The polyols market size is estimated to be USD 26.2 billion in 2019 and is projected to reach USD 34.4 billion by 2024, at a CAGR of 5.6%. The increasing consumption of polyurethane foam in the construction and automotive industries is a major factor driving the global polyols demand during the forecast period. Furthermore, the increasing refrigerator and freezer manufacturing in APAC is another factor driving the polyols market. Polyol-based rigid foam is highly used in the domestic and commercial refrigerators owing to its properties, such as confined structure, lightweightedness, and cost-effectiveness.
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Polyether polyols segment is estimated to dominate the overall market
The increasing demand for flexible polyurethane foams is expected to drive the demand for polyether polyols. Polyether polyols are majorly used to manufacture flexible polyurethane foams, which are further used in applications such as bedding, furniture, carpets, vehicles interior, and seats. The increasing demand for these products from the construction and automotive industries, owing to infrastructural development and increasing commercial & private vehicle, are driving the demand for polyether polyols.
Rigid polyurethane foam is projected to be the fastest-growing application of polyols
Rigid polyurethane foam is projected to be the fastest-growing application of polyols during the forecast period. The unique advantages of rigid polyurethane foam, such as energy efficiency, high performance, protection against UV degradation, and longer performance life, make it ideal for use in the construction and refrigeration industries. The growth of the construction and refrigeration industries, along with rising energy efficiency needs in these industries, is expected to drive the demand for rigid polyurethane foam.
APAC is estimated to be the largest polyols market
APAC is projected to be the largest polyols market during the forecast period. The growing investment in capacity expansion of the automotive and construction industries is expected to drive the polyols market in the region. Polyols based polyurethane foams are used in applications such as roof & wall insulation, furniture, carpet, cushion, transportations, and bedding, which are majorly used in the automotive and construction industries. Thus, the growth of the automotive and construction industries in the region will boost the growth of the polyols market.
BASF SE (Germany), Covestro AG (Germany), Royal Dutch Shell Plc (Netherlands), the Dow Chemical Company (US), Mitsui Chemicals (Japan), Wanhua Chemical Group (China), LANXESS AG (Germany), Huntsman Corporation (US), Stepan Company (US), and Repsol SA (Spain) are the leading players operating in the polyols market.
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