Polyols and Polyurethane Market, By Type (Polyether Polyols and Polyester Polyols ), By Application (Flexible Foam, Rigid Foam, Coatings, Adhesives & Sealants and Elastomers ) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 18.4 Bn in 2024 and is expected to exhibit a CAGR of 5.8% during the forecast period (2024-2031 ), as highlighted in a new report published by Coherent Market Insights.
Increasing research initiatives by various organizations are expected to drive the polyols and polyurethane market growth.
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 operations as per the policy about the basic materials business sector that will be beneficial for the global economy. Therefore, this was one major change that led to the shift in the growth opportunity for this market.
Mitsui Chemicals, Inc. is a Japanese chemicals company with a global presence, listed on the Nikkei. The company has business interests in Japan, Europe, China, Southeast Asia, and the USA. It is one of the leading chemical companies in Japan and is part of the Mitsui conglomerate. Mitsui Chemicals primarily deals in performance materials, petrochemicals, basic chemicals, and functional polymeric materials. The company's product lines include fertilizers, basic products, polymers, and fine chemicals.
SKC Co. Ltd, headquartered in Seoul, South Korea, is a leading manufacturer and supplier of chemicals, films, and materials. The company's diverse product portfolio includes base polyol, optical films, propylene glycol ether (PGE), propylene oxide, polyester PET films, converting films, graphic film, transparent PI film, chemical mechanical polishing pad, backsheet, and Polyvinylidene fluoride films.
Polyols and Polyurethane Market – Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems with regard to the transportation of drugs from one place to another.
The initial lockdowns and ongoing restrictions have severely disrupted the global supply chain, affecting the production and distribution of both polyols and polyurethane. These disruptions led to delays or cancellations of raw material supplies essential for manufacturing.
There was an unpredictable fluctuation in demand for polyols and polyurethane across different sectors. For example, demand from the automotive industry plummeted due to reduced vehicle production, whereas demand from the medical sector surged for polyurethane products used in protective gear and medical devices.
Market uncertainty and supply chain issues led to volatility in pricing for raw materials necessary for polyols and polyurethane production, complicating budgeting and financial planning for businesses in the market.
With consumers spending more time at home, there has been increased demand for home comfort products such as mattresses and furniture, which could benefit the market for flexible polyurethane foam. On the other hand, slowdowns in construction activity can negatively impact demand for polyurethane construction materials.
Link: https://www.coherentmarketinsights.com/market-insight/polyols-and-polyurethane-market-4507
Polyols and Polyurethane Market – Key Developments
In August 2021, Huntsman Corporation expanded its production of specialty amines and polyurethane catalysts in petfurdo, hungary.
Browse 36 Market Data Tables and 33 Figures spread through 180 Pages and in-depth TOC on “Polyols and Polyurethane Market, By Type ( Polyether Polyols and Polyester Polyols ), By Application (Flexible Foam, Rigid Foam, Coatings, Adhesives & Sealants and Elastomers ), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
Key Takeaways of the Polyols and Polyurethane Market:
- The polyols and polyurethane market is expected to exhibit a CAGR 5.8% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the polyols and polyurethane market.
- Among regions, Asia Pacific is expected to be dominant in the polyols and polyurethane market, owing to the presence of major players such as Bayer MaterialScience AG, Chemtura Corporation, COIM, Dow Chemical Company, and other key market players contributing to the growth in this region.
- Major players operating in the polyols and polyurethane market include BASF SE , Bayer MaterialScience AG , Chemtura Corporation , COIM , Dow Chemical Company , E.I. du Pont de Nemours & Company (DuPont) , Hebei Cangzhou Dahua Group Corporation Ltd. , Huntsman Corporation , Kumho Mitsui Chemicals Incorporation , Mitsui Chemicals Inc.
