Polyhydric alcohol also known as polyol. Comprising the polyol group sugar alcohols are the naturally occurring and derived from plant products such as fruits. They are used in several food and beverages for additional sweetness. They are very well known for offering low calories and hence has gotten the importance because of the growing sales of products with lower calories. Polyhydric alcohol products such as polyether polyol and ethylene oxide polymerization has broad applications range in several industries like automotive industry, construction industry, textile , resin and fiber industries and many more other industries. The global demand for polyhydric alcohols is substantially increasing considering the growth of the application industries.
The global key manufacturing players of polyhydric alcohol are developing new technologies for production of polyhydric alcohols from natural sources. Government regulations for environmental safety and concerns over petroleum based products are forcing the producers to come up with new techniques to satisfy the global demand for polyhydric alcohol. The key players in the polyhydric alcohol market for sugar alcohols are A & Z Food Additives Co., Ltd.(China), Atlantic Chemicals Trading(Germany), Cargill, Inc. (US), Roquette Freres (France), Sanxinyuan Food Industry Corporation Limited (China) and others. The key players in polyhydric alcohol (polyol) market are BASF SE (Germany), Bayer AG (Germany), Cargill Inc. (US), Dutch Shell Plc (The Netherlands), Dow Chemical Company (U.S.), Lonza group (Switzerland), and Mitsui Chemicals (Tokyo).
There are several factors that are helping to drive the overall development of the global polyhydric alcohol market. The major driver for polyhydric alcohol market is demand for low calorie food. The changing trends in consumer lifestyle and growing concern over health are the key drivers for the polyhydric alcohol market. Steadily growing economies, high consumer pool specially in food industry, rising per capita income, large base of middle class population and growing health concerns are the key market drivers with expectancy of promising CAGR in near future for polyhydric alcohol market. The major market driver for polyhydric alcohol is demand from construction, automotive and other end use industries.
In addition to this, in recent years, consumers have been preferring towards low calorie and healthy foods. In the global food industry, polyhydric alcohol works as a good replacement for natural sugars. Increasing global population as well as growing healthcare concerns are some of the key drivers of the global polyhydric alcohol market.
The global polyhydric alcohol market is segmented into five key regions based on geography. These regions are North America, Latin America, Middle East and Africa, Asia Pacific, and Europe. Of these, the global market is primarily dominated by the regional segment of Asia Pacific. The region has been steadily growing in terms of production and volume. In addition to this, higher consumer pool, particularly in the food industry, increasing per capita income, increasing base of the middle class population, increasing health concerns are the key driving factors for the regional segment of Asia Pacific. The government infrastructure projects like construction, metro etc., civil aviation projects in developing Asian countries like India and China will eventually expand the consumption market share for polyhydric alcohol in this region. Application wise Polyurethane (Flexible foam) is largest segment with highest market share followed by polyurethane (Rigid Foam) which is the fastest growing segment.
The regional segments of North America and Europe are projected to witness promising growth opportunities in the coming years of the forecast period. The regional segments are expected to create strong opportunities for polyhydric alcohol from different industries such as automotive, construction and others.