Transparency Market Research has released a new market report titled “Polyols and Polyurethane Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2023.” According to the report, the global polyols and polyurethane market for 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.
Polyurethanes are polymers formed by the reaction of isocyanates such as toluene diisocyanate (TDI) or diphenylmethane diisocyanate (MDI) and polyols. Polyurethanes are versatile in nature. They are resistant to abrasion, wear and tear, oils and solvents, weather changes, and hot and cold conditions. They are used in numerous applications in various end-user industries across the globe. Global demand for polyols and polyurethane is primarily driven by growth in furniture and interiors, construction, and automotive industries across the globe. Furthermore, strong growth in construction activities is estimated to fuel the polyols and polyurethane markets globally. These factors are anticipated to boost the polyols and polyurethane market in the near future. Limitations pertaining to supply and volatility in prices of raw materials are anticipated to offer key challenges to market players.
In terms of demand, flexible foam was the dominant product segment of the polyurethane market, accounting for over 35% share in 2014. Demand for flexible foam products is estimated to rise significantly in the next few years due to its increasing usage in furniture & interiors, cushioning, and automotive seat applications across the globe. Usage of rigid polyurethane foam in insulation applications is anticipated to propel the global polyurethane 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. Asia Pacific has emerged as the key destination for polyols and polyurethane producers due to economic development coupled with increasing disposable income in the region. This has encouraged various manufacturers to establish new capacities in the region. The Middle East & Africa is another key region where demand for polyols and polyurethane products was high in 2014. In terms of volume, the market for polyurethane in the Middle East & Africa is likely to expand at a healthy CAGR between 2015 and 2023.
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Major players in the polyol and polyurethane market include BASF SE, Bayer MaterialScience, Huntsman Corporation, Chemtura Corporation, Mitsui Chemicals Inc., and The Dow Chemical Company.