Polyol is an alcohol containing multiple hydroxyl groups and is used in both food and polymer chemistry industry. Polyol is a key ingredient used in polyurethane formulations, which is largely used in various industrial applications including rigid & flexible foams, coatings, adhesives, sealants and elastomers.
The global polyol market is witnessing steady growth due to the rising demand of polyurethane across various end-user industries, such as construction, automotive, electronics, furniture & interiors, packaging, footwear, and others. Asia Pacific region offers lucrative opportunities for the polyol market, which is led by rapid industrialization and high growth in construction and automotive industries of Southeast Asian countries.
This is evident from BASF Indias strategy, which featured the establishment of polyurethane manufacturing and production facilities in Gujrat, India, in 2014. However, the Kanas district of court has filed a lawsuit against major polyol manufacturers including The Dow Chemical Company, by claiming the price fixation conspiracy of various urethane chemical products, including polyether polymer.
Moreover, the price volatility of crude oil in the global market creates a demand-supply gap in the polyol market. Therefore, numerous manufacturers are stepping into the production of bio-based polyols from feedstock such as corn, soya, rapeseed, castor, canola, palm,.
The Mitsui- SKC joint venture will facilitate the operations of the bio-based polyols manufacturing facility in Gujarat, of Vithal Castor Polyols Pvt Ltd.
The global polyols market is segmented on the basis of type, application, end-user and geography. In terms of type, the market is segmented into Polyether Polyol and Polyester Polyol.
Based on applications, the market is segmented into polyurethane rigid foam, polyurethane flexible foam, CASE (coating, adhesive, sealant and elastomer) and others. On the basis of end-user industry, the market is segmented into construction, transportation, furniture, packaging, carpet backing and others.
Geographically, the market is segmented across Europe, North America, Asia Pacific and LAMEA. Major Asian countries like India, China, Japan, and Malaysia are the emerging and most promising markets for polyols.
The key players of the market include Royal Dutch Shell PLC, Dow Chemicals, BASF SE, Cargill Inc., Mitsui Chemicals, Bayer Material Science, Chemtura Corporation and Novomer Inc., COIM S.P.A.. These companies are adopting product launch as one of the key strategies to maintain their competitiveness in the global market.
For instance, in May 2014, Novomer Inc. launched the Converge Polyols for broader use in the polyurethanes industry.
This polyurethane formulations can be used in various applications including adhesive, coatings, sealants, elastomers, and rigid and flexible foams.
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