Polyol market forecast at $49.3 billion by 2027

Dublin, Ireland – The Polyol market size is estimated to be USD 36.7 Billion in 2022 and is projected to reach USD 49.3 Billion by 2027, at a CAGR of 6.1% according to Reportlinker.com. The polyols are segmented into two types i.e., polyether polyols and polyester polyols. Polyether polyols are majorly used in cushioning for furniture, bedding, and automotive seats as flexible foam. Polyether-based rigid foams are used in packaging, refrigeration, and insulation materials. Owing to the recovery of several end-use industries such as automotive, building and construction, from the COVID-19 pandemic, and the increasing demand for packaging worldwide is projected to increase the demand for polyols in the forecast period.

By Type, Polyether polyols segment accounted for the largest share of the global polyol market during the forecast period
Polyether polyols are estimated to have the largest market share during the forecast period.They are more commonly used polyols.

The major types of polyether polyols are polyethylene glycol, polypropylene glycol, and polytetramethylene glycol.Polyether polyols are largely used for making cushions and flexible foams used in furniture, mattresses, automobile seats, steering pads etc.

Polyester-based rigid foams are used in packaging materials and as insulation materials used for refrigeration. Polyether polyols are also used in elastomers, adhesives & sealants, polyurethane fibers, and coatings.

By Application, Flexible polyurethane foams accounted for the highest market share during the forecast period
The market is segmented by application as flexible polyurethane foams, rigid polyurethane foams and CASE (coatings, adhesives, sealants, and elastomers).The largest application of polyols is flexible polyurethane foam.

Flexible polyurethane foam is also one of the fastest-growing applications of polyols between 2022 and 2027. The growth in furniture and automobile sector is the major reason for increase in demand of cushioning applications.

By End Use Industry, Building and construction sector accounted for the largest market share during the forecast period
Building and construction sector is estimated to be the largest market for polyol market.The building and construction sector is growing, owing to rising post covid demand, and majorly due to the increase in demand of insulating and sealant materials used in construction.

The polyols are used in decorative paints, flooring systems, coatings for exteriors & roof elements, and blinds & doors. The rapidly growing home refurbishment activities is the main drivers of polyurethane rigid foams in this sector.

APAC is projected to account for the biggest market share and highest CAGR in the polyol market during the forecast period
APAC is estimated to be the fastest growing market for polyol during the forecast period.Polyol markets are estimated to register significant growth in India, China, Indonesia, and Japan, due to their strong demand from end-use industries such as automotive, building and construction, electronics, packaging, and others.

The growth of the Asia Pacific polyol market is driven by the economic growth of countries such as China and India. Moreover, the growing demand from major end-use industries in the region which further boosts the growth of the polyol market.

The polyol market includes major manufacturers such as The DOW Chemical Company (US), Covestro AG (Germany), Shell chemicals (US), BASF SE (Germany) and Huntsman (US) are the key players operating in polyol market. Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies selected by these key players to boost their positions in the polyol market.