Polyols Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Global Polyols Market - Snapshot
The rising demand for polyurethane foam from the automotive and construction industries is one of the main factors likely to drive growth of the global polyols market. Another factor boosting the polyols market is the rise in freezer and refrigerator manufacturing in the Asia Pacific region. Due to its features such as cost-effectiveness, light weight, and restricted structure, polyol-based rigid foam is widely utilized in residential as well as commercial freezers.
Demand for rigid foams with excellent insulating characteristics is increasing, notably in the construction and building industry, as energy conservation measures intensify. This is likely to become a major driving force in the global polyols market in the next few years to come.
Building components such as housing electronics, insulation protecting materials, and external panels are expected to see increased demand as the construction sector expands, especially in Asia Pacific, to support a fast growing population. Market expansion is further aided by expanding automotive and packaging sectors.
Rise in Demand for Sustainable Products to Drive Demand for Bio-based Polyols
Companies have recently focused on employing environmentally friendly raw materials, like bio-succinic acid, in the production of polyester polyols, which is likely to result in significant reduction in harmful environmental impact.
With the growing need for sustainable products, the demand for goods manufactured from renewable polyurethanes has expanded. NOPs, which are utilized as raw ingredients in alkyd paints, are now utilized to produce polyurethane foams in various automotive applications. Bio-based polyols, which have an identical structure and characteristics similar to existing polyols and are generated from renewable raw resources, can be used to replace existing polyols.
Bio-derived materials provide a number of benefits over traditional polyols in terms of sustainability and dependency on petroleum. Furthermore, several large businesses are going into the research and commercialization of bio-based polyols, focusing on the future prospects of bio-based polyols, due to rising regulatory pressure to use eco-friendly goods.
Global Polyols Market: Overview
The global polyols market has witnessed a staggering growth over the years, owing to its widespread applications in variable industries worldwide. Polyol is an organic compound, which contains multiple hydroxyls groups. This organic compound finds its extensive applications in both polymer as well as food industries. In polymer industry, polyols are mostly used in order to manufacture polyurethanes, after going through a chemical reaction with isocyanate. These polyurethanes are widely used in the manufacturing of several substances. All such USPs are majorly fueling growth in the global polyols market.
From the perspective of end-use industries, the global polyols market is segmented into transportation, construction, packaging, CASE, and polyurethane flexible foam. Among all these end-users, the construction segment accounts for the maximum share in the global polyols market, on account of the amazing insulation properties of polyurethane and numerous infrastructure development projects globally. The report is a true guideline of key growth drivers and opportunities in the market. Along with this, it is also thoroughly explains the competitive nature of the market.
Global Polyols Market: Notable Developments
A few recent developments contouring the shape of the global polyols market in a big way include:
Some of the most prominent competitors operating in the competitive landscape of global polyols market include –
Global Polyols Market: Key Growth Drivers
Some of the drivers, which help in triggering the growth of the global polyols market in a positive way include:
Mushrooming Industries Worldwide to Foster Market’s Growth
In the form of polyurethane, polyols are widely used in the manufacturing of polyurethane foams coatings, elastomers, and adhesives and sealants. These applications are majorly propelling expansion in the global polyols market. However, these polyurethane foams possess an excellent insulation property, for which it plays a predominant role in the global building and construction industry. Not only in the construction industry, but also it is considered as a key ingredient in other industries such as automotive, electronics, furnishing, and packaging industries. Such extensive applications of polyurethane in a wide range of industries are also stimulating the growth of the global polyols market.
Furthermore, rigid and flexible polyurethane foams find its wide applications in several packaging industries. This factor is also responsible for the steadfast growth of the global polyols market. Other microeconomic factors such as rapid urbanization and industrialization in the developing economies and flourishing automotive industry across the globe are augmenting demand for polyurethane, which in turn is also driving the global polyols market. Additionally, increasing demand for several consumer appliances due to growing purchasing power is also believed to contribute demand in the global polyols market.
Growing Consumers’ Inclination towards Low-calorie Food Fillips Market
Polyols act as a sugar-free sweeteners. Due to such reason, it actively participates in the making of numerous healthy food items. Moreover, polyols’ structure proves the presence of partial sugar in it, along with the alcohol. Thus, it is also known as sugar alcohols. However, a broad array of polyols, which are highly used in several food and beverages products include sorbitol, isomalt, erythritol, and maltitol. Therefore, factors such as increasing awareness about health worldwide, rising consumers’ inclination towards healthy, low calorie food, and rapidly changing lifestyles of consumers are providing a major impetus to the growth of the global polyols market.
Global Polyols Market: Regional Outlook
On the regional front, Asia Pacific is expected to dominate over other regions in the global polyols market, on account of the rapid growth in several industries. Along with this, growing economies in the countries such as India and China and rapid adoption of insulation technology are also responsible for fueling growth in the polyols market in this region.
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