Rapidly growing polyurethane demand has positively impacted the global polyols market, according to a new study by Grand View Research, Inc. Increasing need for preventive healthcare coupled with growing demand for low-calorie, sugar-free foods are expected to be the key market drivers. Increased bio-based solution demand has assisted in improving carbon footprint, which is a key opportunity for industry participants. Volatility in raw materials prices may restrain market growth over the forecast period
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Further key findings from the study suggest:
- Polyether polyols accounted for over 75% of the market in 2013. Growing demand for polyurethane foams from end-use industries is expected to drive demand for polyether products. The market is expected to find applications in bedding and the furniture industry over the next six years.
- Flexible foam accounted for over 35% of the market in 2013; it is expected to remain the dominant application segment over the forecast period. Industry applications of flexible foam includes fiber manufacturing, textiles, packaging, furniture and automotive. Demand for carpet underlay, which uses scrap generated from furniture and automotive market, is expected to drive the flexible foam segment over the next six years.
- Asia Pacific was the largest regional polyols market in 2013 and is expected to witness high growth in terms of production and consumption. Europe accounted for over 25% of the global market in 2013, and is driven by product differentiation due to technological advancements.
- Key market participants include Kumho Mitsui Chemicals Inc., Recticel S.A., Dow Chemical Company, Nippon Polyurethane Industry Co. Ltd., Chemtura Corporation, Bayer MaterialScience and BASF. Geographical expansion is expected to be a key growth strategy.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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