H1 2023: In the first half of 2023, the Polyol market in the Asia Pacific region witnessed fluctuating price movements. In the first quarter of 2023, the Polyol price trajectory underwent a shift. Initially, prices experienced a decline due to subdued demand and stable inventory levels. However, from February, prices commenced an upward trajectory, persisting until March. This noticeable price increase was driven by robust orders from regional Polyurethane industries, particularly in the manufacturing sector, responding to heightened demand for furniture in the retail sector. Concurrently, escalating feedstock Propylene Oxide costs, influenced by constrained availability and fluctuating upstream expenses, contributed to the price surge. Moving to the second quarter of 2023, the Polyol price trend displayed a bearish movement across Asia Pacific region. Low demand from both regional and international importers was observed, attributed to sluggish activities in the Polyurethane sector and ample supply availability. Simultaneously, consumption rates from Polyurethane elastomer and coating producers remained inadequate due to the inactive construction sector. Despite this, demand for Chinese material remained firm overseas in the mid-quarter. Trading activities surged in China before the Labour Day holidays, coinciding with the market closure in the country. In June 2023, Polyol prices experienced a slight decrease amid intensified buying activities before the Dragon Boat festival in China. Meanwhile, the consistent decline in feedstock Propylene Oxide costs throughout Q2 2023 contributed to decreased production costs for Polyol.
The global Polyol market stood at approximately 7.4 million tonnes in 2022 and is anticipated to grow at a healthy CAGR of 4.5% during the forecast period until 2032.
A polyol is an organic compound that contains multiple hydroxyl groups, presenting as naturally viscous liquids or waxy solids depending on hydroxyl content and molecular weight. The organic compound can be classified into three categories: Polymeric Polyols, Low molecular weight Polyols, and Sugar Alcohol. Among these, Polymeric Polyols dominates the market due to high demand for derivatives like Polyether Polyols and Polyester Polyols. The significant demand for Polyether Polyols is driven by its application in Polyurethane production. Polyols are versatile and find application in various areas, including flexible and rigid foams, surface and fabric coatings, thermoplastic polyurethanes, adhesives and sealants, elastomers, etc. Consequently, Polymeric Polyols are crucial functional resins extensively utilized in construction, automotive, paint and coatings, and medical sectors, with additional applications in surfactants and oil demulsifiers. On the basis of type, Polyol market is segmented into Polyether Polyols and Polyester Polyols.
The polyol market is experiencing significant growth, propelled by the burgeoning building and construction sector. Polyols, organic compounds with multiple hydroxyl groups, are integral to various applications within the construction industry. They play a crucial role in the formulation of insulation materials, such as rigid polyurethane foams, enhancing the energy efficiency of buildings by providing thermal insulation. Additionally, polyols contribute to the production of adhesives, sealants, and coatings utilized in construction, ensuring structural integrity, durability, and protection against environmental factors. Flexible polyurethane foams, containing polyols, find applications in furniture and upholstery, adding comfort and aesthetic appeal to interior spaces. Moreover, polyols are essential in the creation of flooring materials, including polyurethane-based options known for their durability and easy maintenance. In the construction of windows and doors, polyurethane sealants formulated with polyols play a vital role in providing effective weatherproofing and enhancing energy efficiency. As the global construction industry continues to expand, driven by urbanization and a focus on energy-efficient structures, the demand for polyols is poised to grow, solidifying their pivotal role in various construction applications and reinforcing their position as key contributors to the industry's development. The global Polyol market size is anticipated to reach nearly 11.5 million tonnes by 2032.
Based on region, Asia Pacific region is the biggest consumer of Polyol and is poised to assert dominance in the global polyol market throughout the forecast period. This is primarily attributed to rapid industrialization and a substantial surge in demand across diverse sectors, including the manufacturing of mattresses, insulation panels for households and industries, medical devices, electrical devices, and footwear, notably in China and India. Europe and North America are anticipated to exhibit promising growth during the forecasted period, owing to the presence of global manufacturers and a diverse array of end-use industries in these regions. The overall market outlook is characterized by robust expansion prospects, propelled by regional industrial trends and the widespread adoption of polyurethane-based products across various applications.
Based on the end-user industry, the global Polyol market is divided into Automotive, Building & Construction, Electronics and Electricals, Furnishing, and Others. However, Building & Construction Industry dominates the global Polyol market followed by Furnishings industry.
Major players in the Global Polyol market are BASF SE, Royal Dutch Shell Plc, PCC Group, Covestro AG, The Dow Chemical Company, Wanhua Chemical Group, Huntsman Corporation, LANXESS AG, Stepan Company, Repsol SA, and Others.
Years considered for this report:
Historical Period: 2015- 2021
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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Objective of the Study:
• To assess the demand-supply scenario of Polyol which covers production, demand and supply of Polyol market in the globe.
• To analyse and forecast the market size of Polyol
• To classify and forecast Global Polyol market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Polyol market in the globe.
To extract data for Global Polyol market, primary research surveys were conducted with Polyol manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Polyol market over the coming years.
ChemAnalyst calculated Polyol demand in the globe by analyzing the historical data and demand forecast which was carried out considering the production of raw material to produce Polyol. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Polyol manufacturers and other stakeholders
• Organizations, forums and alliances related to Polyol distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Polyol manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Polyol market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
7.4 million tonnes
Market size Volume in 2032
11.5 million tonnes
Growth Rate
CAGR of 4.5% from 2023 to 2032
Base year for estimation
2022
Estimated Year
2023
Historic Data
2015 – 2021
Forecast period
2024 – 2032
Quantitative units
Demand in million tonnes and CAGR from 2023 to 2032
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by Type, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process.
Segments covered
By End-Use: (Automotive, Building & Construction, Electronics and Electricals, Furnishing, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Member - Board of Directors
Osaka Gas Co. Ltd
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What was the net market size of Polyol in terms of volume in 2022?
Ans:
The global market size of Polyol had reached approximately 7.4 million tonnes in 2022.
Q2.
Which region is the major consumer of Polyol?
Ans:
Asia Pacific region is the leading consumer of Polyol globally.
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