Polyols Market By Type (Polyether Polyols, Polyester Polyols, and Others), By Application (Flexible Foam, Rigid Foam, CASE, and Others), By End-Use Industry (Construction, Automotive, Furniture, Electronics, and Others) and Geography

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Polyols Market was valued at USD 23,278.1 million in 2023 and is expected to grow at a CAGR of 5.7% from 2024 to 2030. Polyols are versatile compounds with multiple hydroxyl groups, primarily used to produce polyurethanes. These materials are crucial in various industries, including construction, automotive, furniture, and electronics. The increasing demand for polyurethane foams in insulation and comfort applications is a key driver for the Polyols Market. In 2022, the global polyurethane market, which heavily relies on polyols, highlighting the significant demand for these materials. The construction industry's expansion, particularly in developing countries, fuels the demand for rigid polyurethane foams used in insulation, further boosting the Polyols Market.

The growing automotive industry, especially in emerging economies, contributes significantly to market growth as polyols are used in car seats, headrests, and other interior components. Technological advancements in bio-based polyols, driven by sustainability concerns, are opening new opportunities in the market. However, volatility in raw material prices, particularly propylene oxide, and environmental regulations regarding the use of certain chemicals in polyol production may pose challenges to market growth. The Asia Pacific region held the major market share in 2023 and is expected to dominate the global Polyols Market in the forecasted years. This dominance is driven by rapid industrialization and urbanization in countries like China and India, coupled with significant growth in end-use industries.

Polyols Market Key Developments:

In 2022, BASF SE introduced a new polyether polyol, Sovermol® 1102, designed for use in cast elastomer applications. This product aims to:

  • Improve the performance of polyurethane systems
  • Offer enhanced hydrolysis resistance
  • Provide a more sustainable option with its partly bio-based content

In January 2023, Covestro AG announced the successful start-up of a new world-scale plant for polyether polyols in Brunsbüttel, Germany. This development:

  • Increases the company's annual production capacity by 400,000 metric tons
  • Strengthens Covestro's position in the European polyols market
  • Supports the growing demand for energy-efficient insulation materials

Polyols Market Summary

Study Period

2024-2030

Base Year

2023

CAGR

5.7%

Largest Market

Asia-Pacific

Fastest Growing Market

Latin America
Polyols Market Dynamics

The increasing awareness and implementation of energy-efficient building practices drive the demand for polyurethane insulation materials, subsequently boosting the Polyols Market. The automotive industry's shift towards lightweight materials for improved fuel efficiency also contributes to market growth, as polyols are essential in manufacturing various automotive components. The electronics industry is emerging as a growing end-use sector for polyols, particularly in the production of flexible and rigid foams for packaging and insulation of electronic devices. However, the market faces challenges from fluctuating raw material prices, particularly propylene oxide, which is a key ingredient in polyol production. The price volatility of crude oil, a primary feedstock for many polyol precursors, adds to the uncertainty in production costs. Environmental concerns and regulations regarding the use of certain chemicals in polyol production are pushing manufacturers to develop more sustainable and bio-based alternatives, creating both challenges and opportunities in the market. The COVID-19 pandemic had a temporary negative impact on the Polyols Market in 2020 due to disruptions in supply chains and reduced demand from end-use industries. However, the market has shown resilience and is expected to recover fully, driven by the resumption of construction activities and the automotive industry's rebound.

Polyols Market Segmentation

By Type
  • Polyether polyols
  • Polyester polyols
By Application
  • Flexible Polyurethane Foam
  • Rigid Polyurethane Foam
  • CASE
By End User Industry
  • Carpet backing
  • Packaging
  • Furniture
  • Automotive
  • Building & Construction
  • Footwear
  • Electronics
  • Others
By Geography
  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • MEA

Frequently Asked Questions

Polyols Market was valued at USD 23,278.1 million in 2023 and is expected to grow at a CAGR of 5.7% from 2024 to 2030.

The polyols market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.

The polyols market key players are: BASF SE, Covestro AG, Royal Dutch Shell Plc, The Dow Chemical Company, Mitsui Chemicals

Historic years considered for the market study are 2019-2022, 2023 is considered as the base year for market estimation, and Seven years forecast is presented from 2024 – 2030.

Key Features of the Reports

  • The polyols market report provides granular level information about the market size, regional market share, historic market (2019 to 2023) and forecast (2024 to 2030)
  • The report covers in-detail insights about the competitors overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments and startups details that are actively working in the market
  • The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
  • The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porters Five Force Analysis in addition to recent technology advancements and innovations in the market
  1. 1.Executive Summary
    2.Global Polyols Market Introduction 
    2.1.Global Polyols Market  - Taxonomy
    2.2.Global Polyols Market  - Definitions
    2.2.1.Type 
    2.2.2.Application
    2.2.3.End User Industry
    2.2.4.Region
    3.Global Polyols Market Dynamics
    3.1. Drivers
    3.2. Restraints
    3.3. Opportunities/Unmet Needs of the Market
    3.4. Trends
    3.5. Product Landscape
    3.6. New Product Launches
    3.7. Impact of COVID 19 on Market
    4.Global Polyols Market Analysis, 2019 - 2023 and Forecast 2024 - 2030
    4.1.  Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
    4.2.  Year-Over-Year (Y-o-Y) Growth Analysis (%) 
    4.3.  Market Opportunity Analysis 
    5.Global Polyols Market  By Type , 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
    5.1. Polyether polyols
    5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
    5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
    5.1.3. Market Opportunity Analysis 
    5.2. Polyester polyols
    5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
    5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
    5.2.3. Market Opportunity Analysis 
    6.Global Polyols Market  By Application, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
    6.1. Flexible Polyurethane Foam
    6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
    6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
    6.1.3. Market Opportunity Analysis 
    6.2. Rigid Polyurethane Foam
    6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
    6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
    6.2.3. Market Opportunity Analysis 
    6.3. CASE
    6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
    6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
    6.3.3. Market Opportunity Analysis 
    7.Global Polyols Market  By End User Industry, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
    7.1. Carpet backing
    7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
    7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
    7.1.3. Market Opportunity Analysis 
    7.2. Packaging
    7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
    7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
    7.2.3. Market Opportunity Analysis 
    7.3. Furniture
    7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
    7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
    7.3.3. Market Opportunity Analysis 
    7.4. Automotive
    7.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
    7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
    7.4.3. Market Opportunity Analysis 
    7.5. Building & Construction
    7.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
    7.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
    7.5.3. Market Opportunity Analysis 
    7.6. Footwear
    7.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
    7.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
    7.6.3. Market Opportunity Analysis 
    7.7. Electronics
    7.7.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
    7.7.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
    7.7.3. Market Opportunity Analysis 
    7.8. Others
    7.8.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
    7.8.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
    7.8.3. Market Opportunity Analysis 
    8.Global Polyols Market  By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
    8.1. North America
    8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
    8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
    8.1.3. Market Opportunity Analysis 
    8.2. Europe
    8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
    8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
    8.2.3. Market Opportunity Analysis 
    8.3. Asia Pacific (APAC)
    8.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
    8.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
    8.3.3. Market Opportunity Analysis 
    8.4. Middle East and Africa (MEA)
    8.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
    8.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
    8.4.3. Market Opportunity Analysis 
    8.5. Latin America
    8.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
    8.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
    8.5.3. Market Opportunity Analysis 
    9.North America Polyols Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
    9.1. Type  Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
    9.1.1.Polyether polyols
    9.1.2.Polyester polyols
    9.2.  Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
    9.2.1.Flexible Polyurethane Foam
    9.2.2.Rigid Polyurethane Foam
    9.2.3.CASE
    9.3.  End User Industry Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
    9.3.1.Carpet backing
    9.3.2.Packaging
    9.3.3.Furniture
    9.3.4.Automotive
    9.3.5.Building & Construction
    9.3.6.Footwear
    9.3.7.Electronics
    9.3.8.Others
    9.4.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
    9.4.1.United States of America (USA)
    9.4.2.Canada
    10.Europe Polyols Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
    10.1. Type  Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
    10.1.1.Polyether polyols
    10.1.2.Polyester polyols
    10.2.  Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
    10.2.1.Flexible Polyurethane Foam
    10.2.2.Rigid Polyurethane Foam
    10.2.3.CASE
    10.3.  End User Industry Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
    10.3.1.Carpet backing
    10.3.2.Packaging
    10.3.3.Furniture
    10.3.4.Automotive
    10.3.5.Building & Construction
    10.3.6.Footwear
    10.3.7.Electronics
    10.3.8.Others
    10.4.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
    10.4.1.Germany
    10.4.2.France
    10.4.3.Italy
    10.4.4.United Kingdom (UK)
    10.4.5.Spain
    11.Asia Pacific (APAC) Polyols Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
    11.1. Type  Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
    11.1.1.Polyether polyols
    11.1.2.Polyester polyols
    11.2.  Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
    11.2.1.Flexible Polyurethane Foam
    11.2.2.Rigid Polyurethane Foam
    11.2.3.CASE
    11.3.  End User Industry Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
    11.3.1.Carpet backing
    11.3.2.Packaging
    11.3.3.Furniture
    11.3.4.Automotive
    11.3.5.Building & Construction
    11.3.6.Footwear
    11.3.7.Electronics
    11.3.8.Others
    11.4.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
    11.4.1.China
    11.4.2.India
    11.4.3.Australia and New Zealand (ANZ)
    11.4.4.Japan
    11.4.5.Rest of APAC
    12.Middle East and Africa (MEA) Polyols Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
    12.1. Type  Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
    12.1.1.Polyether polyols
    12.1.2.Polyester polyols
    12.2.  Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
    12.2.1.Flexible Polyurethane Foam
    12.2.2.Rigid Polyurethane Foam
    12.2.3.CASE
    12.3.  End User Industry Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
    12.3.1.Carpet backing
    12.3.2.Packaging
    12.3.3.Furniture
    12.3.4.Automotive
    12.3.5.Building & Construction
    12.3.6.Footwear
    12.3.7.Electronics
    12.3.8.Others
    12.4.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
    12.4.1.GCC Countries
    12.4.2.South Africa
    12.4.3.Rest of MEA
    13.Latin America Polyols Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
    13.1. Type  Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
    13.1.1.Polyether polyols
    13.1.2.Polyester polyols
    13.2.  Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
    13.2.1.Flexible Polyurethane Foam
    13.2.2.Rigid Polyurethane Foam
    13.2.3.CASE
    13.3.  End User Industry Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
    13.3.1.Carpet backing
    13.3.2.Packaging
    13.3.3.Furniture
    13.3.4.Automotive
    13.3.5.Building & Construction
    13.3.6.Footwear
    13.3.7.Electronics
    13.3.8.Others
    13.4.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
    13.4.1.Brazil
    13.4.2.Mexico
    13.4.3.Rest of LA
    14. Competition Landscape
    14.1.  Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) 
    14.2.1.BASF SE
    14.2.2.Covestro AG
    14.2.3.Royal Dutch Shell Plc
    14.2.4.The Dow Chemical Company
    14.2.5.Mitsui Chemicals
    14.2.6.Wanhua Chemicals Group
    14.2.7.LANXESS AG
    14.2.8.Huntsman Corporation
    14.2.9.Stepan Company
    14.2.10.Repsol SA
    15. Research Methodology 
    16. Appendix and Abbreviations 
  • BASF SE
  • Covestro AG
  • Royal Dutch Shell Plc
  • The Dow Chemical Company
  • Mitsui Chemicals
  • Wanhua Chemicals Group
  • LANXESS AG
  • Huntsman Corporation
  • Stepan Company
  • Repsol SA

Adjacent Markets

Polyester Filament Market
North America Perfluoropolyether Market
Thermoplastic Polyesters Market
Global Flexible Workspace Market
Global Aerospace Foams Market
Global Automotive Foams Market