The Polyol Market is projected to grow at a CAGR of 7.6% to reach USD 44.8 billion by 2027 from 26.9 billion in 2020. Increasing consumption in end-user industries such as construction and automotive has significantly contributed to the growth of this market. Growth of the construction industry in the residential sector, primarily in the Asia Pacific, in order to meet the demand for housing from a rapidly growing population, has led to the demand for building components where polyols are used such as exterior panels, insulation, and protective materials.
The research report analyses the ecosystem of Polyol and categorizes the Polyol Market to forecast the revenues and analyze the trends in each of the following below-mentioned market segments.
In terms of product type, the Polyether Polyols segment is estimated to be the largest segment during the forecast period:
In terms of application, the global Polyol market can be segregated into Polyether Polyols and Polyester Polyols. The Polyether Polyols segment of the Polyol market is projected to be the largest, as it is the critical raw material for manufacturing polyurethane foams which are used in different applications in the construction and automotive industries. Polyurethane foams are majorly used in manufacturing furniture, carpets, vehicle's interior, car seats, and others. They are majorly used in making rigid polyurethane foams. These polyols are responsible for rebound properties, wear and tear resistance, and hydrolytic stability of rigid polyurethane foams.
By Application, the Flexible Foam is expected to be the largest segment:
Both polyether and polyester polyol can be used to make flexible foam. Flexible foam is the largest application segment of the polyols market and accounting for a volume share of over 30.0%.
Flexible foams are widely utilized as cushioning material for furniture, bedding and mattresses, seating, and other soft products in several end-use industries such as furniture and mattress, automotive, handbag and luggage, footwear and textile, home appliances, engineering, and packaging. Elastomers have emerged as the fastest-growing application segment over the forecast period.
Asia-Pacific is expected to be the fastest-growing segment in the forecast period:
The Asia Pacific accounted for the largest share of the Polyol market. It is also the fastest-growing segment. The region is also projected to witness a higher product demand in the coming years on account of increasing consumption in end-user industries. Key Polyol markets in Asia- Pacific include China, Japan, India, South Korea, Thailand, and Indonesia.
The report provides in-depth analysis of recent news developments and investments:
The key players operating in the market are: BASF SE, Covestro AG, Royal Dutch Shell Plc, The Dow Chemical Company, Mitsui Chemicals, Wanhua Chemicals Group, LANXESS AG, Huntsman Corporation, Stepan Company, Repsol SA, Kuraray
Priyanka has been writing chemicals & material market research reports for the last 12 years. A post-graduate, her specialization is in the chemicals sector. Preparing end-to-end reports covering minute details for market insights, competitive intelligence and trend analysis in the CMFE sector.
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