Press release
Polyols and Polyurethane Market :Demand from Developing Industries to Boost Global Market 2023
The global market for polyols will rise at a healthy CAGR of 4.7% during the forecast period of 2015 to 2023. Its valuation in revenue was calculated to be US$ 16.67 bn in 2015 and is expected to reach US$ 25.29 bn by 2023. Whereas, the global market for polyurethane is expected to rise at a CAGR of 5.9% by 2023 and is estimated to reach a value of US$ 80.76 bn.
According to the product segmentation of polyols, polyether polyols is dominating the market in terms of volume. According to the product segmentation of polyurethane market, the flexible foam is dominating the market compared to other product types.
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Geographically, Asia Pacific holds the major shares of polyols and polyurethane among all other regions. In 2014, it held 35% of share in the global market. Many companies are rushing to establish capacities in Asia Pacific.
Demand from Developing Industries to Boost Global Polyols and Polyurethane Market
The increase demand in construction industries, furniture and interiors, and flourishing automotive is likely to boost the polyols and polyurethane market in the forecast period. Rise in demand for furniture in developing regions due to significant rise in construction to improve economy will boost the market remarkably in the coming years. The manufacturers are engaging in providing their consumers quality products so as to increase the demand in the market and to retain them. The qualities of polyurethane such as resistance to hot and cold conditions, weather changes, oil and solvents, wear and tear, and abrasion is likely increase its demand in the market. The multiple uses of polyols and polyurethane by various end users will also increase its demand globally. The primary reason for demand of polyols and polyurethane is its usage in automotive, construction, furniture, and interior industries globally. Strong growth of construction industries is the major reason for growth in the market. These factors are anticipated to boost the polyols and polyurethane market globally during the forecast period.
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