Polyols Market: Key Insights
The polyols market is expected to grow in the forecast period due to the surging demand for polyurethane products in various end-use industries such as construction, automotive, and furniture. The rising demand for energy-efficient insulation materials in the construction industry and the increasing use of polyurethane in the automotive industry are the major drivers of the polyols market.
Additionally, the growing popularity of bio-based polyols, which are derived from renewable resources such as soybeans and castor oil, is also expected to drive market growth. These bio-based polyols have similar properties as traditional petroleum-based polyols and are considered an eco-friendly alternative. Furthermore, the rising demand for lightweight and fuel-efficient vehicles is expected to accentuate the demand for polyurethane foams, which will drive the growth of the polyols market.
Polyols Market
Polyols Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type (Polyether, Polyester, and Others), Application (Flexible Polyurethane Foams, Rigid Polyurethane Foams, Adhesives & Sealants, and Others), and End-Use (Building & Construction, Automotive, Furniture, Electronics, and Others)
Polyols Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
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Growing Construction Activities to Drive Polyols Market
The growing construction activities worldwide are expected to drive the demand for polyols in the forecast period. The increasing urbanization and population growth are leading to an increase in the construction of residential and commercial buildings, which is driving the demand for insulation materials, such as polyurethane foam. Polyurethane foam is used in construction as insulation material in walls, roofs, and floors to improve energy efficiency and reduce heat loss.
Moreover, the increasing trend of green buildings is expected to drive the demand for polyols in the construction industry. Green buildings are designed to use lesser energy and water, generate less waste and pollution, and be healthier for occupants than conventional buildings. Using polyurethane insulation in green buildings improves energy efficiency and reduces the carbon footprint of the building. This is expected to surge the demand for polyols in the construction industry in the forecast period. Governments worldwide are also promoting the use of energy-efficient insulation materials in the construction industry, which is further expected to drive the demand for polyols in the forecast period.
Polyols Market: Segmental Overview
The global polyols market is segmented based on type, application, and end-use industry. Based on type, the global polyols market is segmented as polyether polyols, polyester polyols, and others. Based on the application, the global polyols market is segmented as flexible polyurethane foams, rigid polyurethane foams, CASE, and others. The global polyols market, based on the end-use industry is classified as building & construction, automotive, furnishing, electronics, footwear, and others.
Based on type, the polyether polyols segment held a substantial share of the global polyols market. Polyether polyols are widely used in the production of polyurethane foam, which is used in various applications such as insulation, automotive seating and interiors, and furniture. The growing demand for energy-efficient insulation materials in the construction industry is driving the demand for polyurethane foam, which in turn is driving the demand for polyether polyols. Additionally, the increasing use of polyurethane foam in the automotive industry, particularly in automotive seating and interiors, is expected to drive the demand for polyether polyols.
Moreover, Polyether polyols are also considered a cost-effective alternative to traditional polyester polyols. The rising popularity of bio-based polyols derived from renewable resources such as soybeans and castor oil are also expected to surge the demand for polyether polyols as they have similar properties to traditional petroleum-based polyols.
Polyols Market: Competitive Landscape and Key Developments
BASF SE, Coim Group, Covestro AG, Expanded Polymer Systems Pvt. Ltd., INVISTA (Koch Industries, Inc.), Mitsui Chemicals, Inc., Polyols & Polymers Pvt.Ltd., Royal Dutch Shell plc, Stepan Company, and Vertellus Holdings LLC are among the key players operating in the polyols market. These companies have a widespread presence worldwide, which provides lucrative opportunities to serve many customers and expand the market
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