Global polyols market is estimated to witness a CAGR of 7.20% over the forecast period to reach US$28.092 billion in 2024 from US$18.510 billion in 2018. Polyols are sugar alcohols because of their chemical structure resemblance with sugar and alcohol. They are increasingly used in a wide variety of applications from food additive to technical applications such as emulsifiers, coatings, adhesives, sealants, thickeners and etc. The market is expected to grow due to the increasing awareness among people regarding the benefits of using polyols as sweeteners. The growing need for polyurethane foams in a number of industries such as construction and automotive is driving the polyols market growth. The market is expected to grow at a good rate over the forecast period owing to the burgeoning demand for bio polyols in industries due to a propensity towards using renewable resources. However, the prices of raw material are volatile and pose as a threat to the market growth.
The market is segmented by type, application, end user, and geography. Basis of type, the polyether segment is is expected to hold a significant share in the market due to its wide adoption in the automotive and construction industries. Geographically, Asia Pacific is projected to be a substantial shareholder due to the growing automotive industry and construction activities in countries such as India and China.
Increase in the demand for polyurethane foams by the construction and automotive industry.
Increase in the awareness of the benefits of polyols in the people.
Excess consumption of polyols can cause diseases like diarrhea and other health problems.
In March 2019, Covestro AG collaborated with the Genomatica to reduce the carbon emission and use of fossil-based resources.
In November 2018, The Dow Chemical Company expanded its business in the Asia Pacific by announcing to open new polyols manufacturing industry in Thailand.
The major players profiled in the global polyols market are BASF SE, The Dow Chemical Company, Arkema Group, Emery Oleochemicals, Monument Chemical, Stephan Company, Shell, Saudi Arabian Oil Co., Expanded Polymer Systems Pvt. Ltd., and Vithal Castor Polyols Pvt. Ltd.
The global polyols market has been analyzed through the following segments:
CASE (Coatings, Adhesives, Sealants, and Elastomers)
Building and Construction
Food and Beverages
Middle East and Africa