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Market polyols, also known as polyhydric alcohols or sugar alcohols, are versatile compounds widely used in various industries such as food and beverage, pharmaceuticals, cosmetics, and polyurethane production. These compounds are characterized by their multiple hydroxyl groups, which make them suitable for a range of applications. The market for polyols has been witnessing steady growth due to increasing demand from end-use industries and the development of innovative applications.
In the food and beverage industry, market polyols are commonly used as sugar substitutes due to their low-calorie content and reduced impact on blood sugar levels. Polyols such as sorbitol, mannitol, and xylitol are frequently used in sugar-free candies, chewing gums, baked goods, and beverages. Their sweetening properties make them an attractive option for manufacturers looking to create healthier alternatives to traditional sugary products. Additionally, market polyols can also act as bulking agents, humectants, and stabilizers in various food formulations, contributing to their widespread use in the industry.
The effectiveness of the end-products that are derived from polyols, such as rigid polyurethane foams is expected to boost the overall growth of the polyols industry during the forecast period.
In the pharmaceutical sector, market polyols play a crucial role in the formulation of oral medications, syrups, and chewable tablets. Their ability to enhance the taste and texture of pharmaceutical products while providing a sweet flavor without contributing to tooth decay makes them valuable ingredients for drug manufacturers. Moreover, polyols such as glycerol and propylene glycol are used as solvents and excipients in the production of pharmaceuticals, ensuring the stability and efficacy of the final formulations.
The cosmetics industry also relies on market polyols for their moisturizing and emollient properties. Polyols such as glycerin and propylene glycol are commonly used in skincare products such as lotions, creams, and serums to help maintain skin hydration and elasticity. Their ability to attract and retain moisture makes them effective ingredients for addressing dryness and improving the overall texture of the skin. Additionally, market polyols can also act as thickening agents and preservatives in cosmetic formulations, extending the shelf life of products and enhancing their sensory attributes.
Polyurethane production is another major application area for market polyols, particularly in the manufacturing of flexible and rigid foams, coatings, adhesives, and sealants. Polyols serve as one of the essential components in polyurethane formulations, reacting with diisocyanates to form polyurethane polymers with a wide range of properties. The versatility of polyols allows manufacturers to tailor the characteristics of polyurethane products to meet specific performance requirements, making them suitable for various applications in construction, automotive, furniture, and packaging industries.
The market for polyols is driven by several factors, including the growing consumer demand for healthier and more sustainable products, technological advancements in production processes, and the expanding applications of polyols in different industries. Moreover, the increasing prevalence of diabetes and obesity has led to a greater awareness of the health risks associated with high sugar consumption, driving the demand for sugar-free alternatives sweetened with polyols. Additionally, stringent regulations on food safety and quality standards have prompted manufacturers to seek out safer and more environmentally friendly ingredients, further fueling the market growth for polyols.
Polyols Market Highlights:
Global Polyols Market Overview
The Polyols Market Size was valued at USD 29.51 Billion in 2023. The Polyols market industry is projected to grow from USD 30.66 Billion in 2024 to USD 41.37 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.2% during the forecast period (2024 - 2032). Polyols have varied applications and they require minimal manufacturing costs as well. Therefore, the organic compound with various hydroxyl contributed to varied applications. Especially polyols are used in the construction industry. The demand for energy-conserving buildings is growing. The growing population with energy-conserving techniques is rapidly gaining momentum. The utilization of polyurethane rigid foams as construction materials are increasing as they possess energy-saving attribute. They are used as insulators and thereby they conserve energy and emit minimal greenhouse gases.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Polyols Market Trends
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Rapid industrialization & urbanization in developing countries and various infrastructural development projects across the globe.
The advancement in the automotive and construction industries combined with the growing demand is considered the major driver of polyols market growth. For instance, polyurethane foams that are manufactured from polyols are gaining momentum in the automotive and construction industries for cushioning and bedding. The consumption of polyurethane foams is surpassing the growth rate of 65% in recent years.
The production of artificial sweeteners in the food industry is also considered the major driver of polyols market growth. Polyols are also known as sugar alcohols and they possess reduced-calorie carbohydrates, therefore it is intensively used in chewing gums, candies, and ice creams. The growth of the food industry also impacts the growth of the polyols industry.
Additionally, The effectiveness of the end-products that are derived from polyols, such as rigid polyurethane foams is expected to boost the overall growth of the polyols industry during the forecast period. For instance, the manufacturers prefer polyurethane foams over other substitutes for the applications such as building and construction, electronics, automotive, and others due to their supreme efficiency.
Polyols Market Segment Insights
Polyols Product Insights
The Polyols Market segmentation, based on Product, includes Polyether, Polyester. polyether polyols accounted for the largest market share in 2020. The segment is expected to continue its dominance over the forecast period. Polyether polyols have rebound properties, wear and tear resistance, and hydrolytic stability owing to which it is used to formulate rigid polyurethane foams. These are used by various end-use industries such as transportation, construction, furniture, and packaging.
Polyols Application Insights
Based on Application, the Polyols Market segmentation includes Flexible Foam, Rigid Foam, Coatings, Adhesives & Sealants. Flexible foam emerged as the largest application segment in 2017 in the polyols market and accounted for a share of over 27.0% by volume that year. Flexible foams are widely utilized as cushioning material for furniture, bedding and mattresses, seating, and other soft products in several end-use industries such as furniture and mattress, automotive, handbag and luggage, footwear and textile, home appliances, engineering, and packaging.
Figure 2: Polyols Market, by Product, 2023 & 2030 (USD Billion) 
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Polyols Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific: The Asia-Pacific region dominates the polyols market, accounting for over 50% of the global market share. The growth of the polyols market in this region is attributed to rapid industrialization, economic growth, and increasing demand for polyurethane products. China and India are the major markets in this region, followed by Japan and South Korea.
Figure 3: POLYOLS MARKET SHARE BY REGION 2023 (%) 
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
North America: The North American market for polyols is expected to grow at a moderate pace due to the increasing demand for energy-efficient and sustainable materials in the construction industry. The United States is the largest market for polyols in North America, followed by Canada and Mexico.
Europe: The European market for polyols is driven by the demand for polyurethane products in the automotive and construction industries. Germany is the largest market for polyols in Europe, followed by France, the United Kingdom, and Italy.
Polyols Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Polyols market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Polyols industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Polyols. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Polyols industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Polyols industry to benefit customers and expand the market sector. The Polyols market has recently given medicine some of the most important advantages. Major Polyols market players, including BASF SE (Germany), Covestro AG (Germany), Royal Dutch Shell Plc (Netherlands), The Dow Chemical Company (US), and others, are attempting to increase market demand by funding R&D initiatives.
BASF is a company that provides petrochemicals, intermediates, performance materials, monomers, dispersions and pigments, performance chemicals, catalysts, coatings, and care chemicals. It conducts its operations through six business segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition and Care, and Agricultural Solutions.
Also, Covestro is a polymer materials company. It operates through two segments: Performance Materials; and Solutions and Specialties. The former segment comprises standard polycarbonates, standard urethane components, and base chemicals businesses. The latter segment's business entities are as follows: engineering plastics, coatings and adhesives, tailored urethanes, thermoplastic polyurethanes, specialty films, and elastomers.
Key Companies in the Polyols market include
- 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)
- Repsol SA (Spain)
Polyols Industry Developments
In September 2021 Mitsui Chemicals, Inc. and SKC Co. Ltd., announced their new plan to terminate their partnership, due to increased discrepancies, and changes in their goals for growth. The future goals of the firm included the use of polyurethane as a raw material for its business operation as per the policy about the basic materials business sector that will be beneficial for the global economy. Therefore, this was one major change, which led to the shift in the growth opportunity for this market
On April 27, 2021 Azelis Americas CASE LLC, was responsible for the distribution of BASF's portfolio of polyurethane catalysts, marketed under the Lupragen brand in North America. Through this collaboration, the company was able to expand its relationship with Azelis providing benefits in terms of coatings, adhesives, sealants, and elastomers. Thus, it offered an advantage to the business, leading to market growth in the forecast period
Polyols Market Segmentation
Polyols Product Outlook
- Polyether
- Polyester
Polyols Application Outlook
- Flexible Foam
- Rigid Foam
- Coatings
- Adhesives & Sealants
Polyols Regional Outlook
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North America
- US
- Canada
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Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
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Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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