The 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.
Pune, India -- (SBWIRE) -- 12/21/2018 -- Recognizing the kind of growth, the market witnesses currently, Market Research Future (MRFR) has published a detailed study report giving out the market forecast for the period 2017 – 2023. In its analysis, MRFR asserts that the global Polyols market is expected to get evaluated colossally at a modest CAGR during the review period of 2017-2023.
Competitive Analysis and Key Players:
The global Polyols market appears to be highly competitive and diversified with the presence of many well-established players having the regional and global presence. Innovation, mergers & acquisitions, and brand reinforcement remain the key trends for leading players in the market.
The global Polyols market is led by some of the fervent players including, Covestro AG (Germany), BASF SE (Germany), Stepan Company (US), Royal Dutch Shell PLC (Netherlands), Mitsui Chemicals, Inc. (Japan), DowDuPont, Inc. (US), China National Bluestar (Group) Co, Ltd. (China), INVISTA B.V. (US), Expanded Polymer Systems Pvt. Ltd. (India), Vertellus Holdings LLC (UK), N Shashikant & Co. (India), Coim Group (Italy), and Polyols & Polymers Pvt.Ltd. (India).
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A polyol is an organic compound containing multiple hydroxyl groups. The term, Polyols is used in both, food and polymer chemistry sector. Polyols are predominantly used in polymer chemistry to manufacture polyurethanes which are largely used to manufacture polyurethane foams. An important end-product of the polyol is the polyurethane foam, the usage of which is growing rapidly in the market. 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.
Growing building & construction industry due to rapid industrialization & urbanization in developing countries and various infrastructural development projects across the globe is expected to drive strong demand for polyurethanes for insulation application. Therefore, it is expected to impact the Polyols Market over the forecast period positively. The automotive industry is likely to showcase a surge in the demand for manufacturing of polyurethane insulation application during the forecast period. Furthermore, rising demand for consumer appliances due to increasing purchasing power is also expected to add to the market growth for insulation and coating applications during the forecast period.
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.
August 05, 2018 – Bharat Petroleum Corporation Ltd (BPCL) Kochi Refinery, India announced its plan to set up a polyol plant at Ambalamugal for INR 9 crore (US$ 1.2 Mn.). BPCL is awaiting an environment clearance from the Centre for an investment of INR 10,000 crore in the petrochemical sector, including Polyols.
May 30, 2018 – Econic Technologies (UK) released its industrial research which demonstrates robust evidence of the increased flame retardance properties of CO2-based polyols in rigid foam applications.
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The Polyols Market is segmented by product type, application, end-use industry, and region.
By Product Types :
Polyester Polyols among others
By Applications :
Case among others
By End-Use Industries :
Footwear among others
By Regions :
The Asia Pacific is the dominating market for Polyols possessing the largest market share. Augmenting demand for polyurethane from different end-use industries such as building & construction, automobile, electronics, and furnishing industry backed by the improving economic conditions, is driving the market growth in the region.
Attributing to the exceeding demand from some of the growing sectors like construction, automobiles, and electronics mainly in India and China, the region is expected to witness spurting growth during the forecast period.
The North America market for Polyols is expected to register a notable CAGR from 2017 to 2023, following the APAC market closely. The market is primarily driven by automotive, and electronics industry. Also, the huge demand for polyols during the forecast period supported by the high adoption of insulation technology to boost the building's energy efficiency is a major contributor to the growth of the market in the region.
The world's third largest market for polyols, Europe is rapidly becoming one of the prominent markets owing to the large utilization of the product in the automotive and construction industry.