According to the market research report “Polycarbonate Diols Market by form (Solid, Liquid), Molecular Weight (g/mol) (<1000, 1000 – Below 2000, 2000 & Above), Application (Synthetic Leathers, Paints & Coatings, Adhesives & Sealants, Elastomers), and Region – Global Forecast to 2024", The global polycarbonate diols market size is expected to grow from USD 200 million in 2019 to USD 255 million by 2024 at a compound annual growth rate (CAGR) of 5.0% during the forecast period.
The primary factor driving the polycarbonate diols industry during the forecast period includes the rising demand for high performance polyurethane in the synthetic leather application. Also, rising demand for waterborne paints & coatings and stringent government regulation across the globe are providing an impetus for the growth of the market.
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Steller growth in the adoption of high-performance synthetic leather across the industry, a key to market growth
The natural leather industry has been affected by the supply of raw materials, growing environmental concern, animal protection, and changes in consumer demand. Thus, a significant shift in the market from natural towards synthetic leather is being witnessed across the globe.
The PU synthetic leather has superior Physico-chemical properties and is closer to natural leather in terms of handling, texture, and appearance. Due to the performance advantages of synthetic leather, it has replaced natural leather not only in the sectors of furniture, clothing, luggage, bags, shoes, etc., but also in automotive seat interiors, and interior decoration, among others. With the increase in the production of synthetic leather-based products and the structural upgrading of the industry, the demand for high-quality, functional polyurethane from synthetic leather manufacturers is continuously growing across the globe.
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Robust growth in demand from the synthetic leather application will drive the polycarbonate diols market
Generally, solid polycarbonate diols impart high resistance to hydrolysis, oxidation, stain, and wear in polyurethane products as compared to polyether and polyester polyols. At low temperatures, solid polycarbonate diols offer optimum performance, strength, high thermal stability, and high mechanical properties, among others. In terms of demand, solid polycarbonate diols are consumed mainly in synthetic leathers followed by paints and coatings application. The availability of a wide range of solid products with varying molecular weights and its suitability for several end-use applications helps to maintain its ascendancy over the forecast period.
APAC to be the largest market during the forecast period.
Owing to the low cost of production and lenient regulation, APAC is a lucrative market for “Global Industry Shift.” Since then, the APAC industrial sector had registered healthy growth in terms of production. This industrial sector growth helps to drive the demand for the polyurethane market, which in turn further supports the growth of the polycarbonate diols market. Significant increase of end-use industries such as synthetic leather, paints & coatings, and adhesives & sealants, among others, provide a stimulus for the growth of the polycarbonate diols market.
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The major players in this market are Ube Industries Ltd. (Japan), Mitsubishi Chemical Corporation (Japan), Asahi Kasei Corporation (Japan), Covestro Ag (Germany), Tosoh Corporation (Japan), Daicel Corporation (Japan), Perstorp Group (Sweden), Saudi Arabian Oil Co. (Saudi Arabia), GRR Fine Chem Pvt. Ltd.(India), and Chemwill Asia Co. Ltd. (China), among others.