The global polyols and polyurethane market is expected to show a significant rise during the forecast period of 2019 to 2027. The global market for polyols will rise at a healthy CAGR of 4.55% during the forecast period of 2019 to 2027. Its valuation in revenue was calculated to be US$ 24.4 bn in 2018 and is expected to reach US$ 36.4 bn by 2027. Whereas, the global market for polyurethane is expected to rise at a CAGR of 5.43% by 2027 and is estimated to reach a value of US$ 94.4 bn. The global market for Polyols and Polyurethane is expected to grow at a CAGR of 4.92% from 2019-2027.
The demand for polyols and polyurethane is expected to see healthy growth in 2020. The demand for energy efficient technologies are leading to demand for polyols and polyurethane market globally.
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Segmental Outlook: Global Polyols and Polyurethane Market
The polyurethanes market is segmented on the basis of product types, application, and geographical regions. On the basis of product types, polyurethanes market is segmented as rigid foams, coatings, soft solid those are elastomers with low density, adhesives, sealants, flexible foam, and hard solid that are flexible plastics. Of all the product types of polyurethanes, rigid foam and flexible foam held the largest share of the polyurethanes market both in terms of revenue as well as volume. Together, flexible foam and rigid foam accounted for 65.5% of the demand for polyurethanes in 2018.
In the end user section, polyurethane is in highest demand due to the furniture and interior segment. Polyurethanes such as Flexible Polyurethane Foam (FPF) are highly demand for home furnishing products due to its flexibility and durability properties. FPF is suitable for items such as carpet underlay, bedding, and furniture. They are followed by construction and automotive industries and are in third place. Polyurethane is the prominent material for the production of pillows, mattresses and other stuff in the furniture and interior industries. Also commonly used as an isolation material in construction and design is polyurethane rigid foam.
However, appliances and electronics are expected to drive the demand of polyurethanes in the end-user application in the coming years. Fluctuating raw material prices and economic downturn that influences products’ sales may challenge the polyurethanes market globally.
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Asia Pacific Dominated the Global Polyols and Polyurethane Market in 2018
Geography-wise, the polyurethanes market can be segmented as Europe, Rest of the World (RoW), North America, and Asia Pacific. Asia Pacific accounts as an important market for polyurethanes. High demand for polyurethanes in the emerging economies such as India, China, and Brazil will fuel the growth of the market in coming years. Additionally, the demand for quality products in Brazil will further propel the polyurethanes market in future.
China is the leading exporter and suppliers to drive the polyurethanes market in Asia Pacific. Asia Pacific accounted for 40.4% share of the polyurethanes market in 2018 followed by Europe and North America. The global polyurethanes market experienced significant decline due to the global economic crisis in 2008 and 2009. However, the demand for polyurethanes has been rising since 2010 due to growing trend in end-user application and resurgence of the global economy.
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Global Polyols and Polyurethane Market Dominated by Few Big Players
Leading vendors in the global polyols and polyurethane market include Mitsui Chemicals Inc., Huntsman Corporation, BASF SE, Chemtura Corporation, The Dow Chemical Company, and Bayer MaterialScience.
Global Polyols and Polyurethane Market – Key Developments
On September 2019, MOL and Thyssenkrupp started construction of a new polyol complex. The MOL Group is investing a total of $ 1.3 billion in a new polyol plant complex in Hungary. It is expected to be commissioned in 2021 and will produce around 200,000 tons of polyols per year.
On September 2019, Huntsman Corp. announced the opening of its new polyurethanes systems house in Dubai. Situated within the Jebel Ali Free Trade Zone (JAFZA), the purpose-built facility strengthens Huntsman’s downstream capabilities in the Middle East and North Africa – increasing its capacity to produce polyurethane systems and polyester
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