Polyether Polyols Market to Rear Excessive Growth During 2024
Prominent
participants 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. The market, so far, has been on a steady growth
trajectory and going forward too is slated to maintain the pace.
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Keen,
success-hungry companies in the global polyether polyols market have
been investing in increasing their production facilities and
capacities, so as to be able to serve a much wider customer base with
better products. Besides expansions, other methods in which they have
been trying to grow their shares are acquisitions and expanding
outreach to relatively untapped markets in emerging economies.
A
report by Transparency Market Research forecasts the global polyether
polyols market to rise at a 6.5% CAGR during the period between 2017
and 2025. At this rate, the market will likely grow its value from
US$10.22 bn in 2016 to US$17.87 bn by 2025, finds the report by TMR.
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Booming
Automotive and Construction Industries Catapult Asia Pacific to
Forefront
Depending
upon the type of application, the global polyether polyols market can
be divided into flexible foams, rigid foams, CASE, etc. Among them,
the flexible foam application segment held a substantial share in the
market in 2016 because of robust demand from the furniture and
bedding sector. The rigid foam segment, however, is predicted to
expand at a significant clip in the near future due to its
application in the booming automotive industry.
Based
on geography again, the global polyether polyols market can be
segmented into North America, Latin America, Europe, Asia Pacific,
and the Middle East and Africa. Asia Pacific, among them, is a key
market with accounts for most of the demand. In the years ahead, the
demand is slated to go up further in the region 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 years
ahead. The report by TMR predicts the Asia Pacific market to clock a
CAGR of 7.4% from 2017 to 2025.
Polyurethane
Industry Mainly Driving Demand in Market
At
the forefront of driving demand in the global polyether polyols
market is the polyurethane industry, particularly for the production
of polyurethane foams. “While the flexible foams find applications
in car seats and interiors, furniture, carpet interlay, and bedding,
the rigid foams find application in refrigeration and packaging.
Polyether polyols are also used in surface active agents, adhesives
and sealants, synthetic lubricants, and elastomers. Specialty
versions of these polyols are used in castings, specialty coatings,
inks, defoamers, and adhesives,” explains the lead analyst of the
TMR report.
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Serving
to hamper 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 will likely help to overcome the
challenge by opening up new avenues for growth. Bio-based polyether
polyols are made from natural oils and this makes them
environmentally sustainable.
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