Global Polyols Market
Dublin, Dec. 30, 2022 (GLOBE NEWSWIRE) -- The "Global Polyols Market by Type (Polyether Polyols and Polyester Polyols), Application (Flexible Polyurethane Foam, Rigid Polyurethane Foam, CASE), and Region (APAC, Europe, North America, South America and Middle East & Africa) - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The Polyol market size is estimated to be USD 36.7 Billion in 2022 and is projected to reach USD 49.3 Billion by 2027, at a CAGR of 6.1%.
By Type, the Polyether polyols segment accounted for the largest share of the global polyol market during the forecast period
Polyether polyols are estimated to have the largest market share during the forecast period. They are more commonly used polyols. The major types of polyether polyols are polyethylene glycol, polypropylene glycol, and polytetramethylene glycol.
Polyether polyols are largely used for making cushions and flexible foams used in furniture, mattresses, automobile seats, steering pads etc. Polyester-based rigid foams are used in packaging materials and as insulation materials used for refrigeration. Polyether polyols are also used in elastomers, adhesives & sealants, polyurethane fibers, and coatings.
By Application, Flexible polyurethane foams accounted for the highest market share during the forecast period
The market is segmented by application as flexible polyurethane foams, rigid polyurethane foams and CASE (coatings, adhesives, sealants, and elastomers). The largest application of polyols is flexible polyurethane foam. Flexible polyurethane foam is also one of the fastest-growing applications of polyols between 2022 and 2027. The growth in the furniture and automobile sector is the major reason for an increase in demand for cushioning applications.
By End Use Industry, Building and construction sector accounted for the largest market share during the forecast period
Building and construction sector is estimated to be the largest market for polyol market. The building and construction sector is growing, owing to rising post covid demand, and majorly due to the increase in demand for insulating and sealant materials used in construction. The polyols are used in decorative paints, flooring systems, coatings for exteriors & roof elements, and blinds & doors. The rapidly growing home refurbishment activities are the main drivers of polyurethane rigid foams in this sector.
APAC is projected to account for the biggest market share and highest CAGR in the polyol market during the forecast period
APAC is estimated to be the fastest growing market for polyol during the forecast period. Polyol markets are estimated to register significant growth in India, China, Indonesia, and Japan, due to their strong demand from end-use industries such as automotive, building and construction, electronics, packaging, and others. The growth of the Asia Pacific polyol market is driven by the economic growth of countries such as China and India. Moreover, the growing demand from major end-use industries in the region further boosts the growth of the polyol market.