New York, United States , Dec. 04, 2023 (GLOBE NEWSWIRE) -- The Global Polyols Market Size to Grow from USD 27.1 Billion in 2022 to USD 38.5 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.4% during the forecast period.
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A class of organic substances known as polyols contains molecules of both sugar and alcohol. They are frequently called sugar alcohols. They are extensively used as sugar substitutes in the culinary, pharmaceutical, and chemical industries and have a variety of purposes. Polyols are typically produced from sugars by converting a portion of the carbonyl groups in aldehydes or ketones to hydroxyl (OH) groups. Because of the presence of many alcohol (OH) groups in the sugar molecule created by this reduction process, it is known as "sugar alcohol." Polyols are sweet-tasting compounds, despite frequently tasting less sweet than sucrose (table sugar). They are widely used to impart sweetness without contributing as many calories as sugar in goods with reduced or sugar-free sugar content.
COVID 19 Impact
The pandemic caused supply chains to become interrupted due to lockdowns, travel restrictions, and a manpower scarcity. These problems may have affected the transport and production of polyols and the raw materials used to make them. The demand for polyol is closely related to those in the food and beverage, pharmaceutical, and personal care product industries, to name a few. The demand for particular polyols used in food products may have been impacted by changes in consumer behaviour during the pandemic, such as a decline in eating out and an increase in home cooking. The pharmaceutical industry, another significant user of polyols, was affected by the pandemic in a number of ways. There may have been a change in demand for the polyols used in medicinal formulations.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on "Global Polyols Market Size, Share, and COVID-19 Impact By Product (Polyether, Polyester), By Application (Flexible Foam, Rigid Foam, Coatings, Adhesives & Sealants), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032
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Product Insights
Polyether polyols segment is dominating the market over the forecast period
On the basis of product, the global polyols market is segmented into polyether and polyester. Among these, the polyether polyols segment is dominating the market with the largest market share over the forecast period. Polyurethane-based products are used in a variety of industries, including construction, automotive, furniture, and electronics. Any Growth in these sectors may result in higher demand for polyether polyols, which are a crucial raw material in the production of polyurethane. Growing environmental concerns have led to an increase in demand for eco-friendly and sustainable products. Polyether polyols, particularly those produced from recycled or bio-based materials, are gaining popularity since they promote environmental goals. The need for polyurethane-based building materials, such as insulation foams, coatings, and adhesives, may rise significantly as a result of urbanisation and infrastructure development, which will also raise the demand for polyether polyols.
Application Insights
Flexible foam segment holds the largest market share over the forecast period
Based on the application, the global polyols market is segmented into Flexible Foam, Rigid Foam, Coatings, Adhesives & Sealants. Among these, the flexible foam segment holds the largest market share over the forecast period. The success of the construction industry, particularly in residential development, can have an impact on the demand for flexible foam for insulation and padding in homes. The status of the economy, housing starts, and renovation activities are important determinants. In the automotive business, flexible foam is used for seats, headrests, and interior trim. As the auto industry Grows and comfort and interior design trends develop, the demand for flexible foam could shift.
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Asia Pacific is dominating the market over the forecast period
Asia Pacific is dominating the market with the largest market share over the forecast period. The Asia-Pacific region, which includes countries like China and India, has been rapidly industrialising and urbanising. Polyols are thus in higher demand for a range of industries, including the production of consumer goods, autos, and construction. The expansion of infrastructure, commercial real estate, and residential construction projects have all fueled the Growth of the construction sector in the Asia-Pacific area. The market for polyols is Growing because they are used in insulation, coatings, and adhesives. One of the largest and fastest expanding automotive markets worldwide is found in Asia-Pacific. Polyols are used in automotive interiors, such as the seats and interior trim, as well as lightweighting applications. The market for polyols is Growing as a result of the expanding demand for automobiles in the area.
Over the predicted period, Europe's market will Grow the fastest. The market for polyols in Europe is anticipated to Grow as a result of beneficial regulatory support from governments and increased insulation demand among low-income households seeking to efficiently save energy.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the, Some of the Companies Covered: 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, Shakun Industries, and other key vendors.
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Recent Market Developments
- In March 2023, in Mangalore, India, BASF began producing Sovermol®, its first bio-based polyol.
Market Size Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the Global Polyols Market Size based on the below-mentioned segments:
Polyols Market, Form Product Analysis
- Polyester
- Polyether
Polyols Market, Application Analysis
- Flexible Foam
- Rigid Foam
- Coatings
- Adhesives & Sealants
Polyols Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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