Jun 4, 2020 12:48 AM ET
iCrowd Newswire – Jun 4, 2020
The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
Alcohols with two or more hyroxy (-OH) groups are termed as polyhydric alcohols also termed as Polyol. Comprising the polyol group sugar alcohols are naturally occurring and derived from plant products like fruits. They are used in many food and beverages for adding the sweetness. They are well known for providing low calories and thus has gained the importance owing to the increasing sales of products with low calories. Polyol (polyhydric alcohol) products such as polyether polyol(manufactured by ethoxylation of polyhydric alcohol) and polyester polyol(ethylene oxide polymerization) has wide applications range in various 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.
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The market drivers for sugar alcohol (polyhydric alcohol) are due the consumers’ trend towards healthy and low calorie food consumption habits. In the global food industry, sugar alcohol (polyhydric alcohol) acts as a good replacement for natural sugars. The global population growth and growing health concerns are the major drivers for sugar alcohol (polyhydric alcohol) market. The rising number of diabetic and obese personal are in turn rising the demand for sugar alcohol (polyhydric alcohol). The demand for polyhydric alcohol (polyol) products such as polyether polyol and polyester polyol is mainly due to construction and auto industries. Infrastructure development, growing automotive industry and growing textile, resin industries are the key market drivers for the polyol (polyhydric alcohol) based products polyether alcohol and polyester alcohol. Polyhydric alcohol has the vast areas of applications, varying from food industry, automotive industry, packaging industry and many more. The global demand for polyhydric alcohol is huge and vast because of versatile end use application industries.
The segmentation for polyhydric alcohol market is done for two categories for the sugar alcohol and for polyol products.
Sugar alcohol (Polyhydric alcohol) market is segmented based on the type, end user and region. Based on the type it is segmented into five categories sorbitol, mannitol, xylitol, glycerol and others. Based on the end use industry it is segmented into three categories food, health care and others. Region wise it is segmented into seven key geographical regions which includes North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan and Middle East & Africa. The polyol (Polyhydric alcohol) market is segmented based on product type, application type and region. Based on type it is segmented into two categories which are polyether polyol (synthesized by catalytic addition reaction of cyclic ethers or epoxides) and polyester polyol (synthesized by ethylene oxide polymerization). Based on the application type they are segmented into three categories Rigid Foam, Flexible Foam and CASE (coating, adhesive, sealant and elastomer). Region wise segmentation is done into seven key regions which are North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan and Middle East & Africa.
The major driver for sugar alcohol (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 sugar alcohol (polyhydric alcohol) market. Among the seven key regions North America has the highest market share followed by Western Europe. In Asia pacific 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 single digit CAGR in nearby future for polyhydric alcohol market. The major market driver for polyol industry (polyhydric alcohol) is demand from construction, automotive and other end use industries. Asia pacific is the leader in consumption market of polyol (polyhydroxy alcohol) and is expected to grow with double digit CAGR followed by North America and Western Europe. 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 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)
- Mitsui Chemicals (Tokyo).
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Keywords: Polyhydric Alcohol Market Analysis, Polyhydric Alcohol Market Growth, Polyhydric Alcohol Market Trends, Polyhydric Alcohol Market Insights, Polyhydric Alcohol Market Industry,Polyhydric Alcohol Market Demand, Polyhydric Alcohol Market Applications, Polyhydric Alcohol Market Applications