Polyurethane (PU) Market Research Report by Top Companies (Eastman Chemical Corporation, INEOS, Mitsubishi Chemical Corporation, DIC Corp & RTP Company Huntsman Corporation, LyondellBasell, The Dow Chemical Co)

The worldwide market size for polyurethane (PU) market is estimated to increase at a CAGR of 6.1% from 2018 and 2026. The market is projected to experience considerable growth, primarily owing to the growing demand from healthcare, construction, and automotive industry, among others for a variety of applications. Furthermore, the growing awareness about conservation of natural resources is acting in favor of the market.

An accelerating growth in the demand for refrigeration of packed food items, and medicines, among other consumable products is directly propelling demand for bio-based polyurethane. In addition, bio-based urethane foam offers better insulation in comparison with polystyrene. They exhibit properties such as moisture resistance, and high durability. All the factors together are positively impacting the demand for polyurethane. The increasing shift in the utilization of bio-based urethane to petroleum-based polyurethane is expected to alter the market dynamics. This shift is largely due to the fluctuating crude oil prices and increasing awareness about the environmental pollution created by use of fossil fuels. Moreover, an increasing trend of replacing the usage of polyols and diisocyanates with vegetable oils is observed in the industry.

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On the basis of product type, the polyurethane (PU) market can be segregated into six types namely, rigid PU foam, flexible PU foam, PU coatings, PU adhesives &sealants, PU elastomers, and others. Among these, rigid PU foam dominated the market primarily due to their properties including the structural stability that facilitates the manufacturing of thermal insulation products. However, PU elastomers segment is anticipated to emerge as one of the fastest growing segment from 2018 to 2026. This is primarily due to the advantages such as shock resistance, high flexibility, along with high performance offered by PU elastomers.

The polyurethane (PU) market product finds application in a wide range of industries such as automotive, construction, appliances, electronics, furnishing, footwear, and packaging, among others. Constructionsegment dominated the market and was valued at USD xx million. This can be primarily attributed to the rapid industrialization and urbanization, especially in the Asia Pacific region. Nations including India, China, and Thailand, among other countries are increasingly demanding the market product to cater the growing demand for better quality and durable flooring, roofing, and insulation applications.

Some of the key players operating in polyurethane (PU) market include Covestro, BASF SE, Mitsui Chemicals Inc., Eastman Chemical Corporation, INEOS, Mitsubishi Chemical Corporation, DIC Corp & RTP Company Huntsman Corporation, LyondellBasell, The Dow Chemical Co., Nippon Polyurethane Industry Corp Ltd., Woodbridge Foam Corp., Lubrizol Corporation, The Rampf Holding GmbH & Co. KG. These players are observed proactively engaging in activities aimed at the development of new products and advanced technology.

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