Global Polyurethane Market to Reach US$ 74,475.9 Mn by 2026 | CAGR 7.2% | Top Players Are Covestro AG, Huntsman Corporation, RTP Company, BASF SE, LANXESS, Mitsui Chemicals, Inc., DowDuPont | TMR

Polyurethane Market – Snapshot

Polyurethanes are widely utilized polymers. They are formed through the reaction of diisocyanates with polyols in the presence of other chemicals. Polyurethanes are used across the globe in almost all industries including furniture, construction, electronics, automotive, footwear, and packaging. Coatings, adhesives & sealants, and elastomers are key product segments of the global polyurethane market.

Key end-user of polyurethanes include building & construction, packaging, transportation, consumer goods, infrastructure, renewable energy & waste management system, health care & personal care, and agriculture & food. Polyurethanes are extensively utilized in building & construction and transportation sectors. Rise in the preference for sustainability is expected to propel the demand for polyurethanes in the near future. Increase in the demand for flexibility and durability also fuels the global polyurethane market. Manufacturers are focused on the production of rigid and flexible foams. Polyurethane is easily mixed with other raw materials which is used in numerous high end-end applications. Automotive manufacturers improve quality, safety, and cost effectiveness of modern vehicles by incorporating polyurethanes in automobiles.

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Developing economies in Asia Pacific such as China and India are major producers as well as consumers of polyurethane products. Polyurethane is employed as a raw material in the manufacture of flexible and rigid foams. Additionally, it is used in coatings, adhesives, and sealants. Flexible and rigid foams are key product segments of the global polyurethane market. However, volatility in raw material prices and rise in the demand for acid–epoxy coatings led by their low cost and high performance may restrain the global polyurethane market during the forecast period. Moreover, less harm caused to the environment fuels the use of acid–epoxy coatings. Nevertheless, rise in the preference for bio-based polyurethane fuels the market. Additionally, inclination of consumers toward waterborne and UV-cured polyurethane dispersions is increasing, due to diverse range of applications such as wood floors, kitchen cabinets, and furniture. These dispersions offer high performance with minimal number of process-related issues and nearly zero emission of volatile organic compounds (VOCs).

Based on raw material type, the global polyurethane market has been classified into toluene diisocyanate (TDI), methylene diphenyl diisocyanate (MDI), and others (including polyols and HDI). MDI is widely used to produce polyurethane. It is extensively employed in various applications, due to its excellent insulation property.

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High degree of competition exists among players operating in the global polyurethane market. The market is dominated by large players that are technologically advanced. The polyurethane market is capital- and technology-intensive. Prominent players operating in the global polyurethane market and profiled in the report are Covestro AG, Huntsman Corporation, RTP Company, BASF SE, LANXESS, Mitsui Chemicals, Inc., DowDuPont, Tosoh Corporation, The Lubrizol Corporation, Perstorp, Manali Petrochemicals Ltd., Wanhua Chemical Group Co., Ltd., and Woodbridge Foam Corporation.

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