Wilmington, Delaware, United States, Transparency Market Research, Inc. , Sept. 24, 2024 (GLOBE NEWSWIRE) -- The global polyether polyols market (mercado de poliéter polioles) value was worth US$ 16.5 billion in 2023. A CAGR of 6.9% is projected from 2024 to 2034, reaching US$ 34.2 billion. Polyether polyols are vital raw chemicals used in manufacturing polyurethane foams, widely used in the building, automotive, furniture, bedding, and packaging industries.
The demand for polyether polyols is driven by the expansion of various end-use sectors, especially in emerging nations.
Polyurethane foams are widely used in the building sector, especially in developing nations, for insulating, sealing, and other purposes. Polyether polyols are utilized in construction materials, and demand for them is predicted to increase as infrastructure and urbanization continue.
Sustainability is becoming more and more important in the manufacturing of materials. Producers might concentrate on creating polyether polyols made from sustainable materials or using environmentally friendly methods to lessen their reliance on fossil fuels and their carbon impact.
Developing more ecologically friendly polyurethane products appropriate for uses where biodegradability is crucial, including packaging or throwaway goods, may result from research into biodegradable polyols.
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Global Polyether Polyols Market: Competitive Landscape
A number of polyether polyol manufacturers are working towards the development of products without Butylated Hydroxytoluene (BHT). Animals exposed to high doses of BHT for long periods are toxic. There are toxic effects associated with the application of BHT to the skin.
Key Players Profiled
- Dow
- Covestro AG
- BASF SE
- Shell Plc
- China Petroleum & Chemical Corporation
- Solvay S.A.
- Huntsman International LLC
- Rapsol S.A.
- PCC SE
- Manali Petrochemicals Limited
- Kukdo Chemical Co. Ltd.
- Oltchim S.A.
Key Developments
- Dow Inc. operates in the chemical industry worldwide. Polyether polyols, used in polyurethane foams, coatings, and adhesives, are among the chemicals and materials produced by the company. The Dow Chemical Company is known for its innovations in the chemical industry and its commitment to sustainability.
- Covestro AG: Based in Germany, Covestro is one of the world's leading polymer materials suppliers. As an independent company, Covestro was formerly a part of Bayer. Creating sustainable solutions for the future is also a priority at Covestro.
- BASF SE: BASF is a leading chemical company in the world based in Germany. Among its products and solutions are polyurethane systems using polyether polyols, which it offers across various industries. Collaboration with customers, sustainability, and innovation are BASF's pillars.
Key Findings of the Market Report
- Packaging solutions that ensure product safety are becoming more important as e-commerce grows.
- Based on the type concerned, the synthetic segment is likely to see a rapid increase in polyether polyols demand.
- In terms of application, rigid foam is expected to drive demand for polyether polyols.
- Polyether polyols will likely grow in demand as the automotive sector expands.
Global Polyether Polyols Market: Growth Drivers
- Automotive polyurethane foams find use in seat cushions, interior parts, and insulation, among other applications. The construction and manufacturing processes are witnessing a growing emphasis from governments and companies on energy efficiency and sustainability.
- Polyether polyols manufacture polyurethane foams, which have good insulating qualities and help save energy. This emphasis on energy efficiency is driving the need for polyether polyols.
- The goal of ongoing research and development is to improve the characteristics and functionality of polyether polyols, which will create specialty and high-performance goods. The manufacturing of polyether polyols with enhanced sustainability characteristics, including recycled or bio-based content, is made possible by technological improvements.
- The selection of raw materials is influenced by environmental restrictions pertaining to emissions, volatile organic compounds (VOCs), and hazardous substances in various businesses. Regulations favor polyether polyols over other materials since they produce less emissions and have a smaller environmental impact.
- The demand for bio-based and sustainable materials is rising across industries as people become more conscious of environmental challenges and sustainability concerns.
Global Polyether Polyols Market: Regional Landscape
- Asia Pacific is expected to drive demand for polyether polyols in the market. Rapid urbanization and massive infrastructure development projects are occurring throughout the Asia Pacific, particularly in growing economies like China and India. The strong expansion of the building industry in these areas fuels the need for polyurethane foams and, by extension, polyether polyols.
- With nations like China, Japan, South Korea, and India being significant automakers and customers, Asia Pacific is a vital hub for the automotive sector. The need for polyether polyols is fueled by the region's growing need for automobiles, which raises the need for polyurethane foam-based car components.
- Asia-Pacific is home to numerous nations putting laws and programs into place to lower carbon emissions and increase energy efficiency. In line with these efforts, polyurethane foams, which include polyether polyols as a primary component, are essential for improving the energy efficiency of appliances and structures.
- In Asia Pacific, research and development expenditures are being made by governments, academic institutions, and industrial entities to create novel materials and technologies. The goals are to improve polyether polyols' efficiency, affordability, and sustainability, along with leveraging technological advancements to expand the market.
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Global Polyether Polyols Market: Segmentation
By Type
- Synthetic
- Natural
- Graft
By Application
- Rigid Foam
- Flexible Foam
- CASE
- Others
By End Use
- Automotive
- Construction
- Furniture & Bedding
- Refrigeration
- Industrial
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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