According to the latest report by IMARC Group, the global polyols market exhibited moderate growth during 2015-2020. Looking forward, the market expects to grow at a CAGR of around 5% during 2021-2026.
Polyols, or sugar alcohols, are a group of organic compounds that are utilized in both the food processing and polymer industries. In the food and beverage industry, they are added to food products to improve their shelf-life and stability by retaining moisture and preventing crystallization. They also consist of a cluster of versatile carbohydrates, which have a similar texture and taste to that of table sugar. They are used as a sugar replacement in low-calorie and sugar-free products, such as candy, chewing gum, ice-cream, yogurt and fruit spread. In the polymer industry, they are utilized to manufacture polyurethane foams, coatings, adhesives, sealants and elastomers.
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The global polyols market is driven by the thriving construction industry. Owing to rapid urbanization and industrialization, there is an increase in the number of construction projects across the globe. This has resulted in growing product demand for polyol-based building materials, such as exterior panels, housing electronics and insulation protective components. Furthermore, the automotive sector is increasingly utilizing polyurethane foams, a polyol derivative, to produce comfortable seating, headrests, armrests and ventilating headliners. Other factors, including the development of bio-based polyols from renewable resources to reduce carbon emissions and the growing demand for processed foods, are projected to drive the market further.
Some of the major players in the market are BASF SE, Royal Dutch Shell Plc, Mitsui Chemicals, Covestro AG, The Dow Chemical Company, Wanhua Chemical Group, Huntsman Corporation, LANXESS AG, Stepan Company, Repsol SA, etc.
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Key Market Segmentation:
Breakup by Type:
- Polyether Polyols
- Polyester Polyols
Breakup by Application:
- Flexible Polyurethane Foams
- Rigid Polyurethane Foams
- CASE (Coatings, Adhesives, Sealants & Elastomers)
Breakup by Industry:
- Carpet Backing
- Building & Construction
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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