Global polyols market is expected to reach USD 34.0 billion in 2022, growing at a CAGR of 8.0% between 2017 and 2022.

Sarasota, FL -- (SBWire) -- 01/17/2018 --The polyol is an alcohol containing multiple hydroxyl groups and is used in polymer chemistry industry. The polyol is a key ingredient used in polyurethane formulations, which is largely used in various industrial applications including rigid & flexible foams, coatings, adhesives, sealants, and elastomer. Moreover, increasing use of polyurethanes in the construction industry is expected to drive the polyols market in the forecast period. Moreover, polyols are witnessing increasing demand for insulation purposes from North America. However, volatility of raw material price could pose a challenge to polyols market within the forecast period. Furthermore, rapidly growing demand for bio-based polyols in order to improve carbon footprint and reduce reliability on scarce raw materials is expected to provide lucrative opportunity in the market.

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Key product segments include polyesters and polyethers. Polyether is based on polyoxypropylene polyols and is used in manufacturing polyurethane foams. Polyether polyols demand is mainly driven by demand from the polyurethane industry. In addition, increasing demand for polyester polyol in adhesives and sealants industry is likely to accelerate the growth of the market in the near future.

On the basis of application, the polyols market has been segmented into flexible foams, rigid foams, and others (Coating, Adhesives, Sealants, Elastomer, etc). Rigid polyurethane foam demand is expected from insulation applications; growing flexible foam demand in furniture is expected to drive the polyols market. This can mainly be attributed to the high degree of durability and of products, making them ideal for seating and cushioning. The adhesives and sealants market is expected to witness growth on account of high demand from marine and construction industries.

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Asia-Pacific was the largest market for Polyols in 2016. China is one of the major consumers of polyols in this region. Rapidly growing population, government regulations to increase construction activities, growth in the automotive industry and increasing demand for textile and furniture are the favorable market forces for the growth of polyols in this region. These factors are attracting the market players for expanding their businesses in Asia-Pacific region. Furthermore, North America and Europe are expected to witness the moderate growth for polyols market during the years to come. Whereas, Latin America and Middle East & Africa is expected to observe significant growth owing to rising construction and redevelopment activities in the region.

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The manufacture of polyols from bio-based and natural oil sources is expected to be a major growth opportunity for polyols manufacturers. Polyols manufactured from natural oils such as canola, corn, and soybean is a major opportunity for market players. Some of the major market players of polyols mainly include BASF SE, Royal Dutch Shell PLC, Dow Chemicals, Bayer AG, Cargill Incorporated, Invista B.V., COIM S.P.A., Mitsui Chemicals, Inc., Lonza Group, Emery Oleochemicals and Chemtura Corporation among others.