Recently, the growth of the global graft polyols market has been defined by the steady rise in demand for flexible polyurethane foams. Besides the improved load bearing capabilities, graft polyols provide several other functional properties such as solid content, cell opening, color retention, mechanical strength, and improved resilience. In recent years, growing awareness about these wide range of benefits has thus helped in pushing the overall growth of the global frat polyols market. With the growing demand for luxurious and comfortable seating systems in the global furniture and automotive industries, the usage of flexible polyurethane foams has been on the rise. This in turn has helped in further improving the overall dynamics of the global graft polyols market.
According to the research report published by Transparency Market Research, the global graft polyols market stood at valuation worth US$668.4 mn back in the year 2014. With a projected CAGR of 5.0% over the course of the assessment period of 2015 to 2023, the graft polyols market is then expected to reach a new valuation worth US$1,037.5 mn by 2023-end.
Growing Economic Stability to Pave Way for More Market Demand
There are several factors that are helping to shape the overall development of the global graft polyols market. One of the biggest driving factor for the market growth has been the increasing demand for these polyols from the prominent end-use industries such as furniture and automotive. As the economic conditions of masses across the globe strengthen, they are more inclined towards buying more premium and luxurious products. This has helped in pushing up the demand for flexible polyurethane foams, and thus ultimately the growth of the global market.
There are however, some factors that may impede the growth of the market in coming years and may stop it from reaching its full potential. One of the key restraining factors for market growth has been constant fluctuations in the prices of raw materials. A large amount of raw materials needed for the production of graft polyols are derived from crude oil. Thus, fluctuations in the prices of crude oil are thus projected to create some hindrances in the development of the global market. However, with an increasing use of natural oils such as castor, increasing number of lucrative avenues are projected to open up for the development of the global graft polyols market in the near future. Moreover, the use of alternatives based on natural oil are projected to increase in production of mattresses and cushions. This is ultimately expected to help the development of the global market.
Asia Pacific to Show Maximum Growth Potential
In terms of regional segmentation, there are five key regions of the global graft polyols market. These regions are North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Of these, the regional segment of Asia Pacific is projected to dominate the global market in the coming years of the forecast period. The region accounted for a share of around 45% in the year 2014. With constant economic development and increasing disposable income of the end-users in nations such as China, India, and Japan, the region is expected to present good growth opportunities for the development of graft polyols market. An emerging trend that has been observed in the Asia Pacific market is of increasing preference towards luxurious and premium comfortable seating in vehicles. This has also worked in favor of developing a strong market for graft polyols in Asia Pacific.
The regional segments of Europe and North America are also expected to offer promising avenues for growth of their respective graft polyols market. The Middle East and Africa region is also expected to provide huge development opportunities in the coming years of the forecast period.
The competition in the global graft polyols market is quite intense as there are several notable brands operating to reach to the top spot. Some of the key players in the global market are The Dow Chemical Company, Oltchim SA, Jilin Shenhua Group, and Royal Dutch Shell Plc. among others.
Graft polyols are a stable colloidal dispersion of styrene acrylonitrile polymer particles in polyether polyols. These are widely used in the manufacture of flexible polyurethane foams. Graft polyols improve the load-bearing properties of flexible foam by modifying the viscosity and density. They also impart high resilience in polyurethane foams. Polyurethane foams formulated from graft polyols are extensively used in carpets, cushions, mattresses, furniture, automotive seating, and protective packaging. Hence, graft polyols are employed in numerous end-user industries such as furniture, automotive, packaging, and others. Asia Pacific held the largest share of the graft polyols market in terms of demand, followed by Europe and North America in the past few years. Asia Pacific is expected to dominate the global graft polyols market during the forecast period.
The report estimates and forecasts the graft polyols market on the global, regional, and country level. The study provides forecast from 2015 to 2023 based on volume (kilo tons) and revenue (US$ Mn). The report comprises an exhaustive analysis of the value chain, which provides a comprehensive view of the market. Value chain analysis also offers detailed information about value addition at each stage. The study includes drivers and restraints for the graft polyols market along with their impact on demand during the forecast period. The report analyzes opportunities in the graft polyols market on the global and regional level. Drivers, restraints, and opportunities mentioned in the report are justified through quantitative and qualitative data. These have been verified through primary and secondary resources.
The report includes Porter’s Five Forces Model to analyze the degree of competition in the graft polyols market. The report comprises a qualitative write-up on market attractiveness analysis, wherein countries have been analyzed based on attractiveness. Growth rate, market size, raw material availability, profit margin, impact strength, technology, competition, and other factors (such as environmental and legal) have been evaluated in order to derive the general attractiveness of the market. The report includes price trend analysis for raw materials and graft polyols from 2014 to 2023.
The study provides a comprehensive view of the graft polyols market by dividing it into regional segments such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). Regional segments have been further analyzed on country level. Key countries such as the U.S., Germany, Italy, the U.K., France, Spain, China, Brazil, and South Africa have been included in the study. The market has been estimated from 2015 to 2023 in terms of volume (kilo tons) and revenue (US$ Mn).
The report covers detailed competitive outlook that includes market share and profiles of key players operating in the global market. Key players profiled in the report include BASF SE, Oltchim S.A., The Dow Chemical Company, and China Petroleum & Chemical Corporation (Sinopec Limited). Company profiles include attributes such as company overview, number of employees, brand overview, key competitors, business overview, business strategies, recent/key developments, acquisitions, and financial overview.
Secondary research sources that were typically referred to include, but were not limited to company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings. Other sources such as internal and external proprietary databases, statistical databases and market reports, news articles, national government documents, and webcasts specific to companies operating in the market have also been referred for the report.
In-depth interviews and discussions with a wide range of key opinion leaders and industry participants were conducted to compile this research report. Primary research represents the bulk of research efforts supplemented by extensive secondary research. Key players’ product literature, annual reports, press releases, and relevant documents were reviewed for competitive analysis and market understanding. This helped in validating and strengthening secondary research findings. Primary research further helped in developing the analysis team’s expertise and market understanding.
This report segments the global graft polyols market as follows:
Graft Polyols Market – Regional Analysis
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa