Companies in the market are becoming more aware of government provisions for small businesses to stay financially afloat during the coronavirus outbreak. Established businesses are implementing financial, debt, and contingency planning to anticipate future uncertainties that may disrupt business operations.
On the basis of form, the market is bifurcated into liquid and solid. On the basis of application, the market is segmented into synthetic leather, paints & coatings, adhesives & sealants, elastomers, and others. Geographically, the market is classified into North America, Europe, Asia Pacific, Latin America, Middle East & Africa.
The global Polycarbonate Diols market size is set to gain traction due to the rising demand for polycarbonate in synthetic leather, paints, and coatings. has presented this information in its report titled “Polycarbonate Diols Market, 2022-2029”. Polycarbonate Diol (PCD) is a chemical polyol material with two ends that vary in a number of functional OH molecular and molecular weight groups from hundreds to thousands.
The report covers the major segments of the Polycarbonate Diols market. The report consists of details like the growth and restraining factors of the industry, cumulative COVID-19 impact, challenges & opportunities, and strategies adopted by several market players to expand their existence.
Increasing Demand for PCD to Drive Market Expansion
The rising demand for Polycarbonate Diols from synthetic leather and paints and coatings applications will drive market expansion. PCD is an excellent choice in the paints and coatings industry due to properties such as UV and chemical resistance and outdoor weather ability. The product is used to soften and stretch polyurethane leather finishes in the synthetic leather application. The rising demand for paints and coatings in the construction industry and the increasing use of leather in manufacturing bags, clothes, and belts will drive product consumption. As a result, the market is expected to grow during the forecast period.
The high cost of Polycarbonate Diols in comparison to conventional polyols, on the other hand, is affecting overall demand. As a result, the Polycarbonate Diols market growth is expected to suffer.
Asia Pacific to Grow at a Faster Pace
The Asia Pacific Polycarbonate Diols market share is expected to grow the fastest. The increase can be attributed to rising product adoption in the paints and coatings industry.
The growing use of synthetic leather will drive market growth in Europe. The U.S. and Canada are the two largest contributors in North America.
The increase is due to increased product demand from adhesive and sealant applications. The Middle East and Africa are expected to see significant growth due to rising product utilization in elastomer applications.
Market Players to Adopt Several Growth Strategies
Key market players in the industry adopt strategies like mergers and acquisitions, collaborations, and new product launches to retain their market position.
July 2021: Researchers use a CeO2 catalyst to develop an efficient catalytic process for directly synthesizing polycarbonate diols without dehydrating agents. CO2 is blown at atmospheric pressure to evaporate excess water by-products in the high yield, high selective process, allowing for a catalytic process that can be used with any substrate with a boiling point higher than water.