The worldwide polyols market has expanded imperatively in the past few years. It is predicted to expand further in the coming five years. The regions of Asia Pacific and rest of the world are estimated to expand at higher rates than the worldwide market. There are three chief applications of polyols. The polyols market is developing constantly.
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This is owing to expansion in automotives, augmentation in building activities and increasing need for resins, fabrics and fibers. The polyols market is segmented on the basis of applications, kinds and geographical regions. The three applications are polyurethane (rigid foams), polyurethane (flexible foams) and CASE (coatings, adhesives, sealants and elastomers).
The polyols market is also segmented on the basis of kinds into polyester polyols and polyether polyols. The four geographical regions of the market include Asia Pacific, North America, Europe and rest of the world. Asia Pacific is the biggest client of polyols in the world. The Asian Pacific polyols market is predicted to rise during the anticipated phase (2014 to 2019). This is anticipated to happen at about 10 percent CAGR.
India, Japan and China are some of the most important markets in Asia Pacific. The requirement for polyols in these nations is pushed ahead by increasing consumption in the industries of consumers. Increased requirement for bio-based solutions in order to decrease dependence on meager raw materials and enhance carbon footprint is predicted to propel the polyols market in the next six years.
However, unevenness in the costs of raw materials is slowing down the polyols market through the anticipated phase. The demand for polyether polyols is hugely propelled by demand from the industry of polyurethanes. Boost in the use of bio-based polyether polyols acts as a vital prospect in the polyols market. Health dangers linked with polyether polyols are predicted to hinder the market growth.
Source: Grand View Research