Polyols Market worth $34.4 billion by 2024 | Key players BASF SE, Covestro AG, Royal Dutch Shell Plc, Dow Chemical, Mitsui Chemicals

According to recent market research "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) - Global Forecast to 2024", The polyols market size is projected to grow from USD 26.2 billion in 2019 to USD 34.4 billion by 2024, at a CAGR of 5.6% during the forecast period. This growth is attributed to the increasing consumption of polyurethane foam in the expanding construction and automotive industries of developing economies, globally. Also, growing refrigerator and freezer manufacturing in the APAC region is expected to drive the polyols market.

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The increasing demand for flexible polyurethane foams is expected to drive the demand for polyether polyols. Polyether polyols are majorly used to manufacture flexible polyurethane foams, which are further used in applications such as bedding, furniture, carpets, vehicles interior, and seats. The increasing demand for these products from the construction and automotive industries, owing to infrastructural development and increasing commercial & private vehicle, are driving the demand for polyether polyols.

Rigid polyurethane foam is projected to be the fastest-growing application of polyols during the forecast period. The unique advantages of rigid polyurethane foam, such as energy efficiency, high performance, protection against UV degradation, and longer performance life, make it ideal for use in the construction and refrigeration industries. The growth of the construction and refrigeration industries, along with rising energy efficiency needs in these industries, is expected to drive the demand for rigid polyurethane foam.

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The global polyols market size is estimated at USD 26.2 billion in 2019 and is projected to reach USD 34.4 billion by 2024, at a CAGR of 5.6%, between 2019 and 2024. Polyol is a type of alcohol containing multiple hydroxyl groups. Polyols are categorized into two types, namely, polyether polyols and polyester polyols based on their chemical compositions. Polyol is a main component of polyurethane formulation. The major applications of polyols includes flexible polyurethane foam, rigid polyurethane foam, and CASE (Coatings, Adhesives, Sealants, Elastomers) applications, which are further used in end-use industries, such as automotive, construction, refrigeration, electronics, and packaging.

The key players in the polyols market are BASF SE (Germany), Covestro AG (Germany), Royal Dutch Shell Plc (Netherlands), The Dow Chemical Company (US), Mitsui Chemicals (Japan), Wanhua Chemicals Group (China), LANXESS AG (Germany), Huntsman Corporation (US), Stepan Company (US), and Repsol SA (Spain). The polyols market report analyzes the key growth strategies adopted by the leading market players, between 2014 and 2019, which include collaborations, expansions, joint ventures, and new product developments.

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Covestro AG (Germany) is one of the major players of the polyols market. The company operates through three business segments, namely, polyurethanes, polycarbonates, and coatings, adhesives, specialties. It offers polyols through its polyurethanes business segment. The company caters to various end-use industries, such as furniture, automotive, electronics, aviation, construction, and medical technology. It has 30 production sites across Europe, Asia, and North America including China, Thailand, the US, Germany, and Belgium. The company previously operated as a subsidiary of Bayer AG and got separated from it in September 2015.

BASF SE (Germany) is one of the leading players in the polyols market. The company is actively engaged in research & development and expansion activities for its polyols and polyurethane businesses. It operates through five business segments, namely, functional materials & solutions, chemicals, performance products, agricultural solutions, and oil & gas. The company provides polyols products through the monomers sub-division of the chemicals segment. It caters to various end-use industries, such as agriculture, automotive & transportation, constructions, and pharmaceutical. It has a strong geographical presence with six Verbund production sites and an additional 355 production facilities in more than 90 countries, globally.

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