San Jose, California -- Worldwide economic recession had a negatively effect on the polyols market during 2008 and 2009, according to a report issued by Global Industry Analysts Inc.
The drop in polyols demand in various end-uses, including industrial food and confectionery among others, "noticeably reduced the overall market revenues," San Jose, California-based GIA said in a recent statement.
Demand dipped more noticeably in the US and Europe, GIA said, adding that the market also saw a robust rise in feedstock prices that "further niggled the manufacturers." To withstand the sharp increase in feedstock prices, several manufacturers chose to hike product prices, GIA noted.
As a result of the discouraging market conditions, several manufacturers downsized production or temporarily halted operations.
But a more normal economy now means the polyols market has favourable prospects to recover and grow, with demand driven by uses in food, confectionery and pharmaceuticals. Globally, GIA expects the polyols market to reach 4.0 billion pounds (1.8 million tonnes) by 2015.
Europe represents the largest regional market for polyols worldwide, while Asia-Pacific is the fastest growing one, with consumption projected to grow at a compounded annual rate of more than 3.0 percent over the analysis period.
Industrial applications, which are largely in polyurethanes, constitute the largest end-use segment for polyols, said GIA, with such uses considered mature in the world market.
Major players profiled in the report include Arch Chemicals Inc., BASF Group, BASF Polyurethanes GmbH, Bayer AG, Cargill Inc., Chemtura Corp., Corn Products US, Daicel Chemical Industries Ltd, Dow Chemical Co., Huntsman Corp., Nanjing Hongbaoli Co. Ltd, Perstorp AB, Roquette Freres, Shell Chemicals Ltd, SINOPEC Shanghai Gaoqiao Petrochemical Co. Ltd, and Stepan Co.
"Polyols: A Global Strategic Business Report," reviews the polyols markets, current market trends, and key growth drivers, with and profiles of major/niche global as well as regional market participants.
The 434-page report, which costs $4950, provides annual sales estimates and projections for polyols for 2007 through 2015, for the US, Canada, Japan, Europe, Asia-Pacific, Middle East, and Latin America.
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