India Polyol market demand stood at 0.41 Million Tonnes in FY2021 and is forecast to reach 0.79 Million Tonnes by FY2030, growing at a healthy CAGR of 7.56% until FY2030. Polyol is a chemical compound having several hydroxyl groups attached to carbon atoms. There are mainly two kinds of Polyols, Polyether Polyol and Polyester Polyol, among which Polyether Polyol is the most in-demand as it is used in the manufacture of Polyurethane foams. Subsequently, increasing demand for Polyol is majorly dependent on the end-user industries for manufacturing Polyurethane foams. The total installed capacity of Polyols in India is around 150KT per annum, whereas its demand exceeds 500KT per annum. Annual production of Polyols in India is less in comparison to its increasing demand thereby, making imports, the key source for fulfilling the domestic demand for Polyol. Global manufacturers such as BASF and DOW supply high quantities of Polyol at reasonable prices in India. In order to support the import of Polyol in India, domestic manufacturers in 2016, urged the Government of India, to withdraw the anti-dumping duty on Polyol’s most demanded grade, Flexible Slab Stock Polyol as the domestic production was not enough to meet the demand.
Polyol is produced by utilizing Propylene Oxide and Ethylene Oxide. Hence, the production and availability of these two products largely affect the demand and supply of Polyol in India. The limited availability of Propylene Oxide used as a feedstock for Polyol in India is another reason for its low production.
Due to the outbreak of COVID-19 in FY2020, the world economy was disrupted. The market was affected drastically, and production and manufacturing units were shut down. Furthermore, the major market players intentionally halted the production keeping their employee’s health and wellness in mind. With imposed new regulations of the COVID-19 and proper precautions, the market is anticipated to regain its growth in the years to come. The pandemic is slowly being subsided and the effects are tried to be overcome by various methods. Once the market regains the full function of its production unit, the market is bound to show robust growth in the forecast period. Although, seeing the rising number of COVID-19 positive patients the market is anticipated to grow on the demand for vaccination process and storage in the forecast period of the market.
Polyol is further categorized into Flexible Cold Cure, Flexible Slab Stock, Rigid, and Elastomers. These grades find a variety of applications in the construction, automotive, packaging, furniture, and coating industries. Additionally, the growing preference for Polyol in roofing and footwear applications along with extensive demand as a refrigerant in refrigeration industries is expected to drive the domestic demand for Polyol during the forecast years.

Years Considered for this Report:
Historical Years: FY2015 – FY2020
Base Year: FY2021
Estimated Year: FY2022
Forecast Period: FY2023 – FY2030
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Objective of the Study:

  • The primary objective of the study was to evaluate and forecast Polyol capacity, production, demand, inventory, and demand–supply gap in India.
  • To categorize Polyol demand based on end use, grades, region, and sales channel.
  • To study trade dynamics and company share in India Polyol market.
  • To identify major customers of Polyol in India.
  • To evaluate and forecast Polyol pricing by grade in India Polyol market.
  • To identify and profile major companies operating in India Polyol market.
  • To identify major news, deals, and expansion plans in India Polyol market.

Major players operating in India Polyol market include Manali Petrochemicals, Expanded Polymer Systems Pvt. Ltd., Shakun Industries, etc. Owing to the increasing demand for Polyol in the domestic market, Bharat Petroleum is planning to enter the Polyol market with a plant capacity of 125KT by FY2023.
To extract data for India Polyol market, primary research surveys were conducted with Polyol manufacturers, suppliers, distributors, wholesalers, and end-users. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various end-user segments and projected a positive outlook for India Polyol market over the coming years.
ChemAnalyst calculated Polyol demand in India by analyzing the historical data and demand forecast was carried out considering its end users. ChemAnalyst sourced these values from industry experts and company representatives and externally validated them through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:

  • Polyol manufacturers, suppliers, distributors, and other stakeholders
  • Organizations, forums, and alliances related to Polyol distribution
  • Government bodies such as regulating authorities and policymakers
  • Market research and consulting firms

The study is useful in providing answers to several critical questions that are important for industry stakeholders, such as Polyol manufacturers, distributors, and policymakers. The report also provides useful insights about which market segments should be targeted over the coming years to strategize investments and capitalize on growth opportunities.
Report Scope:
In this report, the India Polyol market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Market, By Grade: Polyether Polyol & Polyester Polyol
Market, by End Use: Construction, Transportation, Furniture, Packaging & Others
Market, by Application: Polyurethane (PU) Foams, Flexible Foams, Bedding, Car Seat, Carpet Underlay, Furniture & Others
Market, by Sales Channel: Direct/Institutional Sales, Retail Sales, Other Channel Sales
Market, by Region: North, West, East, and South

Available Customizations:
With the given market data, ChemAnalyst offers customizations according to a company’s specific needs.