Polyol Product Market: By Product (1,6 Hexanediol, Trimethylolpropane, Calcium Formate, Adipic Acid, Maleic Anhydride), By Application (Polyester Resins, Coatings, Plasticizers, Building Material Additives, Others), and Geography

Polyol Product Market size was valued at USD 27,617.2 million in 2023 and is poised to grow at a CAGR of 6.5% from 2024-2030. Polyols have diverse applications and they require the least manufacturing costs as well. Therefore, the organic compounds with various hydroxyl contributed to wide-ranging 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 application of polyurethane rigid foams as construction materials is increasing as they possess energy-saving attributes. They are used as insulators and thereby they conserve energy and emit nominal greenhouse gases. Furthermore, key manufacturers have been examining bio-based polyols to lessen dependence on conventional petrochemical-derived polyols given rising environmental concerns and volatility in raw material prices.

Different strategies implemented by market leaders have smoothened the path for smaller players to follow. Moreover, new entrants are looking for more significant opportunities in the global market for polyol products as well as polyurethane products such as foams, coatings, elastomers, and sealants. Furthermore, polyol suppliers are fetching forward integration to yield polyurethane, thereby significantly reducing logistics costs and procurement disturbances in the long run. Consumers are becoming increasingly aware of product benefits, which has forced suppliers to maintain high-quality levels by integrating them into the production stage. However, major raw materials such as propylene oxide, ethylene oxide, adipic acid, and carboxylic acid are used for the manufacture of polyurethane polyols. Any variation in the cost of these vital raw materials directly affects the final polyol products in the supply chain.

Polyol Product Market Key Developments:

• In October 2022, BASF SE made a partnership with REMONDIS Groups Electro recycling, RAMPF, and Eco Solutions for functioning upon a project that yields high-quality recycled polyols on par with those made from main fossil raw sources.
• In September 2022, Covestro announced sustainable polyols. The company started manufacturing polyether polyols using bio-circular feedstock. This approach will have better quality and decreased carbon footprint as compared to fossil fuel-based raw materials.