Global Polyols Market Report and Forecast 2023-2028

Global Polyols Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global polyols market reached a value of USD 29.1 billion in 2022. Aided by the mounting demand for energy-efficient insulation materials and the ever-expanding applications of polyols in diverse industries, the market is projected to further grow at a CAGR of 6.1% between 2023 and 2028 to reach a value of USD 41.3 billion by 2028.

Polyols, often termed as sugar alcohols, are organic compounds with multiple hydroxyl groups. They play a pivotal role in the manufacturing of polyurethanes, which find applications in insulations, elastomers, sealants, and flexible foams. Furthermore, owing to their sweet-tasting nature, polyols are gaining traction as sugar replacements in food and beverage items, thus catering to the ever-growing health-conscious population.

The relentless drive towards energy efficiency, especially in the building and construction sector, has intensified the demand for insulation materials. Polyurethane foams, derived from polyols, are at the forefront of this demand due to their exemplary insulating properties. These foams aid in temperature regulation, reducing the reliance on artificial cooling or heating, thus driving energy savings and carbon footprint reduction. This burgeoning demand for effective insulations in both residential and commercial infrastructures is a prime force boosting the polyols market growth.

In the realm of food and beverages, polyols have carved a niche as sugar substitutes. With an increasing number of individuals leaning towards low-calorie and sugar-free diets, primarily driven by rising cases of diabetes and obesity, polyols have become ingredients du jour in confectioneries, baked goods, and other foodstuffs. Their lower glycaemic index, coupled with a sweet taste that mirrors natural sugar, makes them a preferred choice among health-savvy consumers.

However, it's not just the insulation and food sectors that underpin the polyols market demand. The automotive industry, in its quest for lightweight and fuel-efficient vehicles, incorporates polyurethane (derived from polyols) in seats, interiors, and in certain technical applications. This not only enhances vehicular efficiency but also augments comfort and aesthetics.

The cosmetic and personal care industry also leverages the unique properties of polyols. Used as humectants, they help retain moisture in skincare and haircare products, ensuring longer-lasting hydration and better skin or hair health. Given the explosive growth of the global cosmetic market, polyols are poised to witness augmented demand from this sector.

The sustainability narrative, gripping industries globally, also intertwines with the polyols market. Research and development initiatives are geared towards producing bio-based polyols, derived from renewable resources, as an alternative to their petroleum-based counterparts. This push for green, sustainable solutions offers not only an environmental reprieve but also caters to the eco-conscious consumer base, thus increasing the global polyols market size.

Market Segmentation

The market can be divided based on type, application, industry, and region.

Market Breakup by Type

• Polyether Polyols
• Polyester Polyols

Market Breakup by Application

• Flexible Polyurethane Foam
• Rigid Polyurethane Foam
• CASE (Coatings, Adhesives, Sealants and Elastomers)
• Others

Market Breakup by Industry

• Carpet Backing
• Packaging
• Furniture
• Automotive
• Building and Construction
• Electronics
• Footwear
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global polyols market. Some of the major players explored in the report by Expert Market Research are as follows:

• BASF SE
• Royal Dutch Shell Plc
• Covestro AG
• The Dow Chemical Company
• Wanhua Chemical Group Co., Ltd.
• Huntsman International LLC
• Stepan Company
• Repsol S.A.
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.