The global polyols market size was valued at USD 23.60 billion in 2017 and is expected to expand at an estimated CAGR of 8.5% over the forecast period. Rising efforts for energy conservation are propelling demand for rigid foams with high insulation properties, particularly in the building and construction industry. This is expected to emerge as a significant factor driving the global market over the forecast period. 

Growth of the construction sector, primarily in Asia Pacific, to accommodate a rapidly burgeoning population is anticipated to boost product consumption in building components such as exterior panels, insulation protective materials, and housing electronics. Expanding automotive and packaging industries are also contributing toward market growth.

Furthermore, key manufacturers have been investigating bio-based polyols to reduce dependence on conventional petrochemical-derived polyols given rising environmental concerns and volatility in raw material prices. The nature of the vendor landscape is concentrated and oligopolistic. As of 2017, top manufacturers accounted for a share of over 45.0% in the market.

Different strategies adopted by market leaders have paved the path for smaller players to follow. Moreover, new entrants are seeking more significant opportunities in the global market for polyol products as well as polyurethane products such as foams, coatings, elastomers, and sealants. Companies attempting to establish themselves in the market have to compete with existing multinationals such as Huntsman International LLC, Eastman Chemical Corporation, DIC Corporation, Mitsubishi Chemical Corporation, Tosoh Corporation, Woodbridge Foam Corporation, and RTP Company.

Moreover, polyol suppliers are engaging in forward integration to produce polyurethane, thereby significantly reducing logistics costs and procurement hassles in the long run. Consumers are becoming increasingly aware regarding product benefits, which has compelled suppliers to maintain high-quality levels by integrating into the production stage.

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Further key findings from the report suggest:

• The global polyol market was valued at USD 23.60 billion in 2017 and is projected to ascend at a CAGR of 8.5% over the forecast period

• Development of new products such as bio-based and CO₂-based polyols is creating significant growth potential in the global market

• Key companies in this market are backward integrated owing to fluctuations in supply of raw materials. Major polyol producers have in-house raw material production facilities, which provide them with greater control in terms of pricing decisions

• Focus on Green Building Code and German Renewable Energy Act (EEG), coupled with growing awareness regarding energy conservation, is expected to drive demand for polyols in the building and construction industry

• Key market players include Covestro, BASF SE, The Dow Chemical Company, Shell, and Huntsman.

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