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IMARC Group, a leading market research company, has released a report titled “Polyols Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. According to the report, The global polyols market size reached US$ 26.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 37.9 Billion by 2028, exhibiting a growth rate (CAGR) of 6.74% during 2023-2028.
Polyols, or sugar alcohols, are a group of organic compounds that are utilized in both the food processing and polymer industries. In the food and beverage industry, they are added to food products to improve their shelf-life and stability by retaining moisture and preventing crystallization. They also consist of a cluster of versatile carbohydrates, which have a similar texture and taste to that of table sugar. They are used as a sugar replacement in low-calorie and sugar-free products, such as candy, chewing gum, ice-cream, yogurt and fruit spread. In the polymer industry, they are utilized to manufacture polyurethane foams, coatings, adhesives, sealants and elastomers.
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Polyols Market Trends and Drivers:
The global polyols market is driven by the thriving construction industry. Owing to rapid urbanization and industrialization, there is an increase in the number of construction projects across the globe. This has resulted in growing product demand for polyol-based building materials, such as exterior panels, housing electronics and insulation protective components. Furthermore, the automotive sector is increasingly utilizing polyurethane foams, a polyol derivative, to produce comfortable seating, headrests, armrests and ventilating headliners. Other factors, including the development of bio-based polyols from renewable resources to reduce carbon emissions and the growing demand for processed foods, are projected to drive the market further.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Type:
Polyether Polyols
Polyester Polyols
Breakup by Application:
Flexible Polyurethane Foams
Rigid Polyurethane Foams
CASE (Coatings, Adhesives, Sealants & Elastomers)
Others
Breakup by Industry:
Carpet Backing
Packaging
Furniture
Automotive
Building & Construction
Electronics
Footwear
Others
Market Breakup by Region:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
Competitive Landscape with Key Player:
BASF SE
Royal Dutch Shell Plc
Mitsui Chemicals
Covestro AG
The Dow Chemical Company
Wanhua Chemical Group
Huntsman Corporation
LANXESS AG
Stepan Company
Repsol SA, etc.
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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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