A Complete Analysis Of Polyols Market You Should Definitely Be Knowing About
Thermoplastic Polyurethane: For upon |Polyols are described as alcohols that comprise several hydroxyl groups and are widely used in the polymer and food industry. In 2017, the value of the polyols market was estimated at $23.60 billion and is predicted to grow at a CAGR of 8.5 percent between 2018-2025. Rising awareness for the conservation of energy is driving the demand for rigid foams which is a major segment of the polyols market. The increase in the growth of the construction sector in emerging economies in order to accommodate increasing populations is going to be a major driver of the polyols market in the coming years. The increase in the growth of the packaging industry and the automotive industry is also contributing to the polyols market growth. Thermoplastic Polyurethane.
Market Trends According To Region
The Asia Pacific region is the biggest market for polyols and the largest consumer of polyols is China. There are many factors that are driving this market such as growth in population, the growing automotive industry, rapidly growing construction activities, and the demand for textiles and home furniture. These factors are reasons that are leading businesses to invest in this region. In 2019, the value of the polyols market is predicted to reach $12,210 million in this region. Thermoplastic Polyurethane.
Europe has the second-highest consumption of polyols and the growth is due to factors such as increasing demands for energy efficiency and insulation. Latin America is predicted to witness the second-highest growth from 2018-to 2025. This is due to the increasing construction activities and presence of automotive OEMs in the region. Thermoplastic Polyurethane.
Polyurethane (Flexible Foam)
The largest consumer of polyols is Polyurethane (Flexible Foam). This polyurethane flexible foam has many uses and applications in industries such as textiles, fibers, automotive industry, furniture, bedding, and carpet industry due to its properties of energy absorption, durability, support, and many more. By the end of 2019, the consumption of polyurethane is predicted to reach $12,782 million. Thermoplastic Polyurethane.
As already discussed, the Asia Pacific region is the largest consumer of the polyols market therefore, it also includes the consumption of polyurethane (flexible foams). From 2014-to 2019, in terms of value, the polyurethane (flexible foam) market in the Asia Pacific region grew at a CAGR of 10.30 percent. India is also growing fast in terms of expansion of the polyols market increasing with a CAGR of 12.66 percent during the same period. Thermoplastic Polyurethane.
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Polyurethane (Rigid Foam)
Polyurethane (rigid foam) which is also a segment of the polyols market is the fastest-growing segment. During the duration of 2014-2019, the market has grown at a CAGR of 9 percent. This type of foam is mostly used in buildings for insulation purposes. Its properties such as helping in the reduction of transfer of energy, resisting moisture, and increasing energy efficiency make it widely popular in buildings. These foams are highly compressible and have low-density insulating cores. They are also lightweight which makes them easy to transport. Thermoplastic Polyurethane.
Elastomers
Elastomers are also predicted to have a higher growth during 2018-2025. They have the combined strength of elasticity and plasticity of rubber. Elastomers have applications in various industries such as building and construction, apparel and footwear, automotive, packaging, furnishing, appliances, marine, medical, and electronics. Properties such as excellent chemical and mechanical properties, low cost, and high durability make them popular among these industries. Thermoplastic Polyurethane.
Polyester Polyols
Polyester polyols also have shock absorption properties and high tensile strength making them widely popular in vibration damping applications. The growing demand for polyols-based foams, sealants, adhesives, elastomers, and coatings in various industries such as automotive, textile, insulation, packaging, electrical, and electronics contribute to the growth of the polyols market. Some of the popular polyols manufacturers include Lonza Group (Switzerland), BASF SE (Germany), Dow Chemical Company (U.S.), Bayer AG (Germany), Mitsui Chemicals (Tokyo), Cargill Inc. (U.S.), Chemtura Corporation (U.S.), Royal Dutch Shell Plc (The Netherlands), and Stepan Company (U.S.), Thermoplastic Polyurethane.
Some of the manufacturers such as Cargill, Emery, and Mitsui have developed bio-based polyols. These bio-based polyols are gaining acceptance all over the world due to increasing awareness of consumers in regard to the benefits of various products motivating suppliers to provide high-quality material. Thermoplastic Polyurethane.
The rising global population and improvement in the living standards of the people in the Asia Pacific have contributed significantly to the growth of end-user industries like textile, automobiles, electronics, and packaging. All these industries use polyols in significant quantities. So, in the coming years, the polyols market is expected to witness significant growth across the world. Thermoplastic Polyurethane.
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