A polyol is an organic compound containing multiple hydroxyl groups. Polyol term is encountered in both food and polymer chemistry. Polyols are predominantly used in polymer chemistry to manufacture polyurethanes by reaction with isocyanates, which is largely used to manufacture polyurethane foams coatings, adhesives & sealants, elastomers, and others. Polyurethane foams are extensively used for insulation applications in building & construction, automotive, furnishing, electronics, and packaging industry among other. Flexible and rigid polyurethane foams are the most commonly used foams for insulation and packaging purpose in different end-use industries. Polyols are broadly categorized into two types namely polyether polyols and polyester polyols. The polyester polyols are produced by polycondensation reactions between diols and dicarboxylic acids. Esterification and transesterification as well as combinations of both reactions are used to make polyester polyols. A polyether polyol is the polymeric reaction product of an organic oxide, mainly propylene oxide or ethylene oxide and an initiator compound containing two or more active hydrogen atoms in the presence of catalyst potassium hydroxide. The global polyol market is witnessing a significant growth due to rising demand for polyurethane across various end-user industries, such as construction, automotive, furnishing, electronics, footwear, and others.

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Furthermore, numerous manufacturers are stepping into the production of bio-based polyols from feedstock such as castor, corn, soy, rapeseed, canola, palm, etc. For instance, Vertellus Holdings LLC of Middlesbrough, the U.K started the production of bio-based polyols using castor oil. Additionally, Mitsui Chemicals and SKC Co., Ltd. have made a joint venture to facilitate the operations of the bio-based polyols in the Gujarat state of India at Vithal Castor Polyols Pvt. Ltd. using Indian castor oil from non-edible plants as a main raw material. Polyols are broadly categorized into two types namely polyether polyols and polyester polyols. The polyester polyols are produced by polycondensation reactions between diols and dicarboxylic acids. Esterification and transesterification as well as combinations of both reactions are used to make polyester polyols. However, with the growing popularity of bio-based polyols, the market for synthetic polyols is likely to face major challenges during the forecast period.

Segmentation Analysis

The global polyols market is segmented by product type, application, end-use industry, and region.

On the basis of the product type, the global polyols market is segmented into polyether polyols, polyester polyols, and others. On the basis of the application, the global polyols market is segmented into flexible foams, rigid foams, CASE, and others. On the basis of the end-user industry, the global polyols market is segmented into construction, automotive, furnishing, consumer appliances, footwear, and others.

Regional Analysis

The global polyols market is segmented into five regions: Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. Asia Pacific is expected to be the largest and fastest growing market for polyols during the forecast period. Growing demand for polyurethane from different end-use industries such as building & construction, automobile, electronics, and furnishing industry owing to the growing economies of countries such as China and India are expected to fuel the growth of the global polyols market during the forecast period. North America and Europe are expected to show a significant demand for polyols during the forecast period. High adoption of insulation technology to boost the building’s energy efficiency is a major contributor to the growth of these markets. Furthermore, automotive and electronics industries are also expected to support the market growth during the forecast period. Latin America market is expected to show a moderate growth mainly from the growing construction industry during the forecast period.

Browse the market data and information spread across 100 pages with 47 data tables and 12 figures of the report “Polyols market is segmented by Growing Demand product type and region Forecast to 2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/polyols-market-6114

Key Players and Competition Analysis

The major players operating in the global polyols market are BASF SE (Germany), Covestro AG (Germany), Stepan Company (U.S.), Royal Dutch Shell PLC (Netherlands), DowDuPont, Inc. (U.S.), Mitsui Chemicals, Inc. (Japan), China National Bluestar (Group) Co, Ltd. (China), Vertellus Holdings LLC (U.K), INVISTA B.V. (U.S.), Expanded Polymer Systems Pvt. Ltd. (India), N Shashikant & Co. (India), POLYOLS & POLYMERS PVT.LTD. (India), and Coim Group (Italy).

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