CHICAGO, June 5, 2019 /PRNewswire/ -- According to the new market research report "Polyols Market by type (Polyether Polyols and Polyester Polyols), Application (Flexible Polyurethane Foam, Rigid Polyurethane Foam, CASE), and Region (APAC, Europe, North America, South America and Middle East & Africa) - Global Forecast to 2024", published by MarketsandMarkets™, the Polyols Market size is projected to grow from USD 26.2 billion in 2019 to USD 34.4 billion by 2024, at a CAGR of 5.6% during the forecast period. This growth is attributed to the increasing consumption of polyurethane foam in the expanding construction and automotive industries of developing economies, globally. Also, growing refrigerator and freezer manufacturing in the APAC region is expected to drive the polyols market.
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Polyether polyols segment is estimated to dominate the overall market.
The increasing demand for flexible polyurethane foams is expected to drive the demand for polyether polyols. Polyether polyols are majorly used to manufacture flexible polyurethane foams, which are further used in applications such as bedding, furniture, carpets, vehicles interior, and seats. The increasing demand for these products from the construction and automotive industries, owing to infrastructural development and increasing commercial & private vehicle, are driving the demand for polyether polyols.
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Rigid polyurethane foam is projected to be the fastest-growing application of polyols during the forecast period.
Rigid polyurethane foam is projected to be the fastest-growing application of polyols during the forecast period. The unique advantages of rigid polyurethane foam, such as energy efficiency, high performance, protection against UV degradation, and longer performance life, make it ideal for use in the construction and refrigeration industries. The growth of the construction and refrigeration industries, along with rising energy efficiency needs in these industries, is expected to drive the demand for rigid polyurethane foam.
APAC is estimated to be the largest polyols market during the forecast period.
APAC is projected to be the largest Polyols Market during the forecast period. The growing investment in capacity expansion of the automotive and construction industries is expected to drive the polyols market in the region. Polyols based polyurethane foams are used in applications such as roof & wall insulation, furniture, carpet, cushion, transportations, and bedding, which are majorly used in the automotive and construction industries. Thus, the growth of the automotive and construction industries in the region will boost the growth of the polyols market.
BASF SE (Germany), Covestro AG (Germany), Royal Dutch Shell Plc (Netherlands), the Dow Chemical Company (US), Mitsui Chemicals (Japan), Wanhua Chemical Group (China), LANXESS AG (Germany), Huntsman Corporation (US), Stepan Company (US), and Repsol SA (Spain) are the leading players operating in the polyols market.
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