Jun 18, 2019   SOURCE: BusinessWire

Polyols (Polyether and Polyester) Market - Global Forecast to 2024 - ResearchAndMarkets.com

The "Polyols Market by Type (Polyether Polyols and Polyester Polyols), Application (Flexible Polyurethane Foam, Rigid Polyurethane Foam, CASE), and Region (APAC, Europe, North America, South America and Middle East & Africa) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The Polyols Market Size is Estimated to be USD 26.2 Billion in 2019 and is Projected to Reach USD 34.4 Billion By 2024, at a CAGR of 5.6%.

The growth of the construction, automotive, and refrigerator industries is expected to drive the polyols market.

The increasing consumption of polyurethane foam in the construction and automotive industries is a major factor driving the global polyols demand during the forecast period. Furthermore, the increasing refrigerator and freezer manufacturing in APAC is another factor driving the polyols market. Polyol-based rigid foam is highly used in the domestic and commercial refrigerators owing to its properties, such as confined structure, lightweightedness, and cost-effectiveness. However, the stringent environmental regulatory norms, such as National Emission Standards for Hazardous Air Pollutants (NESHAP), by the United States Environmental Protection Agency, regarding polyurethane foam manufacturing are expected to restrain the market growth during the forecast period.

Polyether polyols is the fastest-growing type of polyols.

Polyether polyols is expected to be the fastest-growing type of polyols between 2019 and 2024. Polyether polyols is the widely used and preferred type of polyol for manufacturing polyurethane foams. The demand for polyether polyols is majorly driven by the increasing consumption of polyurethane foams in industries, such as automotive, construction, and furniture. Polyurethane foams are highly used in the automotive industry due to increasing demand for comfortable seating and attractive interiors.

Flexible polyurethane foam is largest application of polyols.

On the basis of application, the polyols market is divided into flexible polyurethane foam, rigid polyurethane foam, and CASE applications. Flexible polyurethane foams is expected to be the largest application of polyols during the forecast period. The increasing demand for polyurethane foams in automotive industry is expected to drive the flexible polyurethane foam application. Flexible polyurethane foams is used in automotive industry for a wide range of applications, such as in seating, head rests, arms rests, heating, and ventilating head liners.

APAC is the largest as well as the fastest-growing market for polyols.

APAC is projected to be the largest and fastest-growing polyols market during the forecast period, owing to the presence of strong and developing industries, such as construction, automobile, aerospace, furniture, and electronics. The growing polyurethane foam market in the region, owing to factors, such as abundant availability of raw materials at lower costs, high economic growth rate, and lower labor & transportation costs are expected to drive the polyols market. Polyols is used as a major raw material for manufacturing polyurethane foams, which further finds its application in the above-mentioned industries. The increasing demand for polyurethane foams has further motivated a large number of polyols manufacturers to expand their business in this region.

Market Dynamics

Drivers

  • Growth of Automotive and Construction Industries
  • Growing Demand From Refrigerator and Freezer Manufacturers in APAC

Restraints

  • Stringent Environmental Regulations on the Manufacturing of Polyurethane Foams

Opportunities

  • Increasing Demand for Bio-Based Polyols

Challenges

  • Volatile Prices of Raw Materials

Companies Mentioned

  • Arkema
  • BASF SE
  • Cargill, Incorporated
  • Coim Spa
  • Covestro AG
  • Dic Corporation
  • Dow
  • Emery Oleochemicals
  • Huntsman Corporation
  • Jayant Agro-Organics Pvt. Ltd.
  • LANXESS AG
  • Manali Petrochemicals Limited
  • Mitsui Chemicals
  • PCC SE
  • Perstorp Polyols Inc.
  • Polygreen Chemicals
  • Polylabs
  • Repsol SA
  • Royal Dutch Shell PLC
  • Saudi Aramco
  • Sinopec Corporation
  • Solvay
  • Stepan Company
  • Tosoh Corporation
  • Wanhua Chemical Group

For more information about this report visit https://www.researchandmarkets.com/r/erts3g