Global Polyols Market Size Insights Forecasts to 2032
- The Polyols Market Size was valued at USD 27.1 Billion in 2022.
- The Market Size is Growing at a CAGR of 5.4% from 2022 to 2032
- The Worldwide Polyols Market Size is expected to reach USD 38.5 Billion By 2032
- Europe is expected to Grow the fastest during the forecast period
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The Global Polyols Market Size is expected to reach USD 38.5 Billion By 2032, at a CAGR of 5.4% during the forecast period 2022 to 2032.
Polyols are a family of organic compounds that have both sugar and alcohol molecules in their chemical structure. They are often referred to as sugar alcohols. In the culinary, pharmaceutical, and chemical industries, they are frequently employed as sugar substitutes and have a wide range of uses. By converting part of the carbonyl groups in aldehydes or ketones to hydroxyl (OH) groups, polyols are typically generated from sugars. The sugar molecule produced by this reduction process has several alcohol (OH) groups, therefore the name "sugar alcohol." Although often less sweet than sucrose (table sugar), polyols are sweet-tasting molecules. They are frequently used in products with reduced or sugar-free sugar content to add sweetness without adding as many calories as sugar. The fact that polyols have fewer calories than ordinary sugar is one of their key benefits. They have a lower glycemic index and have less of an effect on blood sugar levels because they are largely absorbed in the small intestine and metabolised more slowly.
Impact of COVID 19 On Global Polyols Market
Global supply chains were disrupted by the pandemic as a result of lockdowns, travel restrictions, and a shortage of labourers. These hiccups might have had an impact on the shipping and manufacturing of polyols and the raw ingredients for them. Food and beverage, pharmaceutical, and personal care product industries are just a few of the ones that have a strong relationship with polyol demand. Changes in consumer behaviour during the pandemic, such as a decrease in eating out and an increase in home cooking, may have affected the demand for specific polyols used in food products. The pandemic had a variety of effects on the pharmaceutical industry, another important user of polyols. Demand for the polyols used in pharmaceutical formulations may have been affected by rising demand for pharmaceutical goods like medicines and vaccines.
Global Polyols Market Report Coverage
|Market Size in 2022:||USD 27.1 Billion|
|Forecast Period 2022-2032 CAGR:||5.4%|
|2032 Value Projection:||USD 38.5 Billion|
|Historical Data for:||2019-2020|
|No. of Pages:||200|
|Tables, Charts & Figures:||110|
|Segments covered:||By Product, By Application, By Region, and COVID-19 Impact.|
|Companies Covered:||Huntsman International LLC, Repsol, Biesterfeld AG, DIC CORPORATION, Tosoh Corporation, Arkema, BASF SE, Dow, Cargill, Incorporated, LANXESS, Shell plc, Mitsubishi Chemical Corporation, Vertellus, Wanhua, Stepan Company, Gulshan Polyols Ltd, Perstorp Holding AB (Subsidiary of PETRONAS Chemicals Group), Emery Oleochemicals LLC, Covestro AG, Coim Group, Shakun Industries, and other key vendors.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth & Analysis.|
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Key Market Drivers
Polyols are a crucial raw element used to create polyurethane foams, which are used in insulation, automobiles, furniture, and other industries. Demand for polyols is directly impacted by the expansion of these sectors. In foods and beverages, sugar alcohols like sorbitol and xylitol are utilised as sugar alternatives. The market for these polyols may rise as consumers look for healthier alternatives to sugar. Some polyols are utilised as excipients, solvents, or drug delivery mechanisms in pharmaceutical formulations. The need for these polyols increases along with the pharmaceutical sector. Due to their moisturising and emollient qualities, polyols are employed in skincare and cosmetic goods. The need for polyols may increase as the personal care sector expands. Plasticizers, surfactants, and lubricants are just a few of the compounds that can be made using polyols as an intermediate. The market for polyols may be impacted by the overall expansion of the chemical sector.
Key Market Challenges
Feedstock components like crude oil or derivatives of natural gas are frequently used in the manufacturing of polyols. Variations in the price and availability of these raw materials can have a big impact on the cost of manufacturing and the success of polyol producers. Alternative materials that are thought to be more sustainable and environmentally benign, such as bio-based polyols, compete with polyols. Traditional polyol manufacturers may face difficulties due to the shift towards green and sustainable products. Due to elements like the cost of raw materials, supply-demand imbalances, and geopolitical events, polyol prices might fluctuate. It can be challenging for producers and consumers to adequately plan and budget when prices fluctuate.
Polyether polyols segment is dominating the market over the forecast period
On the basis of product, the Global Polyols Market Size is segmented into polyether and polyester. Among these, the polyether polyols segment is dominating the market with the largest market share over the forecast period. Products made of polyurethane have a wide range of uses in sectors like building, automotive, furniture, and electronics. Since polyether polyols are an essential raw ingredient in the production of polyurethane, any expansion in these industries may increase demand for them. There is an increase in demand for environmentally friendly and sustainable materials as a result of Growing environmental concerns. As they support sustainability objectives, polyether polyols, especially those made from recycled or bio-based materials, are becoming more and more popular. Urbanisation and infrastructure expansion may greatly increase the need for polyurethane-based building supplies such insulation foams, coatings, and adhesives, which will increase the need for polyether polyols.
Flexible foam segment holds the largest market share over the forecast period
Based on the application, the Global Polyols Market Size is segmented into Flexible Foam, Rigid Foam, Coatings, Adhesives & Sealants. Among these, the flexible foam segment holds the largest market share over the forecast period. The demand for flexible foam for insulation and padding in homes can be influenced by the performance of the building sector, particularly in residential construction. Key determinants include the state of the economy, housing starts, and remodelling activities. Flexible foam is used in the car industry for interior trim, headrests, and seats. The demand for flexible foam may change as the car sector expands along with comfort and interior design trends.
Asia Pacific is dominating the market over the forecast period
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Asia Pacific is dominating the market with the largest market share over the forecast period. The industrialisation and urbanisation of the Asia-Pacific area, which includes nations like China and India, has been happening quickly. As a result, polyols are now more in demand for a variety of industries, such as the manufacturing of consumer items, automobiles, and construction. Building projects for residential homes, commercial real estate, and infrastructure development have all contributed to the rise in the Asia-Pacific region's construction market. Polyols are utilised in adhesives, coatings, and insulation materials, which helps the market expand. Asia-Pacific is one of the world's largest and fastest-Growing automotive markets. Polyols are utilised in lightweighting applications as well as in car interiors, including seats and interior trim. The region's rising automobile demand contributes to the expansion of the polyols market.
Europe is witnessing the fastest market Growth over the forecast period. The market for polyols in Europe is expected to increase due to rising demand for insulation among low-income households in order to save energy effectively and favourable regulatory assistance from governments.
Recent Market Developments
- In March 2023, in Mangalore, India, BASF began producing Sovermol®, its first bio-based polyol.
- In September 2022, more environmentally friendly polyether polyols based on bio-circular raw sources were introduced by Covestro.
List of Key Companies
- Huntsman International LLC
- Biesterfeld AG
- DIC CORPORATION
- Tosoh Corporation
- BASF SE
- Cargill, Incorporated
- Shell plc
- Mitsubishi Chemical Corporation
- Stepan Company
- Gulshan Polyols Ltd
- Perstorp Holding AB (Subsidiary of PETRONAS Chemicals Group)
- Emery Oleochemicals LLC
- Covestro AG
- Coim Group
- Shakun Industries
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the Global Polyols Market Size based on the below-mentioned segments:
Polyols Market, Form Product Analysis
Polyols Market, Application Analysis
- Flexible Foam
- Rigid Foam
- Adhesives & Sealants
Polyols Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions (FAQ)
1. What is the market size of Polyols Market?The Global Polyols Market Size is expected to Grow from USD 27.1 Billion in 2022 to USD 38.5 Billion by 2032, at a CAGR of 5.4% during the forecast period 2022-2032.
2. Who are the key market players of Polyols Market?Some of the key market players of Huntsman International LLC, Repsol, Biesterfeld AG, DIC CORPORATION, Tosoh Corporation, Arkema, BASF SE, Dow, Cargill, Incorporated, LANXESS, Shell plc, Mitsubishi Chemical Corporation, Vertellus, Wanhua, Stepan Company, Gulshan Polyols Ltd, Perstorp Holding AB (Subsidiary of PETRONAS Chemicals Group), Emery Oleochemicals LLC, Covestro AG, Coim Group, and Shakun Industries.
3. Which segment hold the largest market share?Flexible foam segment holds the largest market share is going to continue its dominance.
4. Which region is dominating the Polyols Market?Asia Pacific is dominating the Polyols Market with the highest market share.
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