The annual growth rate is estimated at 5.4.

New York, United States, Dec. 4, 2023 (GLOBE NEWSWIRE) - The global polyols market is valued at USD 27.1 billion in 2022 and is expected to grow to USD 38.5 billion by 2032 at a Compound Annual Growth Rate (CAGR) of 5.4% during the forecast period.

The class of organic substances known as polyols contain both sugar and alcohol molecules. They are often referred to as sugar alcohols. They are widely used in the culinary, pharmaceutical and chemical industries and have a variety of uses. Polyols are usually made from sugars by converting some of the carbonyl groups in aldehydes or ketones into hydroxyl (OH) groups. Because of the presence of many alcohol (OH) groups in the sugar molecule created by this reduction process, they areare known as "sugar alcohols." Polyols have a sweet flavor, although they are often less sweet than sugars. They are widely used to impart sweetness without contributing to calories in sugar-reduced or sugar-free products.

The impact of COVID-19:

The pandemic disrupted supply chains due to movement restrictions and labor shortages. These problems may have affected the transportation and production of polyols and the raw materials used in their manufacture. The demand for polyols is closely linked to the food & beverage, pharmaceuticals and personal care products sectors to name a few.

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Changes in consumer behavior during the pandemic, such as decreased visits to therestaurants and increased cooking at home may have affected the demand for certain polyols used in foods. The pharmaceutical industry, also a significant consumer of polyols, was affected by the pandemic in many ways. The demand for polyols used in pharmaceutical formulations may have changed.

Polyester polyols: dominant market segment:

On the basis of product, the global polyols market is divided into polyether polyols and polyester polyols. Among these, the polyester polyols segment dominates the market with the largest market share for the forecast period. Polyurethane based products are used in various industries including construction, automotive, furniture, and electronics. Any growth inThese sectors may lead to an increase in demand for polyester polyols, an important raw material for polyurethane production. Growing environmental awareness has led to an increase in demand for eco-friendly and sustainable products. Polyester polyols, especially those produced from recycled or bio-based materials, are becoming increasingly popular as they contribute to environmental goals. As a consequence of urbanization and infrastructure development, the need for polyurethane-based building materials such as insulation foams, coatings, and adhesives will increase, which will also increase the demand for polyester polyols.