The Global Polyols Market size is expected to reach $58.5 billion by 2030, rising at a market growth of 6.8% CAGR during the forecast period. In the year 2022, the market attained a volume of 15,881.2 Kilo Tonnes, experiencing a growth of 5.4% (2019-2022).
Elastomer polyols are essential in formulating high-performance elastomers with a wide range of properties Thus, Elastomers segment acquired $6,618.0 million revenue in the market in 2022. Elastomers are polymers that combine plastic's rigidity with rubber's flexibility. Due to their superior mechanical and chemical effects, low cost, and high durability, polyol-based elastomers are utilized in molded rubber components in numerous industries, including construction and building materials, clothing and footwear, automotive, packaging, furnishings, appliances, marine, medical, and electronics. The choice of the specific elastomer polyol depends on the desired characteristics of the final product, including its flexibility, durability, resistance to environmental factors, and temperature tolerance. These materials are crucial in industries where elastomers are used for their unique mechanical properties. Some of the factors impacting the market are growing application of polyurethane in the automotive industry, expansion of the packaging industry, and stringent environmental regulations for polyurethane foam production.
The automotive industry continuously strives to reduce vehicle weight to improve fuel efficiency and meet emission standards. Polyurethane materials are valued for their lightweight properties and are used in various parts to reduce vehicle weight. This trend has driven the adoption of polyurethane and polyols in automotive applications. Polyurethane produces safety components like energy-absorbing foam in bumpers and side-impact protection systems. Enhanced safety requirements have led to the increased use of polyurethane in automotive safety applications. There is a growing focus on sustainable materials in the automotive industry. Bio-based polyols derived from renewable sources are being developed as alternatives to petroleum-based polyols. These bio-based polyols align with the automotive industry's sustainability goals. Additionally, the packaging industry is increasingly concentrated on sustainability and reducing its environmental impact. Bio-based polyols, derived from renewable sources, are being used to produce more eco-friendly polyurethane packaging materials. These sustainable materials align with consumer preferences and regulatory requirements for eco-conscious packaging. Polyurethane foam, formulated with specific polyols, is used in temperature-sensitive packaging applications. This insulation helps maintain the desired temperature for products such as fresh produce, pharmaceuticals, and chemicals during transit. The growth of industries requiring temperature-controlled packaging has boosted the market.
However, several regulatory agencies, especially in North America and Europe, have strict restrictions governing polyurethane foam production. Overexposure to these hazardous pollutants could harm a person's skin, eyes, nose, throat, and lungs. As a result, several preventative measures are implemented in locations where there is a chance of exposure to diisocyanate airborne concentrations, including the use of mechanical controls (local exhaust ventilation), suitable personal protective gear (respiratory protection), and other workplace procedures (proper handling and storage). Compliance with waste disposal regulations can add to operational costs and complexity. Environmental regulations may encourage or require energy-efficient manufacturing processes. These requirements result in additional costs, therefore reducing the producers' profit margins, and thus being a major restraint for the market's growth.
Product Outlook
On the basis of product, the market is segmented into polyether and polyester. The polyester segment acquired a substantial revenue share in the market in 2022. Polyester polyols have high tensile strength and stress-absorbing properties, owing to which they are widely employed in vibration-dampening applications. Polyurethane, urethane, and polyisocyanurate use utilize both polyester and polyether polyols. Growing demand for PU-based foams and coatings, glues, sealants, and elastomers from multiple end-use industries, such as automobiles, textiles, insulation, packaging, electronics, and gadgets, will contribute to the sector's growth over the forecast period.
Application Outlook
Based on application, the market is fragmented into rigid foam, flexible foam, coatings, adhesives & sealants, elastomers, and others. In 2022, the flexible foam segment held the highest revenue share in the market. Flexible foams are commonly used as cushioning materials for furniture, bedding and beds, seating, and other soft products in various end-use industries, including furniture and mattresses, automotive, baggage and luggage, footwear and textiles, household appliances, engineering, and packaging. Polyether and polyester polyols are both utilized in the production of flexible foams. The average density of these foams is between 1.5 and 3 lb/ft3. The high durability, resilience, energy absorption, handling strength, enhanced thermal insulation, and superior mechanical properties of polyol-based flexible foam will likely contribute to its demand from various industries over the forecast period.
End-use Outlook
By end-use, the market is divided into building & construction, furnishings, automotive, packaging, electronics, and others. The building and construction sector acquired the highest revenue share in the market in 2022. Polyols, particularly when used in conjunction with isocyanates, play a crucial role in the production of polyurethane-based construction materials. These materials are known for their versatility, durability, and performance, making them a common choice in various construction applications. Polyol can be incorporated into concrete mixes to improve its properties. They can enhance the workability of concrete, reduce water content, and increase its resistance to freeze-thaw cycles. Polyols can also be used in self-leveling concrete to improve flow characteristics. These are used in the formulation of waterproofing membranes and materials. These materials are essential for protecting buildings from water ingress, particularly in areas like basements and roofs.
Regional Outlook
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region registered the highest revenue share in the market. The expanding automotive industry and rising polymer consumption are expected to be major market drivers in the region. Rising construction activities and investments in the automotive and other manufacturing industries drive the region's market. In addition, accelerated urbanization, high infrastructure growth, and changing lifestyles, all of which are attributable to the demand for the furnishings and e-commerce industries in the region, have contributed to the development of the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include The Dow Chemical Company, BASF SE, Vertellus, Huntsman Corporation, Lanxess AG, Mitsui Chemicals, Inc., Stepan Company, Koch Industries, Inc. (Invista BV), Tosoh Corporation, and Shell plc.
Scope of the Study
Market Segments covered in the Report:
By End-use (Volume, Kilo Tonnes, USD Million, 2019-2030)
- Building & Construction
- Furnishings
- Automotive
- Packaging
- Electronics
- Others
By Product
By Application (Volume, Kilo Tonnes, USD Million, 2019-2030)
- Flexible Foam
- Rigid Foam
- Coatings
- Adhesives & Sealants
- Elastomers
- Others
By Geography (Volume, Kilo Tonnes, USD Million, 2019-2030)
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Companies Profiled
- The Dow Chemical Company
- BASF SE
- Vertellus
- Huntsman Corporation
- Lanxess AG
- Mitsui Chemicals, Inc.
- Stepan Company
- Koch Industries, Inc. (Invista BV)
- Tosoh Corporation
- Shell plc
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Table of Contents
Chapter 1. Market Scope & Methodology
- 1.1 Market Definition
- 1.2 Objectives
- 1.3 Market Scope
- 1.4 Segmentation
- 1.4.1 Global Polyols Market, by End-use
- 1.4.2 Global Polyols Market, by Product
- 1.4.3 Global Polyols Market, by Application
- 1.4.4 Global Polyols Market, by Geography
- 1.5 Methodology for the research
Chapter 2. Market At a Glance
Chapter 3. Market Overview
- 3.1 Introduction
- 3.1.1 Overview
- 3.1.1.1 Market Composition and Scenario
- 3.2 Key Factors Impacting the Market
- 3.2.1 Market Drivers
- 3.2.2 Market Restraints
- 3.3 Porter's Five Forces Analysis
Chapter 4. Global Polyols Market by End-use
- 4.1 Global Building & Construction Market by Region
- 4.2 Global Furnishings Market by Region
- 4.3 Global Automotive Market by Region
- 4.4 Global Packaging Market by Region
- 4.5 Global Electronics Market by Region
- 4.6 Global Others Market by Region
Chapter 5. Global Polyols Market by Product
- 5.1 Global Polyether Market by Region
- 5.2 Global Polyester Market by Region
Chapter 6. Global Polyols Market by Application
- 6.1 Global Flexible Foam Market by Region
- 6.2 Global Rigid Foam Market by Region
- 6.3 Global Coatings Market by Region
- 6.4 Global Adhesives & Sealants Market by Region
- 6.5 Global Elastomers Market by Region
- 6.6 Global Others Market by Region
Chapter 7. Global Polyols Market by Region
- 7.1 North America Polyols Market
- 7.1.1 North America Polyols Market by End-use
- 7.1.1.1 North America Building & Construction Market by Country
- 7.1.1.2 North America Furnishings Market by Country
- 7.1.1.3 North America Automotive Market by Country
- 7.1.1.4 North America Packaging Market by Country
- 7.1.1.5 North America Electronics Market by Country
- 7.1.1.6 North America Others Market by Country
- 7.1.2 North America Polyols Market by Product
- 7.1.2.1 North America Polyether Market by Country
- 7.1.2.2 North America Polyester Market by Country
- 7.1.3 North America Polyols Market by Application
- 7.1.3.1 North America Flexible Foam Market by Country
- 7.1.3.2 North America Rigid Foam Market by Country
- 7.1.3.3 North America Coatings Market by Country
- 7.1.3.4 North America Adhesives & Sealants Market by Country
- 7.1.3.5 North America Elastomers Market by Country
- 7.1.3.6 North America Others Market by Country
- 7.1.4 North America Polyols Market by Country
- 7.1.4.1 US Polyols Market
- 7.1.4.1.1 US Polyols Market by End-use
- 7.1.4.1.2 US Polyols Market by Product
- 7.1.4.1.3 US Polyols Market by Application
- 7.1.4.2 Canada Polyols Market
- 7.1.4.2.1 Canada Polyols Market by End-use
- 7.1.4.2.2 Canada Polyols Market by Product
- 7.1.4.2.3 Canada Polyols Market by Application
- 7.1.4.3 Mexico Polyols Market
- 7.1.4.3.1 Mexico Polyols Market by End-use
- 7.1.4.3.2 Mexico Polyols Market by Product
- 7.1.4.3.3 Mexico Polyols Market by Application
- 7.1.4.4 Rest of North America Polyols Market
- 7.1.4.4.1 Rest of North America Polyols Market by End-use
- 7.1.4.4.2 Rest of North America Polyols Market by Product
- 7.1.4.4.3 Rest of North America Polyols Market by Application
- 7.2 Europe Polyols Market
- 7.2.1 Europe Polyols Market by End-use
- 7.2.1.1 Europe Building & Construction Market by Country
- 7.2.1.2 Europe Furnishings Market by Country
- 7.2.1.3 Europe Automotive Market by Country
- 7.2.1.4 Europe Packaging Market by Country
- 7.2.1.5 Europe Electronics Market by Country
- 7.2.1.6 Europe Others Market by Country
- 7.2.2 Europe Polyols Market by Product
- 7.2.2.1 Europe Polyether Market by Country
- 7.2.2.2 Europe Polyester Market by Country
- 7.2.3 Europe Polyols Market by Application
- 7.2.3.1 Europe Flexible Foam Market by Country
- 7.2.3.2 Europe Rigid Foam Market by Country
- 7.2.3.3 Europe Coatings Market by Country
- 7.2.3.4 Europe Adhesives & Sealants Market by Country
- 7.2.3.5 Europe Elastomers Market by Country
- 7.2.3.6 Europe Others Market by Country
- 7.2.4 Europe Polyols Market by Country
- 7.2.4.1 Germany Polyols Market
- 7.2.4.1.1 Germany Polyols Market by End-use
- 7.2.4.1.2 Germany Polyols Market by Product
- 7.2.4.1.3 Germany Polyols Market by Application
- 7.2.4.2 UK Polyols Market
- 7.2.4.2.1 UK Polyols Market by End-use
- 7.2.4.2.2 UK Polyols Market by Product
- 7.2.4.2.3 UK Polyols Market by Application
- 7.2.4.3 France Polyols Market
- 7.2.4.3.1 France Polyols Market by End-use
- 7.2.4.3.2 France Polyols Market by Product
- 7.2.4.3.3 France Polyols Market by Application
- 7.2.4.4 Russia Polyols Market
- 7.2.4.4.1 Russia Polyols Market by End-use
- 7.2.4.4.2 Russia Polyols Market by Product
- 7.2.4.4.3 Russia Polyols Market by Application
- 7.2.4.5 Spain Polyols Market
- 7.2.4.5.1 Spain Polyols Market by End-use
- 7.2.4.5.2 Spain Polyols Market by Product
- 7.2.4.5.3 Spain Polyols Market by Application
- 7.2.4.6 Italy Polyols Market
- 7.2.4.6.1 Italy Polyols Market by End-use
- 7.2.4.6.2 Italy Polyols Market by Product
- 7.2.4.6.3 Italy Polyols Market by Application
- 7.2.4.7 Rest of Europe Polyols Market
- 7.2.4.7.1 Rest of Europe Polyols Market by End-use
- 7.2.4.7.2 Rest of Europe Polyols Market by Product
- 7.2.4.7.3 Rest of Europe Polyols Market by Application
- 7.3 Asia Pacific Polyols Market
- 7.3.1 Asia Pacific Polyols Market by End-use
- 7.3.1.1 Asia Pacific Building & Construction Market by Country
- 7.3.1.2 Asia Pacific Furnishings Market by Country
- 7.3.1.3 Asia Pacific Automotive Market by Country
- 7.3.1.4 Asia Pacific Packaging Market by Country
- 7.3.1.5 Asia Pacific Electronics Market by Country
- 7.3.1.6 Asia Pacific Others Market by Country
- 7.3.2 Asia Pacific Polyols Market by Product
- 7.3.2.1 Asia Pacific Polyether Market by Country
- 7.3.2.2 Asia Pacific Polyester Market by Country
- 7.3.3 Asia Pacific Polyols Market by Application
- 7.3.3.1 Asia Pacific Flexible Foam Market by Country
- 7.3.3.2 Asia Pacific Rigid Foam Market by Country
- 7.3.3.3 Asia Pacific Coatings Market by Country
- 7.3.3.4 Asia Pacific Adhesives & Sealants Market by Country
- 7.3.3.5 Asia Pacific Elastomers Market by Country
- 7.3.3.6 Asia Pacific Others Market by Country
- 7.3.4 Asia Pacific Polyols Market by Country
- 7.3.4.1 China Polyols Market
- 7.3.4.1.1 China Polyols Market by End-use
- 7.3.4.1.2 China Polyols Market by Product
- 7.3.4.1.3 China Polyols Market by Application
- 7.3.4.2 Japan Polyols Market
- 7.3.4.2.1 Japan Polyols Market by End-use
- 7.3.4.2.2 Japan Polyols Market by Product
- 7.3.4.2.3 Japan Polyols Market by Application
- 7.3.4.3 India Polyols Market
- 7.3.4.3.1 India Polyols Market by End-use
- 7.3.4.3.2 India Polyols Market by Product
- 7.3.4.3.3 India Polyols Market by Application
- 7.3.4.4 South Korea Polyols Market
- 7.3.4.4.1 South Korea Polyols Market by End-use
- 7.3.4.4.2 South Korea Polyols Market by Product
- 7.3.4.4.3 South Korea Polyols Market by Application
- 7.3.4.5 Australia Polyols Market
- 7.3.4.5.1 Australia Polyols Market by End-use
- 7.3.4.5.2 Australia Polyols Market by Product
- 7.3.4.5.3 Australia Polyols Market by Application
- 7.3.4.6 Malaysia Polyols Market
- 7.3.4.6.1 Malaysia Polyols Market by End-use
- 7.3.4.6.2 Malaysia Polyols Market by Product
- 7.3.4.6.3 Malaysia Polyols Market by Application
- 7.3.4.7 Rest of Asia Pacific Polyols Market
- 7.3.4.7.1 Rest of Asia Pacific Polyols Market by End-use
- 7.3.4.7.2 Rest of Asia Pacific Polyols Market by Product
- 7.3.4.7.3 Rest of Asia Pacific Polyols Market by Application
- 7.4 LAMEA Polyols Market
- 7.4.1 LAMEA Polyols Market by End-use
- 7.4.1.1 LAMEA Building & Construction Market by Country
- 7.4.1.2 LAMEA Furnishings Market by Country
- 7.4.1.3 LAMEA Automotive Market by Country
- 7.4.1.4 LAMEA Packaging Market by Country
- 7.4.1.5 LAMEA Electronics Market by Country
- 7.4.1.6 LAMEA Others Market by Country
- 7.4.2 LAMEA Polyols Market by Product
- 7.4.2.1 LAMEA Polyether Market by Country
- 7.4.2.2 LAMEA Polyester Market by Country
- 7.4.3 LAMEA Polyols Market by Application
- 7.4.3.1 LAMEA Flexible Foam Market by Country
- 7.4.3.2 LAMEA Rigid Foam Market by Country
- 7.4.3.3 LAMEA Coatings Market by Country
- 7.4.3.4 LAMEA Adhesives & Sealants Market by Country
- 7.4.3.5 LAMEA Elastomers Market by Country
- 7.4.3.6 LAMEA Others Market by Country
- 7.4.4 LAMEA Polyols Market by Country
- 7.4.4.1 Brazil Polyols Market
- 7.4.4.1.1 Brazil Polyols Market by End-use
- 7.4.4.1.2 Brazil Polyols Market by Product
- 7.4.4.1.3 Brazil Polyols Market by Application
- 7.4.4.2 Argentina Polyols Market
- 7.4.4.2.1 Argentina Polyols Market by End-use
- 7.4.4.2.2 Argentina Polyols Market by Product
- 7.4.4.2.3 Argentina Polyols Market by Application
- 7.4.4.3 UAE Polyols Market
- 7.4.4.3.1 UAE Polyols Market by End-use
- 7.4.4.3.2 UAE Polyols Market by Product
- 7.4.4.3.3 UAE Polyols Market by Application
- 7.4.4.4 Saudi Arabia Polyols Market
- 7.4.4.4.1 Saudi Arabia Polyols Market by End-use
- 7.4.4.4.2 Saudi Arabia Polyols Market by Product
- 7.4.4.4.3 Saudi Arabia Polyols Market by Application
- 7.4.4.5 South Africa Polyols Market
- 7.4.4.5.1 South Africa Polyols Market by End-use
- 7.4.4.5.2 South Africa Polyols Market by Product
- 7.4.4.5.3 South Africa Polyols Market by Application
- 7.4.4.6 Nigeria Polyols Market
- 7.4.4.6.1 Nigeria Polyols Market by End-use
- 7.4.4.6.2 Nigeria Polyols Market by Product
- 7.4.4.6.3 Nigeria Polyols Market by Application
- 7.4.4.7 Rest of LAMEA Polyols Market
- 7.4.4.7.1 Rest of LAMEA Polyols Market by End-use
- 7.4.4.7.2 Rest of LAMEA Polyols Market by Product
- 7.4.4.7.3 Rest of LAMEA Polyols Market by Application
Chapter 8. Company Profiles
- 8.1 The Dow Chemical Company (Dow Corning Ltd.)
- 8.1.1 Company Overview
- 8.1.2 Financial Analysis
- 8.1.3 Segmental and Regional Analysis
- 8.1.4 SWOT Analysis
- 8.2 BASF SE
- 8.2.1 Company Overview
- 8.2.2 Financial Analysis
- 8.2.3 Segmental and Regional Analysis
- 8.2.4 Research & Development Expense
- 8.2.5 Recent strategies and developments:
- 8.2.5.1 Geographical Expansions:
- 8.2.6 SWOT Analysis
- 8.3 Vertellus
- 8.3.1 Company Overview
- 8.3.2 Recent strategies and developments:
- 8.3.2.1 Acquisition and Mergers:
- 8.3.3 SWOT Analysis
- 8.4 Huntsman Corporation
- 8.4.1 Company Overview
- 8.4.2 Financial Analysis
- 8.4.3 Segment and Regional Analysis
- 8.4.4 Research & Development Expense
- 8.4.5 Recent strategies and developments:
- 8.4.5.1 Acquisition and Mergers:
- 8.4.6 SWOT Analysis
- 8.5 Lanxess AG
- 8.5.1 Company Overview
- 8.5.2 Financial Analysis
- 8.5.3 Segmental and Regional Analysis
- 8.5.4 Research & Development Expenses
- 8.5.5 SWOT Analysis
- 8.6 Mitsui Chemicals, Inc.
- 8.6.1 Company Overview
- 8.6.2 Financial Analysis
- 8.6.3 Segmental and Regional Analysis
- 8.6.4 Research & Development Expense
- 8.6.5 SWOT Analysis
- 8.7 Stepan Company
- 8.7.1 Company Overview
- 8.7.2 Financial Analysis
- 8.7.3 Segmental and Regional Analysis
- 8.7.4 Research & Development Expenses
- 8.7.5 Recent strategies and developments:
- 8.7.5.1 Acquisition and Mergers:
- 8.7.6 SWOT Analysis
- 8.8 Koch Industries, Inc. (Invista BV)
- 8.8.1 Company Overview
- 8.8.2 SWOT Analysis
- 8.9 Tosoh Corporation
- 8.9.1 Company Overview
- 8.9.2 Financial Analysis
- 8.9.3 Segmental and Regional Analysis
- 8.9.4 Research & Development Expenses
- 8.9.5 SWOT Analysis
- 8.10. Shell plc
- 8.10.1 Company Overview
- 8.10.2 Financial Analysis
- 8.10.3 Segmental and Regional Analysis
- 8.10.4 Research & Development Expenses
- 8.10.5 SWOT Analysis
Chapter 9. Winning Imperatives of Polyols market