Graft Polyols Market expanding at a CAGR of 5.0% between 2015 and 2023
Transparency Market Research has published a new report titled “Graft Polyols Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2023.” According to the report, the global graft polyols market was valued at US$668.8 mn in 2014 and is anticipated to reach US$1,037.5 mn by 2023, expanding at a CAGR of 5.0% between 2015 and 2023.
Asia Pacific dominated the global graft polyols market with a share over 45% in 2014. The purchasing power parity of consumers has increased due to recent economic development in countries such as China, Japan, Singapore, and Malaysia. Consumer preference has shifted toward the need for luxurious furniture and automotive equipped with high-comfort seating system in developing countries in Asia Pacific. Thus, rising need for flexible polyurethane foams from furniture and automotive industries boosted the graft polyols market in Asia Pacific in the past few years.
In terms of country, China accounted for the largest share of the graft polyols market in Asia Pacific in 2014. This country is estimated to depict the fastest-growth rate among other countries in Asia Pacific in the next eight years. ASEAN is likely to exhibit high growth potential in the graft polyols market due to rapid growth of automotive and furniture industries in this region.
Europe and North America generated significant demand for graft polyols in the past few years. Europe accounted for the second-largest share of the graft polyols market in 2014. In terms of volume, Germany was the largest consumer of graft polyols in Europe in 2014, followed by Italy and the U.K.
Demand for high resilient foams in carpets, cushions, automotive seating, and protective packaging boosted the graft polyols market in developed countries in Europe. Germany is projected to register the fastest-growth rate in the graft polyols market in Europe during the forecast period. In terms of demand, the U.S. dominated the market for graft polyols in North America in 2014.
Middle East & Africa is likely to be the lucrative market for graft polyols in the next few years. Furniture and automotive industries are likely to witness potential growth in Middle East & Africa during the forecast period. This, in turn, is expected to drive significant demand for graft polyols. GCC held considerable share of the graft polyols market in Middle East & Africa in 2014.
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GCC and South Africa are likely to exhibit remarkable growth rate during the forecast period. Latin America is also anticipated to be another attractive market for graft polyols in the next few years. The graft polyols market in Brazil is anticipated to be the fastest-growing market in Latin America by 2023.