Polyether Polyols Market to Register Substantial Expansion by 2025
One of the most versatile chemicals to be used in this day and age, polyether polyols is set to a see its market growth on an upward trajectory. The global polyether polyols market is expected to grow at a rate of 6.5% Compound Annual Growth Rate during the period of 2017 to 2025. This translates to the market, which is currently pegged at USD 10.22 billion, growing to USD $17.87 billion by 2025, as per TMR’s market report.
One of the biggest slices from the pie would be enjoyed by the Asia Pacific (APAC) region, a key market which currently accounts for most of the demand and shows no signs of slowing. There is a solid demand generated for polyurethane foams from industries such as construction and automotive and also furniture and bedding. The rigid foam segment is also looking at a rosy outlook rising, due credit its use in the automotive industry. As per the report created by TMR, the Asia Pacific region is set to chart a Compound Annual Growth Rate of 7.4% from 2017 to 2025.This equates to a 46.4% global polyether polyols market share.
Intense Competition to Continue Marking the Global Polyether Polyols Market
Most players in the global polyether polyols market are highly-competitive, making the market itself sharp like a razor blade. Most of these have been investing into expansion of facilities and capacities heavily and consistently. The focus so far has mainly been on catering to the ever broadening consumer base and satisfying their business needs with improved products as and well possible. Other business strategies the heavyweights have dedicatedly followed include acquisitions in order to increase business share and tapping into uncharted territories to increase footprint (something that can be observed in developing countries in a major way).
Some of the prominent names in the global polyether polyols market Huntsman Corporation, The Dow Chemical Company, Coverstro AG, Royal Dutch Shell Plc., China Petroleum and Chemical Corporation, BASF SE and Solvay S.A.
Polyurethane to be a major driver of demand growth
The global polyether polyols market has registered a steady growth in the past couple of years and there is no reason to believe otherwise, as per the TMR report. A major contributor to this growth, as can be noted in the report, is the polyurethane industry for the production of polyurethane foam thanks to steady demand from the automotive sector.
“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.
Health Hazards Causing Concerns
Dampeners that threaten to hamper growth in the global polyether polyols market are the health hazards that polyols create. However, it is important to note here the development of polyether polyols will be something of a boon for manufacturers and consumers alike in the global polyether polyols market. These are also environmentally better off than their counterparts, a fact that would well serve to placate a large section of the population.