted the growth of the polyols market.