Polyester Polyols Market: In-Depth Market Research and Major Growth Report by 2025

Polyol is an alcohol, which basically consists of large number of hydroxyl groups. It is classified into polyether and polyester polyol. Earlier, polyester polyols were employed in both flexible and rigid foam formulations. However, in 1957, polyfunctional polyether polyols were introduced for use in urethane based foam systems. Even though the development of rigid polyether foams was considerably slower than that of the flexible polyether foams, significant strides have been made in this field, and rigid polyether foams currently dominate the rigid urethane based foam market.

Polyester polyols are formed by polymerization of dicarboxylic acids and diols. Polyester polyols generally consist of hydroxylic groups and esters in one backbone. In the market, out of the overall production of polyols, only 1/4th of the polyester polyols is produced. Basically, there are 2 types of polyester polyols available in the market viz. Aromatic and Aliphatic. Despite the challenging conditions, demand for aromatic polyester polyols is expected to grow exponentially.

Polyester polyols are utilized in a broad range of applications from rigid foams to flexible foams. Flexible foams with flame lamination and solvent resistance properties are used to make laminations in the apparel industry, which is one of the major application areas of polyester based foams. Aromatic polyester polyols are used across various end-use industries, which include rigid spray foam, insulation, refrigeration, pipe-in-pipe, coatings, elastomers, adhesives & sealants, rigid-faced panels and flexible-faced panels.

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Numerous advantages are associated with polyester polyols, such as better fire properties from high aromatic content, pre and post consumer recycle content and renewable resource content.

Demand of polyester polyols for non-foam applications, especially for polyurethane elastomers (primarily for shoes in China and other countries) and artificial leather is increasing significantly in China. Moreover, a high demand for aromatic polyester polyols has been observed in developed countries such as Western Europe and United States, as well as in China because of its initiative towards building energy- efficient buildings. The aforementioned reasons are expected to lift the demand for polyester polyols, which in turn propel the growth of the global polyester polyols market.

On the other hand, raw material price volatility and continuous decline in oil prices, which have affected the oil-exporting countries including Libya, Russia and Venezuela, slowing down the economy and causing slowdown in many construction and industrial sectors act as the key reasons limiting the demand of polyester polyols and thus restrain the growth of global polyester polyols market.

Considering regions, Asia- Pacific is expected to dominate the global polyester polyols market throughout the forecast period followed by Western Europe, United Sates and other regions of the world. China is expected to exhibit rapid growth in the global polyester polyols market, whereas United States and Western Europe are expected to show mild growth in the polyester polyols market over the next five years. The global consumption of polyester polyols is expected to grow at an average CAGR over the forecast period.

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The consumption of aromatic polyester polyols and aliphatic polyester polyols is not uniform across different regions. Aromatic polyester polyols are utilized more in the United States owing to the high demand from customers for superior flame.

Examples of some of the market participants in the Polyester Polyols market identified across the value chain include Stepan Company, Huntsman International LLC, INVISTA, Myriant Corporation, The Dow Chemical Company, Expanded Polymer Systems Pvt. Ltd, ZHANG LONG INDUSTRY CO. LTD. and DIC Corporation among others.

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