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The automotive and chemical industries, as well as the growing demand for bio-based polyols, are driving the development of the polyol market.
New York, New York, USA, November 17, 2021/EINPresswire.com/-According to a new report from Reports and Data, the global polyol market is expected to reach US$40.52 billion by 2028. Polyol can be defined as a liquid phase synthesis, which uses polyol at high temperature, at the best point of its boiling point. The simplest representative of this organic compound is ethylene glycol (EG). From EG to polyethylene glycol (PEG). It contains more than 2000 ethylene groups and has a molecular weight of approximately 100,000 g/mol. This compound is usually used in the synthesis of nanostructured materials. Can be divided into polyester polyol and polyether polyol. Polyether polyols are the most commonly used. It is also used for flexible applications, using raw materials containing a limited number of hydroxyl groups. Therefore, the diverse application areas of this compound are supporting the growth of the market. It is worth mentioning here that the availability of more and more biomass-derived compounds and chemicals opens up new opportunities for the development of bio-based polyols that can be used in foam formulations. As government regulations and legislation focus on reducing carbon footprints, biomass-derived polyols are becoming more and more popular. In terms of regions, North America can be seen as occupying a significant market share. The market share that the region has is the result of a mature automotive industry and an expanding packaging and transportation sector.
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The following are the main industry players: BASF SE, The Dow Chemical Company, Huntsman International LLC, Covestro, Mitsui Chemicals, LANXESS, Tosoh, COIM, PCC SE and Emery Oleochemicals.
The further main findings of the report indicate:
The polyol market has a market share of US$38 billion in 2018 and is expected to grow at a rate of 4.80% during the forecast period.
In terms of product types, the polyether polyol division created a higher revenue of US$19.02 billion in 2018, with a compound annual growth rate of 4.9% during the forecast period. Its high resilience, excellent hydrolysis resistance, dynamic and mechanical properties, and low cost have led to the widespread use of polyether polyols in the manufacture of rigid polyurethane foams, which contributes to the revenue generated by this sector.
In terms of resources, the renewable resource sector generated during the forecast period is expected to have a rapid growth rate of 6.6%, and is expected to occupy a market share of 35.0% by 2028. The growth rate witnessed by the renewable resources sector is attributable to the establishment of strict government regulations and legislation, focusing on reducing the carbon footprint and the increasing availability of biomass-derived compounds and chemicals, which opens up new avenues and increases The popularity of renewable resource polyols.
In the context of end users, the construction sector is expected to witness the fastest compound annual growth rate of 6.2% during the forecast period, and is expected to occupy 18.5% of the market by 2028. The growth rate witnessed by the construction sector is attributable to the continued expansion of the construction industry and the increase in the industry's related demand for the compound in various building components (such as insulation protection materials and exterior wall panels, etc.).
In terms of applications, the flexible foam sector had the largest market share in 2018, at 26.0%, with a compound annual growth rate of 5.4% during the forecast period. The wide application of this type of foam in various industries such as the automobile industry and the packaging industry has led to the widespread use of organic compounds in this field and their market share.
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Market overview: As consumers increasingly favor sustainability, considering products based on standards such as recycling and carbon footprint, it is expected that the material and chemical market trends will change in the next few years. Consumers’ growing concern about carbon emissions has prompted industry players to invest in renewable energy, transportation decarbonization, and energy efficiency These trends are expected to have a significant impact on the end markets of chemicals, especially in the construction and automotive sectors.
Materials and chemical companies are increasingly focusing on adopting decarbonization technologies, re-examining their assets, and to some extent away from the diversification of hydrocarbons, which will benefit the growth of the global mask market during the forecast period.
Competitive landscape: The report conducts an extensive assessment of well-known companies in the materials and chemical industries to better understand the competition at the regional and global levels.
Increasing competition in the global market has led to continuous innovation and technological advancement in materials and chemistry to meet the growing needs of environmentally conscious consumers. Industry participants in the mask market are adopting forward integration strategies to meet growing product demand, while adapting to sustainable development trends and expanding their share of the global market.
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Product Type Outlook Polyester Polyol Polyether Polyol
Application prospects: soft foam, rigid foam adhesives and sealants, coating elastomers, others
Regional breakdown: North America, South America, Europe, Asia-Pacific, Middle East and Africa
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