Global Polyols Market Report and Forecast 2024-2032

Global Polyols Market Size

The global polyols market reached approximately USD 30.88 billion in 2023. The market is projected to grow at a CAGR of 6.0% between 2024 and 2032, reaching a value of around USD 52.34 billion by 2032.

Polyols Market Outlook

• Polyols are a critical component in the production of polyurethanes, which are used in applications such as foam insulation.

• Bio-based polyols, derived from renewable resources, are gaining popularity as they offer a more sustainable alternative to petroleum-based polyols.

• Europe is a significant polyols-consuming region, driven by the demand for insulation in low-income households and favourable regulatory support.

Polyols Market Growth

Polyols are used in polymer chemistry to generate isocyanate reaction polyurethane, primarily used to manufacture polyurethane coatings, adhesives and sealants, and elastomers, among others. They are naturally found in fruits and vegetables, and they can also be produced industrially. Polyols are commonly used as sweeteners and bulking agents in sugar-free and reduced-calorie foods, as they provide fewer calories than regular sugar and have a lower impact on blood glucose levels.

With increasing awareness of the health risks associated with high sugar consumption, such as obesity, diabetes, and heart disease, there is a growing demand for sugar substitutes which boosts the polyols market growth. Polyols are popular sugar alternatives because they provide sweetness with fewer calories and a lower glycemic index. The food and beverage sector is a major consumer of polyols, using them in products like sugar-free candies, chewing gums, baked goods, and beverages and the expansion of this sector, particularly in emerging markets, is driving the demand for polyols. Polyols are also used as excipients in pharmaceuticals and as humectants in personal care products and the growth of these sectors contributes to the market.

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Key Trends and Developments

Shift towards bio-based polyols; increasing demand for low-VOC and non-toxic polyols; development of specialised polyols for niche applications; and advancements in polyol technology are the major trends impacting the polyols market expansion

February 14th, 2024

Nordmann announced that it is set to distribute bio-based polyether polyols from the Velvetol brand of Weylchem company, which can potentially replace petroleum-based products.

January 24th, 2024

Dow Company announced that it has achieved the ISCC PLUS certification for its Polyols and  PO/PG manufacturing facility based in Texas, the United States.

January 9th, 2024

Aether Industries collaborated with B Fuller and Saudi Aramco Technologies Company for the commercialisation of innovative and sustainable convergeo polyols technology.

December 13th, 2024

BASF announced the launch of Irgastab PUR 71, a polyurethane (PU) antioxidant, which can address the challenges of the PU foam manufacturing process.

Shift towards bio-based polyols

Bio-based polyols are derived from renewable resources such as vegetable oils, corn, and sugar, and they offer a reduced carbon footprint and lower environmental impact.

Increasing demand for low-VOC and non-toxic polyols

Consumers and industrial sectors are increasingly seeking polyols that are low in volatile organic compounds (VOCs) and non-toxic, driven by health and environmental concerns.

Development of specialised polyols for niche applications

There is a trend towards developing specialised polyols for niche applications, such as medical devices, electronics, and coatings in the polyols market.

Advancements in polyol technology

Technological advancements in polyol production and processing are enabling the development of polyols with enhanced properties, such as improved durability, fire resistance, and thermal insulation.

Polyols Market Trends

The increasing demand for polyols that are low in volatile organic compounds (VOCs) and non-toxic is driven by a heightened awareness of health and environmental concerns. As a result, consumers and industrial sectors are seeking safer alternatives that minimise exposure to harmful chemicals and reduce environmental impact which has led to the development of polyols with improved safety profiles, characterised by low VOC content and non-toxic properties. These polyols are formulated to reduce the emission of harmful compounds, making them safer for use in indoor environments and in close contact with humans.

Market players are establishing partnerships for the distribution of bio-based polyols. Nordmann, a global distribution company, announced a partnership with Weylchem, a manufacturer of speciality chemicals in February 2024, to distribute Weylchem's Velvetol brand of bio-based polyether polyols. These polyols are derived from renewable resources and are designed to serve as a sustainable alternative to traditional petroleum-based polyols.

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Polyols Industry Segmentation

“Polyols Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Polyether Polyols

• Polyester Polyols

Market Breakup by Application

• Flexible Polyurethane Foam

• Rigid Polyurethane Foam

• CASE (Coatings, Adhesives, Sealants and Elastomers)

• Others

Market Breakup by Industry

• Carpet Backing

• Packaging

• Furniture

• Automotive

• Building and Construction 

• Electronics

• Footwear

• Others 

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Polyols Market Share

Polyether polyols account for a major share due to their growing usage in multiple end-use sectors

Polyether polyols are highly versatile and can be used in a wide range of applications, including flexible and rigid foams, adhesives and sealants, and coatings and this versatility makes them attractive for various industrial sectors, such as automotive, construction, and furniture. Polyether polyols also offer excellent performance properties, such as good resilience, high elasticity, and resistance to hydrolysis, which make them suitable for use in high-quality polyurethane products. Polyether polyols are easy to process and can be tailored to meet specific end-use requirements and this ease of processing allows manufacturers to develop customised solutions for their customers.

Polyester polyols are anticipated to gain sizeable growth in the polyols market in the forecast period. Polyester polyols are often preferred in the production of polyurethane foams due to their excellent mechanical properties, superior adhesion, and resistance to hydrolysis, oil, and solvents. These properties make polyester polyols ideal for producing high-quality, durable polyurethane products. As industrial sectors seek materials that offer enhanced performance characteristics, the demand for polyester polyols increases. For example, in the automotive sector, polyester polyols are used to produce lightweight, durable, and heat-resistant components, contributing to fuel efficiency and safety.

The building and construction sector maintains its dominance in the market due to the rising usage of polyurethane foam in energy-efficient buildings

The building and construction sector typically holds the largest share in the polyols market. Polyols are a key component in the production of polyurethane foam, which is widely used in the building and construction sector for insulation, roofing, sealants, and adhesives. The demand for energy-efficient buildings and the need for effective insulation materials drive the consumption of polyols in this sector. Governments around the world are implementing stricter regulations regarding energy efficiency and fire safety in buildings and polyurethane foams made from polyols offer excellent thermal insulation and fire-resistant properties, making them a preferred choice for meeting these regulatory standards.

The automotive sector is expected to gain robust growth in the forecast period. Polyols are crucial for producing polyurethane foams and elastomers used extensively in the automotive sector and these materials are utilised for seating, headrests, armrests, dashboards, interior trim, and insulation, contributing to comfort, safety, and noise reduction.

Leading Manufacturers of Polyols

The market players are increasing their collaboration and increasing the manufacture of sustainable polyols to gain a competitive edge in the polyols market

BASF SE, founded in 1865 and headquartered in Ludwigshafen, Germany, specialises in chemicals, plastics, performance products, agricultural solutions, and oil and gas.

Royal Dutch Shell Plc, established in 1907 in The Hague, Netherlands, focuses on oil, natural gas, gasoline, diesel, lubricants, and various petrochemicals.

The Dow Chemical Company, founded in 1897 in Michigan, United States, produces polyethylene, polyurethane, silicone, and specialty chemicals.

Wanhua Chemical Group Co., Ltd., established in 1978 in Shandong, China, is known for manufacturing MDI (methylene diphenyl diisocyanate), TDI (toluene diisocyanate), and various polyurethane systems.

Other key players in the polyols market Covestro AG, Huntsman International LLC, Stepan Company, and Repsol S.A., among others.

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Polyols Market Analysis by Region

The Asia Pacific is the leading region of the market. The rising automotive sector in the region is expected to remain a main factor in driving the regional market along with increased polymer consumption. The rising middle-class population and increasing disposable incomes in the Asia Pacific region are also leading to higher demand for consumer goods, including electronics, furniture, and footwear as polyols are used in manufacturing various components of these products, such as cushioning, insulation, and coatings. Technological advancements and innovation in polyol production and applications are making these materials more accessible and cost-effective, further driving their demand in the region.

The other major consumer of the product is Europe, led by Germany, the United Kingdom, and France. The rising demand for energy-efficient insulation in low-income households, together with favourable government regulatory aid, is predicted to boost the polyols market in Europe. The existence of various automobile manufacturers, along with the rising building and construction sectors in Latin America, is expected to drive market growth in the region.

Key Highlights of the Report

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Polyols Market Report Snapshots

Polyols Market Size

Polyols Market Growth

Polyols Market Trends

Polyols Market Share

Polyols Manufacturers

Polyols Market Regional Analysis