Global Polyurethane Market is valued at USD 73.84 Billion in 2022 and is projected to reach a value of USD 101.04 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 4.00% over the forecast period.
Polyurethane is commonly used to create gaskets, elastomers, high-performance adhesives, surface coatings, and synthetic fibers. Coatings made from Polyurethane (PU) protect the substrate against the effects of the elements, corrosion, and wear and tear. These coatings provide excellent adhesion to the base material. The global market growth will be spurred by rising demand for PU coatings in the home furnishings, construction, and automotive sectors.
Additionally, the rising need for insulation in buildings as a result of growing awareness of environmental issues is expected to boost the demand for Polyurethane over the forecast period. Sustainability in building developments is a wide field with numerous measures to be taken in the pre-construction stages due to the potentially enormous environmental impact of building developments.
Polyurethane Market Size, 2022 To 2030 (USD Billion)
Furthermore, the increased need for lightweight and long-lasting materials from the automotive, packaging, furniture, footwear, and other end-use sectors is expected to drive the growth of the Polyurethane Market during the forecast period. Additionally, the growing demand for high-performance interior components fuels the expansion of the Polyurethane industry.
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However, the sales of products are affected by changes in raw material prices and the economic crisis in emerging nations, which restrains the expansion of the Polyurethane Market. Furthermore, the demand for Polyurethane is projected to be constrained by factors including low weather resistance, limited thermal capacity, flammability, etc. On the other hand, the leading players in the Polyurethane Market are projected to see growth prospects due to the adoption of bio-based Polyurethane over the forecast period.
Top Market Trends
· Due to rising building insulation demand brought on by environmental concerns, Polyurethane demand is rising during the anticipated period.
· In 2021, the rigid foams segment held the largest market share of 51%.
· In 2021, the construction segment dominated the market share by more than 25%.
· Key businesses and several small and medium-sized regional and national firms operating in different regions have fragmented the worldwide market.
The Polyurethane Market is segmented based on Application, Product Type, and Region. Based on the Product, the market is further segmented into Rigid Foam, Flexible Foam, Coatings, Adhesives & Sealants and Elastomers (CASE), Thermoplastic Polyurethane, and Others. Furthermore, based on the Applications, the market is further divided into Construction, Furniture, Automotive, Electronics appliances, Footwear, Packaging, and Others.
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Based on Product:
The Rigid Foams Category Dominated the Market in 2021
The Rigid Foam segment held the largest share in the market during the forecast period. Foams made of rigid Polyurethane are high-performance closed-cell polymers. They are used widely in end-use sectors like processing, shipping, and workplace acoustic insulation & electronics. Due to these foams being physically stable, it is simpler for producers to design products that provide thermal insulation. Additionally, stiff foams are thermally resistant, soundproof, and have superior mechanical strength. These cell architecture characteristics make them suited to hostile locations and inclement weather. Rigid foams are well suited for severe weather conditions because they have sound-insulating qualities, good mechanical strength, and heat resistance.
Moreover, the Flexible Foam category contributed significantly to market expansion. The cellular structure of Flexible Polyurethane Foam allows for some compression and resilience, creating a cushioning effect. This characteristic makes it a preferred material for furniture, sporting goods, packaging, shoes, bedding, automotive seating, and carpet cushions. It also serves a useful use in filtering and soundproofing.
Based on Applications:
The Construction Category Dominated the Market in 2021
The Construction category dominated the market during the forecast period due to the many advantageous properties of Polyurethane foam, such as its great thermal insulating material, portability, oxidation resistance, and resistance to pathogens and pests. Expanding public investment activities and modernization, particularly in developing nations, are anticipated to promote the consumption of Polyurethane foam and insulation. Increasing consumer spending on furnishings and interior design also accelerates product consumption.
However, the Furniture & Interiors sector led the Polyurethane Market with a substantial market share. The most often used substance in home furnishings, such as furniture, bedding, and carpet underlay, is Polyurethane, most commonly in the form of flexible foam. Furthermore, the construction sector's rise is also fueled by rising infrastructure spending and government programs, such as smart cities and FDI in the construction development sector. Additionally, it is projected that the need for Polyurethane will increase as green buildings become increasingly popular worldwide and spur industry growth in the construction sector.
Based on Regional Analysis:
Asia Pacific had the Largest Share in 2021
The Asia Pacific held the largest share in the market, with the highest CAGR (Compound Annual Growth Rate) during the forecast period. The market is being pushed by the expansion of key end-use sectors such as the automobile, electronics and appliances, packaging, furniture, interior design, and construction industries. The region of Asia-Pacific is distinguished by a big pool of inexpensively skilled laborers and easy access to land. China and India, in particular, will likely benefit from a change in the production landscape toward emerging economies throughout the forecast period.
The region is home to several significantly growing companies, including those in the construction, automotive, and electronics sectors, which present attractive expansion potential for the Polyurethane industry. Additionally, rising building costs brought on by the expanding demand for sustainable infrastructure and a rise in the requirement for furniture and sleeping goods are anticipated to fuel product demand in this region.
· In July 2022, Guangdong TOD New Material Co. Ltd., a manufacturer of coating resin in China, was purchased by DIC. With the acquisition, DIC Corporation increased its capacity in the Asian market for various resins, including acrylic, alkyd, polyester, urethane, and epoxy.
· In October 2021- With KPX Chemical, a Korean polyols provider, Huntsman Corp., a developer of specialized chemicals and materials, will soon start Huntsman Polyurethanes Automotive Co. Ltd. to develop new, creative Polyurethane systems solutions for use in Korea's auto sector.
· In September 2021- Sanyo Chemical Industries Ltd. and BASF announced the signing of a Memorandum of Understanding for tactical collaboration of PUDs development.
· In August 2021, Bostik introduced a new line of Polyurethane sealants to serve the construction sealing and bonding markets. With the help of this product innovation, the business can diversify its offering, particularly in growing markets, in the construction industry.
The key players in the Global Polyurethane Market include- Dow Inc., BASF SE, Covestro AG, Huntsman International LLC, Eastman Chemical Company, Mitsui & Co. Plastics Ltd., Mitsubishi Chemical Corporation, Recticel NV/SA, Woodbridge, DIC Corporation, RTP Company, The Lubrizol Corporation, RAMPF Holding GmbH & Co. KG, Tosoh Corporation and others.
Segmentation of the Global Polyurethane Market:
- Product Type (Rigid Foam, Flexible Foam, Coatings, Adhesives & Sealants, Elastomers, Others)
- Application (Furniture & Interiors, Construction, Electronics & Appliances, Automotive, Footwear, Packaging, Other Applications)
- Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
|Regions & Countries Covered
- North America - (U.S., Canada, Mexico)
- Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
- Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
- Latin America - (Brazil, Argentina, Rest Of Latin America)
- Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
- Dow Inc.
- BASF SE
- Covestro AG
- Huntsman International LLC
- Eastman Chemical Company
- Mitsui & Co. Plastics Ltd.
- Mitsubishi Chemical Corporation
- Recticel NV/SA
- DIC Corporation
- RTP Company
- The Lubrizol Corporation
- RAMPF Holding GmbH & Co. KG
- Tosoh Corporation
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