Prominent participants in the global polyether polyols market are Huntsman Corporation, The Dow Chemical Company , Covestro AG ., Royal Dutch Shell Plc, China Petroleum & Chemical Corporation., BASF SE, and Solvay S.A. The market, so far, has been on a steady growth trajectory and going forward too is slated to maintain the pace.
Keen, success-hungry companies in the global polyether polyols market have been investing in increasing their production facilities and capacities, so as to be able to serve a much wider customer base with better products. Besides expansions, other methods in which they have been trying to grow their shares are acquisitions and expanding outreach to relatively untapped markets in emerging economies.
A report by Transparency Market Research forecasts the global polyether polyols market to rise at a 6.5% CAGR during the period between 2017 and 2025. At this rate, the market will likely grow its value from US$10.22 bn in 2016 to US$17.87 bn by 2025, finds the report by TMR.
Booming Automotive and Construction Industries Catapult Asia Pacific to Forefront
Depending upon the type of application, the global polyether polyols market can be divided into flexible foams, rigid foams, CASE, etc. Among them, the flexible foam application segment held a substantial share in the market in 2016 because of robust demand from the furniture and bedding sector. The rigid foam segment, however, is predicted to expand at a significant clip in the near future due to its application in the booming automotive industry.
Based on geography again, the global polyether polyols market can be segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific, among them, is a key market with accounts for most of the demand. In the years ahead, the demand is slated to go up further in the region owing to solid demand for polyurethane foams in end use industries such as furniture and bedding, construction, and automotive in the region. The growing demand for polyether polyols in various applications such as insulations, cosmetics, lubrications, and coatings are also predicted to drive the polyether polyols market in Asia Pacific in the years ahead. The report by TMR predicts the Asia Pacific market to clock a CAGR of 7.4% from 2017 to 2025.
Polyurethane Industry Mainly Driving Demand in Market
At the forefront of driving demand in the global polyether polyols market is the polyurethane industry, particularly for the production of polyurethane foams. “While the flexible foams find applications in car seats and interiors, furniture, carpet interlay, and bedding, the rigid foams find application in refrigeration and packaging. Polyether polyols are also used in surface active agents, adhesives and sealants, synthetic lubricants, and elastomers. Specialty versions of these polyols are used in castings, specialty coatings, inks, defoamers, and adhesives,” explains the lead analyst of the TMR report.
Serving to hamper the global polyether polyols market, on the other hand, is the concerns over the health hazards of polyols. However, development of bio-based polyether polyols will likely help to overcome the challenge by opening up new avenues for growth. Bio-based polyether polyols are made from natural oils and this makes them environmentally sustainable.
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