Global Polyether Polyols Market: Snapshot
In order to bolster their positions in the global polyether polyols market, savvy vendors are funneling money for expanding their production facilities and capacities. This is slated to enable them address the demand of a much larger customer base, effectively. Apart from expansion strategies, companies are also resorting to carefully-considered acquisitions to enhance their positions. In order to grab a larger share the US$10 billion industry, they are eyeing the attractive markets in the emerging economies.
Majorly fuelling the global polyether polyols market is the demand from polyurethane industry, especially for the manufacture of polyurethane foams. Polyurethane foams are being increasing used in the padding of car seats owing to the freedom of geometric design they accord and also because of the way they can be adjusted while manufacturing to achieve the level of comfort targeted for the car seat.
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Posing a roadblock to the global polyether polyols market, on the other hand, is the concerns over the health hazards of polyols. However, development of bio-based polyether polyols, which are formulated from natural oils and hence environmentally sustainable, is expected to tackle the problem and open up an avenue for growth.
As per a report by Transparency Market Research, the global polyether polyols market will likely expand at a 6.5% CAGR from 2017 to 2025 to become worth US$17.87 bn by 2025 from US$10.22 bn in 2016.
Burgeoning Automotive Industry to Catalyze Maximum Growth in Rigid Foam Segment
The global polyether polyols market can be segmented depending upon the type of application into flexible foams, rigid foams, CASE, etc. Of these, the flexible foam application segment holds a substantial share in the market on account of the robust demand from the furniture and bedding sector. In the years ahead, however, the rigid foam segment is predicted to expand at a higher clip than others buoyed by the proliferating automotive industry.
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Construction and Automotive Sectors Majorly Fuelling Asia Pacific Market
From a geographical standpoint, Asia Pacific is a key market as it drives most of the demand in the global polyether polyols market. In the years ahead too, the demand will hold up in the Asia Pacific market owing to solid demand for polyurethane foams in end use industries such as furniture and bedding, construction, and automotive in the region. The growing demand for polyether polyols in various applications such as insulations, cosmetics, lubrications and coatings are also predicted to drive the polyether polyols market in Asia Pacific in the next couple of years. The market in Asia Pacific is expected to grow at a CAGR of 7.4% from 2017 to 2025 to account for a share of 49.6% in the market.
The market in Europe and North America, on the other hand, are expected to register tepid growth rate as they are highly mature and saturated. Unavailability of raw materials is also posing a challenge to the markets. North America will rise at a CAGR of 5.6%, while Europe will register a CAGR of 5.0% in the forecast period. The Middle East and Africa is another attractive market for polyether polyols, which is anticipated to clock a CAGR of 6.6% from 2017 to 2025. The demand for polyurethane foams in the region is expected to propel the market in the near future.
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Some of the key vendors in the global polyether polyols market are Huntsman Corporation, The Dow Chemical Company , Covestro AG ., Royal Dutch Shell Plc, China Petroleum & Chemical Corporation., BASF SE, and Solvay S.A.