Despite Volatile Raw Material Prices, Polyols and Polyurethane Market Poised to Exhibit Steady Growth

ALBANY, N.Y. - Sept. 24, 2015 - PRLog -- Transparency Market Research has released a new market report titled “Polyols and Polyurethane Market for Furniture and Interiors, Construction, Electronics & Appliances, Automotive, Footwear, Packaging, Industrial Insulation and Other Applications – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015–2023.” According to the report, the global markets for polyols and polyurethane were valued at US$ 16.67 bn and US$ 48.29 bn, respectively, in 2014 and are likely to reach US$ 25.29 bn and US$ 80.76 bn, respectively, in 2023, expanding at CAGRs of 4.7% and 5.9%, respectively, between 2015 and 2023.

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Polyurethane is one of the most widely used polymers across the globe. Polyols are one of the key ingredients used in the production of polyurethane. The polyols market is closely related to the global polyurethane market. The market for polyols and polyurethane are primarily driven by burgeoning furniture and interiors, construction, and automotive industries. Furthermore, growth in construction activities is estimated to fuel the polyols and polyurethane market globally. A similar trend is expected to continue in the near future. Limitations pertaining to supply and volatility in prices of raw materials are anticipated to offer key challenges to market players.

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Polyether polyols and polyester polyols are major polyol products used in the production of polyurethane. In terms of demand, polyether polyol was the dominant product segment of the polyols market, accounting for a major share in 2014. Demand for polyether polyols products is estimated to rise significantly in the next few years due to its increasing usage in the production of flexible foams across the globe. Usage of flexible foam in furniture, bedding, and automotive seat applications is anticipated to propel the global polyols market during the forecast period.

Asia Pacific constituted more than 35% share of the global polyols and polyurethane market in 2014, followed by Europe and North America. It is likely to be the fastest-growing region in terms of production and consumption of polyols and polyurethane products. This can be attributed to increase in construction and industrial activities in Asia Pacific. China and India are two of the largest producers and consumers of polyols and polyurethane globally. Rising disposable income in these countries has propelled demand for furniture and interiors as well as bedding and mattresses. Furthermore, recent increase in demand for automobiles is expected to boost demand for polyols and polyurethane in these countries. Europe followed Asia Pacific as the second-largest market for polyols and polyurethane globally. Demand for polyols and polyurethane is principally from the bedding and mattress industry in this region. Furthermore, presence of large automotive manufacturers in the region drives demand for polyurethane and, subsequently, polyols in this region.

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Major players in the polyols and polyurethane market include BASF SE, Bayer MaterialScience, Huntsman Corporation, Chemtura Corporation, Mitsui Chemicals Inc., and The Dow Chemical Company. The polyols and polyurethane market has been segmented as follows:

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