Albany, NY -- (SBWIRE) -- 10/15/2015 -- The global polyols and polyurethane market has witnessed a steady growth in recent times. Both polyols and polyurethane are the most demanded polymer products in the global arena. The increased application for these polymer products in various kinds of foams such as rigid foams and flexible foams, elastomers, coatings, and sealants and adhesives significantly fuels the global market.

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According to a report published by Transparency Market Research (TMR), the global markets for polyols and polyurethane market stood at US$16.67 bn and US$48.29 bn in 2014, respectively. Analysts expect the global polyols market to expand at a CAGR of 4.70% between 2015 and 2023 and reach US$25.29 bn by the end of 2023, whereas the global polyurethane market is poised to rise at a 5.90% CAGR during the same period and attain a value of US$80.76 bn by 2023.

Flexible Foam Leads Global Polyurethane Market, Polyether Polyols Dominates Global Market for Polyols

In the global polyurethane product market, the flexible foam segment accounted for more than 35% of the overall market in 2014, acquiring the leading position. The rigid foams market captured the second place in the global market that year and was followed by the market for elastomers, coatings, and sealants and adhesives.

Polyester polyols and polyether polyols are the two main segments of the global polyols products market. In 2014, the polyether polyols segment led the global polyols market among the two in terms of volume. The market segment is anticipated to maintain its dominance in the coming years.

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The market for polyurethane has witnessed the highest demand from the interiors and furniture industry owing to its wide-ranging utilization in the manufacture of furniture and other items used in interior decoration.

Asia Pacific Emerges as Leading Regional Polyols and Polyurethane Market

The global market for polyols and polyurethane is distributed among North America, Asia Pacific, Europe, and the Rest of the World. Asia Pacific, along with Europe, led the global polyols and polyurethane market in 2014. Among these regions, Asia Pacific emerged as the dominant regional market.

Asia Pacific consumed more than 35% of the total volume produced in the global market for polyols and polyurethane in 2014. The rapid growth in the construction, automotive, and furniture industries is the key factor propelling the demand for polyols and polyurethane in Asia Pacific. The availability of low cost workforce is another important factor driving the rise of this regional market.

Global Polyols and Polyurethane Market: Participants Target Asia Pacific for Business Expansion

BASF SE, The Dow Chemical Co., Mitsui Chemicals Inc., COIM, Tosoh Corp., Wanhua Chemical Group Co. Ltd., Chemtura Corp., Kumho Mitsui Chemicals Inc., Huntsman Corp., IRPC Public Co. Ltd., DuPont, PC S.E., Recticel S.A., and Bayer Material Science AG are the major participants of the global polyols and polyurethane market. Key market players are focusing on expanding their production capacities in Asia Pacific due to low cost of raw materials as well as availability of cost-efficient workforce to meet the increasing demand for these products in the global arena.

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