The polyols market size is projected to grow from USD 26.2 billion in 2019 to USD 34.4 billion by 2024, at a CAGR 5.6%. The growing construction and automotive industries in the developing regions, such as APAC, the Middle East & Africa, and South America are expected to drive the polyols market. The increasing population, economic development, increasing standard of living, rising per capita income have boosted the demand for new housing projects in these regions, which is further expected to drive the growth of construction industry. Similarly, the growth of automotive industry owing to increasing commercial and individual vehicles is another factor, which will drive the polyols market in these regions.
Based on type, the polyols market is segmented into polyether polyols and polyester polyols. Polyether polyols is estimated to be the largest and fastest-growing type of polyols. Flexible polyurethane foam is the largest application of polyether polyols. High-functionality polyether polyols with low molecular weight are used to manufacture rigid foams. They are also used in CASE applications. The demand for polyether polyols is majorly driven by the growth of construction, automotive, furniture, and other industries.
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Based on application, the polyols market is segmented into flexible polyurethane foam, rigid polyurethane foam, and CASE. Rigid polyurethane foam is expected to be the fastest-growing application of the polyols market. The growing construction and refrigeration industries are driving the growth of rigid polyurethane foam segment. Rigid polyurethane foam is used in the construction industry for applications, such as insulation of windows, roof, walls, doors and air barrier sealants to maintain a uniform temperature and lower the noise levels in the commercial and industrial properties.
The polyols market in APAC is projected to register the highest CAGR between 2019 and 2024. The region is emerging as the fastest-growing market for polyols due to the increasing consumption of polyols-based polyurethane foams, owing to the growth of industries, such as construction, electronic & electrical, footwear, and automotive. Thus, the huge capital investment in capacity expansion, R&D, and new product launch, across these industries is expected to drive the polyols market in the region. The growth of the construction and automotive industries is attributed to the economic development, availability of cheap labor, and increased foreign direct investment in the region. Owing to the increased demand from the APAC market, Royal Dutch Shell and China National Offshore Oil Corporation (CNOOC) have signed a joint venture agreement for the expansion facility in Huizhou, Guangdong Province, China. The expanded facility will be dedicated toward the production of ethylene oxide and polyols. Thus, the increasing opportunities for the polyol manufacturers in APAC are expected to drive the polyols market, in the region.
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