Market Overview: The polyols market is anticipated to experience a 4.80% growth rate in terms of value, rising from USD 27.55 Billion in 2020 to USD 40.52 Billion by 2028. Polyols, categorized as solvents, exhibit varying viscosity, polarity, and boiling temperatures based on the alcohol substitution of the methylene chain. These organic compounds consist of multiple hydroxyl groups.

The robust growth observed in the foam industry over the past decade significantly contributes to the market's expansion. Additionally, polyols find extensive use in polymer chemistry, particularly as crosslinking agents in the production of low molecular weight polyols. The compound's popularity is increasing due to its advantages in sweetener manufacturing, offering sweetness without additional calorie intake. Erythritol, a recent type of polyol, is approved for food usage in the European Union, though its application in specific soft drinks awaits approval.

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The COVID-19 pandemic has profoundly impacted the polyols industry, causing disruptions in demand across various end-use markets and altering competitive dynamics. The global organic compound sector is experiencing oversupply due to reduced demand, primarily influenced by movement restrictions. The market is expected to stabilize once compulsory social distancing measures are lifted.

Despite positive growth factors, stringent government regulations on polyurethane foam manufacturing may impede market growth. Legislative restrictions related to polyurethane foam production could pose challenges during the forecast period.

Product Type Outlook: The Polyester Polyols segment is expected to exhibit a faster growth rate of 6.2% during the forecast period, capturing 24.0% of the market by 2027. This growth is attributed to traits such as enhanced tensile strength, flex fatigue resistance, and cut and tear resistance, making it popular in vibration dampening, with increased demand in the automotive and construction industries.

Polyether Polyols dominate the market due to characteristics like high resiliency, excellent resistance to hydrolytic cleavage, dynamic and mechanical properties, and cost-effectiveness. The continuous expansion of the construction, transportation, and packaging industries further drives demand for rigid polyurethane foams.

Resources Outlook: Non-renewable resources hold a substantial market share of over 65.0% in 2019, with a growth rate of 4.5% during the forecast period. This dominance is attributed to the current use of non-renewable resources, such as propylene oxide derived from fossil fuels, by most polyols manufacturers.

End-User Industry Outlook: In 2018, the Packaging segment dominated the market with over 30.0% share, growing at a CAGR of 5.4% during the forecast period. The expanding packaging sector, coupled with elevated demand for PU-based foams and coatings, drives extensive use of polyols in this industry.

The Construction industry is projected to experience the fastest growth rate during the forecast period, driven by continuous growth in construction and increased demand for polyols in various building components, including insulation protective materials and exterior panels.

Application Industry Outlook: The Elastomers segment is expected to witness the fastest growth rate of 5.9% during the forecast period, occupying about 17.0% of the market by 2027. This growth is attributed to characteristics such as high mechanical and chemical properties, excellent durability, and cost-effectiveness, making it popular in the automotive, construction, and electronics industries.

Flexible foam holds the largest market share of 26.0% in 2018, with a CAGR of 5.3% during the forecast period, driven by widespread use in various industries, including automotive and packaging.

Regional Outlook: The Asia Pacific held the largest market share of about 43.0% in 2019, growing at a significant rate of 5.7% during the forecast period. This dominance is attributed to the continuous expansion of the automotive, construction, and packaging sectors in the region.

Europe held the second-largest market share in 2019, driven by continuous growth in the automotive, construction, and logistics sectors. The growing demand for cost-effective insulation for efficient energy conservation also contributes to market growth in Europe.

Market-O-Nomics:

  • By Product Type, the Polyether Polyols segment generated higher revenue of USD 19.02 Billion in 2018, with a CAGR of 4.8% during the forecast period.
  • By Resources, the Renewable resources segment is projected to witness a faster growth rate of 6.6% during the forecast period, capturing 35.0% of the market in 2027.
  • By End-User, the Construction segment is projected to witness the fastest CAGR of 5.7% during the forecast period, occupying 18.5% of the market by 2027.
  • By Application, the Flexible foam segment held the largest market share of 26.0% in 2018, with a CAGR of 5.3% during the forecast period.
  • By Region, Europe is likely to grow at a rate of 4.9% during the forecast period.

Competitive Landscape: Key players in the market include BASF SE, The Dow Chemical Company, Huntsman International LLC, Covestro AG, Mitsui Chemicals, Inc., Lanxess AG, Tosoh Corporation, COIM, PCC SE, and Emery Oleochemicals.

Noteworthy Strategies:

  • In November 2018, The Dow Chemical Co. opened a new polyol plant in Rayong, Thailand, enhancing manufacturing capacity for rigid Polyurethane Foam.
  • In March 2019, Covestro AG collaborated with Genomatica to conduct R&D on high-performance materials with renewable polyols, supporting market growth.

Start-up Traction: PolyLabs, a startup producing bio-polyol synthesized from environmentally friendly and renewable resources, enters the market.

Deal Landscape: In February 2020, Huntsman Corporation completed the acquisition of Icynene-Lapolla for USD 350.0 million, a producer and distributor of spray polyurethane foam insulation systems.

Expert Insights: Industry experts forecast positive developments in polyols adoption, particularly in the packaging and automotive sectors. New entrants are expected to focus on designing innovative products to meet increasing end-user requirements.

Segments Covered in the Report: This report forecasts revenue growth at a global, regional, and country level, providing analysis of industry trends in sub-segments from 2017 to 2027. The report segments the global polyols market based on product type, resources, end-user, application, and region.

  • Product Type Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
    • Polyester Polyols
    • Polyether Polyols
  • Resources Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
    • Non-renewable resources
    • Renewable resources
  • End-User Industry Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
    • Packaging
    • Automotive
    • Construction
    • Transportation
    • Others
  • Application Industry Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
    • Flexible foam
    • Rigid Foam
    • Adhesive & sealants

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