In terms of revenue, the Global Polyurethane Market is expected to reach USD 91.2 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 4.00% from 2022 to 2028.
Polyurethane is most commonly used in various household, commercial, and industrial applications in the building and construction industries. Due to its outstanding strength-to-weight ratio, insulating qualities, durability, and adaptability, Polyurethane are frequently utilized in building and construction applications. Hence, it is projected that growing Polyurethane use in a variety of applications will fuel market growth.
Key Highlights from Report:
● Among the Product Type, the Rigid Foam segment is anticipated to dominate the Polyurethane Market during the forecast period. The rigid foams made of rigid Polyurethane are essentially high-performance closed-cell polymers. They are used widely in end-use sectors like processing, shipping, and workplace acoustic insulation & electronics. Thus, driving the market growth.
● The Construction segment, from the Application category, accounted for the largest market share of the application. This dominance is owing to the many advantageous properties of Polyurethane foam, such as its great thermal insulating material, portability, oxidation resistance, and resistance to pathogens and pests.
● Asia Pacific held the largest Polyurethane Market share and is anticipated to be the most profitable market during the forecast period. This surge is owing to increasing demand on the domestic front, increasing income levels, and cheaper raw materials.
Polyurethane is a very flexible material that may be utilized in a wide range of applications, from coatings and sealants for automobiles to insulation in architecture and construction. There are numerous ways to combine MDI and TDI with polyols to create rigidly, semi-rigid, flexible, hard, and soft Polyurethane. It is strong, light, secure, reasonably priced, and recyclable. It is appropriate for usage in a variety of sectors due to its versatility in molding and simplicity of use. Its wide range of hardness, including delicate things like an eraser and strong materials like surfboards, is one of its most distinctive qualities. It has good toughness and abrasion resistance. It is more resilient and durable than the majority of polymers. Due to its benefits, as mentioned above, Polyurethane is commercially viable for a wide range of industrial and commercial applications, which is what drives the Global Polyurethane Market.
Asia Pacific market is anticipated to observe considerable market growth, with the highest growth rate during the forecast period. The increasing demand for applications in the furniture and construction industries from several developing countries in the region is anticipated to drive market growth in this region. Due to the booming construction industry, China held the highest share within the region in 2021 and is expected to continue holding the largest share during the projection period.
The Global Polyurethane Market is Segmented as follows:
- Product Type
- Rigid Foam
- Flexible Foam
- Adhesives & Sealants
- Furniture & Interiors
- Electronics & Appliances
- Other Applications
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
A list of the Key Players of the Global Polyurethane Market is:
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
The Global Polyurethane Market Scope can be Tabulated as below:
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|