IMARC Group, a leading market research company, has recently released a report titled “Polyols Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global polyols market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
What Are The Growth Prospects Of The Polyols Industry?
According to the report, The global polyols market size reached US$ 26.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 37.9 Billion by 2028, exhibiting a growth rate (CAGR) of 6.74% during 2023-2028.
What is Polyols?
Polyols, or sugar alcohols, are a group of organic compounds that are utilized in both the food processing and polymer industries. In the food and beverage industry, they are added to food products to improve their shelf-life and stability by retaining moisture and preventing crystallization. They also consist of a cluster of versatile carbohydrates, which have a similar texture and taste to that of table sugar. They are used as a sugar replacement in low-calorie and sugar-free products, such as candy, chewing gum, ice-cream, yogurt and fruit spread. In the polymer industry, they are utilized to manufacture polyurethane foams, coatings, adhesives, sealants and elastomers.
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What are the growth prospects and trends in the polyols industry?
The global polyols market is driven by the thriving construction industry. Owing to rapid urbanization and industrialization, there is an increase in the number of construction projects across the globe. This has resulted in growing product demand for polyol-based building materials, such as exterior panels, housing electronics and insulation protective components. Furthermore, the automotive sector is increasingly utilizing polyurethane foams, a polyol derivative, to produce comfortable seating, headrests, armrests and ventilating headliners. Other factors, including the development of bio-based polyols from renewable resources to reduce carbon emissions and the growing demand for processed foods, are projected to drive the market further.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Polyether Polyols
- Polyester Polyols
Breakup by Application:
- Flexible Polyurethane Foams
- Rigid Polyurethane Foams
- CASE (Coatings, Adhesives, Sealants Elastomers)
- Others
Breakup by Industry:
- Carpet Backing
- Packaging
- Furniture
- Automotive
- Building Construction
- Electronics
- Footwear
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- BASF SE
- Royal Dutch Shell Plc
- Mitsui Chemicals
- Covestro AG
- The Dow Chemical Company
- Wanhua Chemical Group
- Huntsman Corporation
- LANXESS AG
- Stepan Company
- Repsol SA, etc.
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