Market Trends of Polyester Polyol Industry
This section covers the major market trends shaping the Polester Polyol Market according to our research experts:
Flexible Foam Segment Dominates the Market
- The flexible foam segment dominates the polyester polyol market due to its wide range of applications in cushioning material for furniture, automotive, footwear and textile, purse and luggage, household appliances, and packaging.
- According to the World Bank, the organized furniture business is anticipated to increase by 20% every year. A considerable portion of this increase is likely to come from Asia's fast-rising consumer markets.
- India is the world's second-largest textile producer. It is also the fifth-largest exporter of textiles, which includes apparel, home furnishings, and technical products. By 2029, the Indian textiles market is expected to be worth more than USD 209 billion, according to IBEF.
- Flexible foam is utilized in bumpers, interior "headline" ceiling parts, the automobile body, spoilers, doors, and windows and is employed as the backbone of automotive seating. Further, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), global sales of passenger cars were 56.39 million in 2021, compared to 53.91 million during 2020, which stimulate the market demand.
- Owing to all these factors, the market for Polyester Polyol is likely to grow globally during the forecast period.
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Asia Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the market. In the region, China is the largest economy, in terms of GDP. China and India are among the fastest emerging economies in the world.
- China is the largest consumer of PU as it is the largest producer of footwear and automobiles globally. China is the world's largest footwear manufacturer and exporter, dominating worldwide. China shipped 7.9 billion pairs of shoes and boots in the first eleven months of 2021.
- For instance, In Asia-Pacific, China and India are the major producers of vehicles. According to OICA, China has the largest automotive production base in the world, with a total vehicle production of 26.08 million units in 2021, registering an increase of 3% compared to 25.23 million units produced last year.
- Moreover, in India, in 2021, according to OICA, the automotive production in the country stood at 4.4 million units, registering an increase of 30% compared to 3.38 million units produced in the same period last year. The government's reforms, such as 'Aatma Nirbhar Bharat' and 'Make in India' programs are likely to boost the automotive industry in the near future.
- Due to all such factors, the market for Polyester Polyol in the region is expected to have a steady growth during the forecast period.
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