LONDON--(BUSINESS WIRE)--The global polyester polyol market size is expected to grow by USD 2.24 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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PU foam is extensively used in several end-user industry verticals, such as automotive, construction, and paints and coatings. PU foams are widely used in the production of automotive components such as wiper cowls, side skirts, bumpers, roll pans, and also interior components of cars including seats, armrests, headrests, dashboards, roof liners, and instrumental panels. PU foams are also used in the construction industry to form a layer of insulation, and it provides weatherproof sealants as well as helps cover irregular shapes. As polyester polyol is one of the key ingredients used to manufacture PU foams, the surging demand for PU foams from the automotive and construction industry will fuel the growth of the polyester polyol market.
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As per Technavio, the innovations in polyurethane (PU) will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Polyester Polyol Market: Innovations In Polyurethane (PU)
Research organizations and other companies are constantly developing new forms of PU foams, including photo cross-linkable PU, to cater to the high demand for PU foams in several applications. Some innovations in PU include the patent issued by KURARAY through its investors for highly durable polyester polyols. The patent states that PU can be used in paints, adhesives, coatings, elastomers, artificial/synthetic leather, foams, and resins cured by activation energy rays. Therefore, innovations in PU will drive the demand for polyester polyols during the forecast period.
“Other factors such as the superior properties of polyester polyols, and the rising demand for polyester polyol in China will have a significant impact on the growth of the polyester polyol market value during the forecast period,” says a senior analyst at Technavio.
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Polyester Polyol Market: Segmentation Analysis
This market research report segments the polyester polyol market by type (aliphatic polyester polyol and aromatic polyester polyol) and geography (APAC, Europe, North America, MEA, and South America).
The APAC region led the polyester polyol market share in 2019, followed by Europe, North America, MEA, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the increase in the number of residential, non-residential, and public infrastructure projects, especially in India, China, Malaysia, and other developing countries.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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