As a highly specialized product successfully developed more than a decade ago, rigid blended polyols have gradually garnered widespread attention. This article provides forecasts on the supply and demand of rigid blended polyols in China from 2024 to 2028. Furthermore, it gives an analysis on rapidly growing downstream industries, particularly the refrigeration and automobile industries.
With low industry concentration, there are hundreds of small- and medium-sized rigid blended polyols manufacturers in China. And their capacity utilization rates are low. Leading manufacturers, including Wanhua Chemical, BASF and Hongbaoli, account for about xx% of the country’s total capacity. As environmental, safety, technological and quality control requirements are becoming increasingly strict, more and more small- and medium-sized manufacturers are crowded out, leading to increased industry concentration. It is expected that China’s rigid blended polyols capacity will grow at a CAGR of xx% over the next five years and the annual output will increase at a xx% CAGR.
The global increasing requirements for energy conservation and environmental protection will push the development of rigid PU foam market. Rigid foam products have excellent thermal insulation properties, which can meet the requirement for energy conservation. As people pursue a higher quality of life, there is growing demand for applications in building insulation, waterproofing, sound insulation, and noise reduction. This will further boost the rigid foam market. However, the production cost of rigid PU foam is relatively high compared to other insulation materials, which may limit its application. Nevertheless, with technological advancements and improvements in production processes, it is possible that future reductions in production costs will enhance the competitiveness of rigid PU foam. It is projected that the rigid foam products demand in China will grow at a CAGR of xx% over the next five years, according to a forecast by PUdaily.
In the coming years, Chinese refrigerator industry is projected to continue the trend of structural upgrades. Refrigerators with high freezer space and high volume rate, and ultra-slim refrigerators will be trending product categories. Large freezer represents the development trend in the segmented category of freezers. In terms of insulation materials, multi-gun back injection and vacuum insulation panels (VIP) technologies have been applied by manufacturers such as Haier, Hisense, and Midea, which has had an impact on reducing the consumption of PU foam materials. Overall, structural upgrades and insulation technologies will have varying impacts on the average consumption of polyurethane in the Chinese refrigerator industry.
In terms of market size, it is anticipated that Chinese refrigerator and freezer markets will maintain slow growth over the next five years, with a CAGR of xx% and xx%, respectively. The faster growth in freezer market is primarily due to the diverse segmented categories of freezers, such as food display freezers, medical freezers, ice cream freezers, and wine coolers, which have broader application scenarios. In summary, it is expected that the consumption of polyether polyols in Chinese refrigerator and freezer industries will be driven steadily.
China’s Automobile Industry Maintains Steady Growth and Auto Sales Growth Rate will Largely Depend on Export Growth Rate: The automobile industry is a pillar industry of China’s economy development, with broad market prospects. China’s automobile market is predicted to grow by around xx% year-on-year in 2024, according to mainstream views.
Wang Qing, deputy director of the Institute of Market Economy of the Development Research Center of the State Council, believes that China’s automobile sales growth rate will largely depend on the export growth rate. Based on the current export situation, it is predicted that the growth rate in automobile sales will remain at xx%-xx% in 2024. Mr. Wang stated that China’s automobile market has not yet reached the potential size. Potential sales will slowly be unleashed as consumer demand gradually recovers and economic growth stabilizes. This is an important support for sustaining growth in the Chinese automobile market.
Passenger Cars will Account for the Largest Market Share in China, and NEV Sales are Expected to Mark Significant Increase: Analysis from China Automotive Technology & Research Center (CATARC) suggests that in 2024, the moderate recovery of the macro economy and consumer confidence will modestly boost automobile sales. China’s auto sales will reach xx million units in 2024, a xx% increase from the previous year. Among these, considering the continued trend of price cuts, accelerated demand for car replacement, and new product-driven demand, passenger car sales are estimated to be around xx million units, a xx% year-on-year increase, accounting for the largest market share; NEV sales are expected to reach xx million units, marking a significant increase of xx% from the previous year.
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