Polyols Market Overview
The polyols market is projected to register a CAGR of 6.3% during the forecast period, up from US$ 25.5 Bn in 2020 to reach a valuation of US$ 35.5 Bn by 2026.
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Sales of polyols are expected to rise as low-income households now have a high demand for energy-efficient insulation. In addition to this, demand for polyols is rising on account of the growing support from the government.
Rising demand for bio-based polyols and flexible polyurethane foam is also projected to contribute to the growth of the polyols market share.
Some of the critical polyols market trends promoting the demand for polyols include a rising polyurethane foam usage in the construction and automotive industries, which will be a prominent factor in boosting worldwide polyol demand.
Another factor driving the polyols market is the rise in refrigerator and freezer production in APAC. Due to its restricted structure, lightweightedness, and cost-effectiveness, polyol-based rigid foam is widely utilized in home and commercial freezers.
Polyurethane polyols are made from significant intermediary chemicals or raw materials such as propylene oxide, ethylene oxide, adipic acid, and carboxylic acid. Most of these essential materials are petroleum-based derivatives susceptible to commodity price volatility. Supply constraints for ethylene oxide and propylene oxide arose from crude oil price volatility.
As polyols’ primary raw materials are produced from crude oil, any price increase will diminish polyols producers’ margins, potentially leading to a price increase. As a result, the polyols industry faces a substantial hurdle in raw material price instability.
What are the Key Drivers to the Polyols Market Share?
Polyols are sugar-free sweeteners, which are used in the same amount as sugar is used in food and beverage products. The chemical structure of polyols is partially sugar and alcohol thus, called sugar alcohols. Different polyols available for use in food and beverage products include erythritol, sorbitol, maltitol, isomalt and others.
Owing to the demand for low-calorie food and beverage products among consumers to overcome obesity, weight management, and type-2 diabetes, the sales of polyols are predicted to witness significant growth in the next five to six years.
Also, benefits such as non-cariogenic nature, low insulin level for metabolism, less energy utilization, and others have led manufacturers’ adoption towards polyols as a replacement with sugar in food and beverage products are the factors leading to the demand for polyols.
Consumer inclination towards low-calorie food, growing health concerns, and changing consumer lifestyle are key factors propelling the global demand for polyols.
Application of polyols as blends in food and beverage products, resulting in improved taste and stability, is predicted to increase usage of polyols in food products. In addition, blending polyols offer flexibility to food manufacturers to take each sweetener’s taste in the food product.
In addition, increasing obesity levels and diabetes concerns among the population are anticipated to drive the demand for low-calorie food products, resulting in a significant contribution of these products among consumers and improved sales of polyols.
Moreover, increasing awareness among manufacturers of processed food products regarding the benefits of polyols such as suspension, thickness, and stabilization offered by xantham gum is predicted to increase uptake of polyols in food and beverage products.
Although raw material availability in developing regions is restraining market growth, strategic alliances among players in the global polyols market are expected to increase the sales of polyols in the near future. There are numerous benefits associated with applying polyols in food and beverage products. Regulatory approvals are a significant factor hampering the complete use of all polyols in food and beverage products.
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Which Region holds the Highest Growth Potential in the Polyols Market?
The global polyols market is segmented into North America, Latin America, Western Europe, Eastern Europe, the Asia Pacific excluding Japan, Japan and the Middle East and Africa to cater to the rising demand for polyols.
Currently, North America dominates the market in terms of sales of polyols. However, the Asia Pacific, excluding Japan and South America, is expected to record high growth compared to the other regions due to the strong demand for polyols in the region.
This is attributed to increasing health concerns among consumers changing lifestyles, particularly in countries such as India, China, and Brazil. There is an anticipation for increasing the sales of polyols in the near future.
How is the Competitive Landscape in the Polyols Market?
Some prominent players operating in the global polyols market include Ecogreen Oleochemicals Gmbh, Archer Daniels Midland, Mitsubishi- Kagaku Foods, Jungbunzlauer Suisse AG, American International Foods and Cargill Inc., among others. The rising demand for polyols has led to increased competition in this industry.
BASF SE partnered with Azelis Americas, LLC (US) in April 2019 to distribute its polyurethane products in the United States and Canada. This partnership will assist the company in expanding its distribution channels in these two countries and improve the sales of polyols.
| Key companies profiled | Ecogreen Oleochemicals Gmbh, Archer Daniels Midland, Mitsubishi- Kagaku Foods, Jungbunzlauer Suisse AG, American International Foods and Cargill Inc. |
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