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The global polycarbonate diols market was valued over US$ 200 Mn in 2020 and is expected to reach US$ 400 Mn by 2031, expanding at a CAGR of 5% during the forecast period of 2021 to 2031. Polycarbonate diols are resistant to oxidation, wear, and stains; they also provide resistance to hydrolysis in polyurethane products as compared to polyester polyols and polyether. Solid polycarbonate diols provide high strength, excellent mechanical properties, efficient performance, and high thermal stability when used at low temperature.
The demand for polycarbonate is increasing across the globe primarily due to the rise in the demand for synthetic leather. Solid polycarbonates are also employed in various applications in diverse sectors such as waterborne paints & coatings in textiles, furniture, and automotive. The liquid form of polycarbonate diols is made from traditional polyols, which consist of a hydrophilic group.
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As a result, the water resistant property of the material is adversely affected. Polycarbonate is added to improve the hydrolysis resistance of polyurethane materials. Consequently, polycarbonate diols can be used effectively in the production of waterborne polyurethane materials.
The shutdown in various countries across the globe due to the COVID-19 pandemic has prohibited the import of various components, including raw materials required in the production of polycarbonate diols. This is hampering the activities of various industries. However, increase in the demand for synthetic leather during the pandemic is boosting the demand for polycarbonate diols.
The COVID-19 outbreak has led to several challenges for synthetic leather and paints & coatings industries. Governments of countries in Europe are preparing for a broader spread of the virus. Germany and Italy are some of the significantly affected countries among the industrialized economies.
The global synthetic leather industry was valued at US$ 31.4 Bn in 2020. Synthetic leather is a petroleum-based leather, which can be used as an alternative to genuine leather. Synthetic leather is soft and water resistant; hence, it can be used repeatedly simply by cleaning it.
It is fire resistant and stain resistant. Synthetic leather is resistant to abrasions and cuts. Therefore, synthetic leather products are more durable. Synthetic leather is primarily employed in various end-use industries such as automotive, footwear, furnishing, clothing, purses, bags, and wallets.
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Key Drivers of Polycarbonate Diols Market
The global paints & coatings industry was valued at US$ 146.2 Bn in 2019. Paints and coatings are widely used in several end-use industries such as construction, wood, automobile, and transportation. Usually, various solvents, pigments, and binders are mixed into paints and other coatings such as varnishes, enamels, lacquers, shellacs, and water-repellent coatings in order to produce products such as paint, putty, varnish removers, frit, and paintbrush cleaners. Paints and coatings are water resistant. They provide corrosion protection, and possess anti hardness, anti-friction, and reflection absorbent properties. There are many and varied applications of polycarbonate diols in elastomers, coatings, adhesives, and sealants.
The rise in the usage of polycarbonate diols in elastomers is expected to boost the global polycarbonate diols market during the forecast period. Elastomers are used as seals and adhesives, and molded parts. They are employed in several applications such as manufacture of vehicles, chemical process, food production, and scientific products.
Elastomers are used to manufacture tires and tubes of motorcycles, bicycles, recreational vehicles, lawn mowers, and other yard work vehicles. They are employed in the manufacture of hoses, belts, gloves, toy balloons, adhesives, and rubber bands. Polycarbonate diols are premium polyester polyols. Polycarbonate diols provide impact resistance, hardness, enhanced hydrolytic stability, and chemical resistance as compared to that offered by standard polyester polyols.
Rise in Health, Environmental Concerns
Polycarbonate diols are used in various applications such as manufacture of synthetic leather, paints and coatings, adhesives and sealants, and elastomers. They have high strength and provide resistance against water, fire, temperature, and corrosion.
However, the high cost associated with polycarbonate diols vis-à-vis conventional polyols is projected to hamper the polycarbonate diols market during the forecast period. The primary trend followed in the polycarbonate diols market is government regulations related to eco-friendly chemicals. These factors are hampering the polycarbonate diols market.
Global Polycarbonate Diols Market: Segmentation
Polycarbonate Diols Market, by Application
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Wood, Leather Coatings Catalyzing Demand for Polycarbonate Diols
Polycarbonate diols are gaining popularity for their enhanced hydrolysis resistance, high gloss, and abrasion resistance in metal coatings. This explains why paints & coatings are predicted to register the second highest revenue among all application types in the polycarbonate diols market during the assessment period. As such, the polycarbonate diols market is expected to reach US$ 400 Mn by 2031.
Manufacturers are unlocking value grab opportunities with wood and leather coatings that further help to offer efficient stain resistance and enhanced performance for flooring, outdoor furniture, and pavement coatings. Polycarbonate diols are being extensively used to produce polyurethanes that are superior to those based on polyether diol and polyester diol. These polycarbonate diols provide flexibility, high chemical resistance, softness, and high mechanical properties in coatings.
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