Global Graft Polyols Market: Snapshot
Steady growth witnessed in the flexible polyurethane foams market has resulted in the high demand for graft polyols. Besides enhanced load-bearing capacities, graft polyols offer numerous functional properties such as improved resilience, mechanical strength, color retention, cell opening, and solid content, a rising awareness regarding which has helped the global graft polyols market gain pace in the last few years. With the demand for comfortable and luxurious searing systems scaling higher in automotive and furniture industries, the use of flexible polyurethane foams is expected to gain pace, which is in turn likely to boost the grafts polyols market further in the coming years.
On the downside, fluctuating prices of raw materials could hinder the market’s expansion to an extent. A majority of raw materials required to produce graft polyols are obtained as derivatives of crude oil. Therefore, fluctuations in crude oil prices are likely to render raw material prices unstable, consequently emerging as a key hindrance for the global graft polyols market. However, with the rising use of natural oils such as castor oil, more lucrative avenues are expected to open for the graft polyols market in the coming years. Also the use of natural oil-based alternatives is expected to increase in cushions and mattresses, which in turn will boost the global graft polyols market in the coming years.
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Asia Pacific Emerges as Dominant Regional Market for Graft Polyols
Regionally, Asia Pacific emerged as the leading market, accounting for a share of over 45% in 2014. The rising disposable income of consumers and economic development witnessed in nations such as Japan, Singapore, China, and Malaysia has played a key role in fuelling the demand for graft polyols in Asia Pacific. In the Asia Pacific market, the consumer preference is inclining toward luxurious furniture and vehicles equipped with comfortable seating. This has in turn created the demand for flexible polyurethane foams, thus creating lucrative growth opportunities for the graft polyols market in the region.
Among the various countries exhibiting demand for graft polyols, China is at the fore in Asia Pacific. As per recent studies, growth witnessed by the graft polyols market in China is expected to be exponential as it will benefit from the nation’s tremendously expanding furniture and automotive sectors.
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Europe and North America to Continue Exhibiting Lucrative Prospects
In North America and Europe as well, the demand for graft polyols is expected to rise at a significant pace. In terms of market-share Europe, is expected to follow Asia Pacific. The rising demand for graft polyols from Germany, is expected boost the Europe market between 2015 and 2023. Besides this, opportunities exhibited for the market in Italy and the U.K., are expected to remain lucrative through the aforementioned forecast period. The rising demand for high resilient foams in cushions, protective packaging, automotive seating, and carpets across developed nations will aid the graft polyols market’s expansion in Europe.
In the coming years, the demand for graft polyols is expected to rise at a high pace in the Middle East & Africa. Industrialization witnessed in the last few years will boost the region’s graft polyols market. Meanwhile in Latin America, the demand witnessed in Brazil on account of the nation’s rapidly growing automotive sector will aid the growth of the graft polyols market.
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Some of the leading players operating in the global graft polyols market are China Petroleum & Chemical Corporation (Sinopec Limited), BASF SE, Royal Dutch Shell plc, Jilin Shenhua Group Co., Ltd., Oltchim S.A., and The Dow Chemical Company.