The global polycarbonate diols market was valued over USD 200 Mn in 2020 and is expected to reach USD 400 Mn by 2031, expanding at a CAGR of 5% during the forecast period of 2021 to 2031. Polycarbonate diols are resistant to oxidation, wear, and stains; they also provide resistance to hydrolysis in polyurethane products as compared to polyester polyols and polyether.
COVID-19 Impact on the Market
The shutdown in various countries across the globe due to the COVID-19 pandemic has prohibited the import of various components, including raw materials required in the production of
polycarbonate diols. This is hampering the activities of various industries. However, increase in the demand for synthetic leather during the pandemic is boosting the demand for
polycarbonate diols. The COVID-19 outbreak has led to several challenges for synthetic leather and paints & coatings industries. Governments of countries in Europe are preparing for a broader spread of the virus. Germany and Italy are some of the significantly affected countries among the industrialized economies.
The global synthetic leather industry was valued at US$ 31.4 Bn in 2020. Synthetic leather is a petroleum-based leather, which can be used as an alternative to genuine leather. Synthetic leather is soft and water resistant; hence, it can be used repeatedly simply by cleaning it. It is fire resistant and stain resistant. Synthetic leather is resistant to abrasions and cuts. Therefore, synthetic leather products are more durable. Synthetic leather is primarily employed in various end-use industries such as automotive, footwear, furnishing, clothing, purses, bags, and wallets.
The rise in the usage of
polycarbonate diols in elastomers is expected to boost the global
polycarbonate diols market during the forecast period. Elastomers are used as seals and adhesives, and molded parts. They are employed in several applications such as manufacture of vehicles, chemical process, food production, and scientific products.
Elastomers are used to manufacture tires and tubes of motorcycles, bicycles, recreational vehicles, lawn mowers, and other yard work vehicles. They are employed in the manufacture of hoses, belts, gloves, toy balloons, adhesives, and rubber bands.
Polycarbonate diols are premium polyester polyols.
Polycarbonate diols provide impact resistance, hardness, enhanced hydrolytic stability, and chemical resistance as compared to that offered by standard polyester polyols.
Rise in Health, Environmental Concerns
The high cost associated with
polycarbonate diols vis-à-vis conventional polyols is projected to hamper the
polycarbonate diols market during the forecast period. The primary trend followed in the
polycarbonate diols market is government regulations related to eco-friendly chemicals. These factors are hampering the
polycarbonate diols market.
Source: TMR