Global Polyols Market 2020 is expected to get evaluated colossally at a modest CAGR during the review period of 2021-2030.
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Increasing energy saving efforts are driving the market for rigid foams with high insulation properties particularly in the building and construction industries. Over the prediction timeframe, this is projected to emerge as a major force shaping the global economy.
Due to rapid industrialization and urbanisation in developed countries and numerous infrastructural growth projects around the world, the increasing building & construction industry is expected to drive high demand for polyurethanes for insulation use. Consequently, the demand for polyols is projected to have a favourable effect over the forecast period. In addition, during the forecast era, the automotive industry is also expected to show an increase in demand for the development of polyurethane insulation applications. In addition, increasing demand for consumer electronics is also expected to contribute to the market growth for insulation and coating applications during the forecast period due to rising purchasing power. In addition, main producers have been exploring bio-based polyols in order to minimise dependency on traditional petrochemical polyols, considering increasing environmental issues and raw material price fluctuations. Polyol manufacturers are now involved in forward integration to manufacture polyurethane, thus greatly lowering transportation costs and long-term procurement issues. Consumers are becoming more aware of the commodity advantages that by incorporating into the manufacturing stage, have enabled suppliers to sustain high-quality prices.
The demand for synthetic polyols, however is expected to face significant challenges during the forecast period with the increasing prevalence of bio-based polyols.
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The global polyols market is segmented by product form, use, sector of end use and area.
The worldwide demand for polyols is segmented into polyether polyols, polyester polyols, and others on the basis of product form.
Based on the use, the global market for polyols is categorised into flexible foams, rigid foams, CASE and others.
The global demand for polyols is segmented into building, automobiles, furniture, consumer electronics, clothing, and others on the basis of the end-user industry.
The worldwide demand for polyols is split into five regions: Asia-Pacific, North America, Europe, Latin America, Middle East and Africa.
During the projected era, Asia Pacific is anticipated to be the largest and fastest growing market for polyols. Due to the rising economies of countries such as China and India, growing demand for polyurethane from various end-use industries such as the building & construction, automotive, electronics, and furnishing industries is projected to drive the growth of the global polyols market during the forecast period.
During the forecast period, North America and Europe are predicted to exhibit substantial demand for polyols. A major contributor to the growth of these markets is the high adoption of insulation technology to increase the energy efficiency of the building. In addition, during the projected period, the automobile and electronics sectors are both expected to boost business growth.
Due to the rising construction industry, the Middle East & Africa is projected to exhibit increasing demand for polyols during the forecast period due to ongoing infrastructural projects to prosper the tourism industry.
The Latin American market is estimated to show modest growth during the forecast period, mainly due to the rising construction industry. This can be due to the presence, along with development in the building and manufacturing industries, of different automotive OEMs. The region's automotive manufacturers are becoming increasingly competitive and are adopting polyurethane materials to reduce production costs.
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The major players operating in the global polyols market are Covestro AG (Germany), Stepan Company (U.S.), Royal Dutch Shell PLC (Netherlands), DowDuPont, Inc. (U.S.), Mitsui Chemicals, Inc. (Japan), China National Bluestar (Group) Co, Ltd. (China), BASF SE (Germany), Vertellus Holdings LLC (U.K), INVISTA B.V. (U.S.), Expanded Polymer Systems Pvt. Ltd. (India), N Shashikant & Co. (India), POLYOLS & POLYMERS PVT.LTD. (India), and Coim Group (Italy).
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