Polyurethane Market - 2022 by Manufacturers, Regions, Size, Share, Forecast to 2028 | by Dow Inc, BASF SE, Covestro AG

New Jersey, United States - Analysis of Polyurethane Market 2022 to 2028, Size, Share, and Trends by Type, Component, Application, Opportunities, Growth Rate, and Regional Forecast

The size of the world's polyurethane market, estimated at USD 72.82 billion in 2021, is anticipated to rise at a CAGR of 4.3% from 2022 to 2028. Polyurethane demand is anticipated to increase throughout the forecast period due to rising building insulation demand brought on by environmental concerns. Since the potential environmental impact of building developments is rather large, sustainability in building developments is a broad field that involves many actions that must be performed in the initial construction stages.

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As a result of rising investments in intelligent, energy-efficient business and residential structures, green buildings are increasingly making their way into the construction market. These structures not only present lucrative potential but also comply with federal and environmental requirements, delivering a significant response to consumer demand for sustainability. In order to control heating, ventilation, and air conditioning (HVAC) and offset the amount of energy lost due to insufficient insulation, the effectiveness of construction materials has eventually increased demand for efficient insulating materials. Consequently, polyurethane foams are being used as exceptionally effective insulation materials, resulting in increased energy savings.

Over the course of the forecast period, the market is anticipated to be driven by the increased demand for the product from the U.S. construction, automotive, and packaging industries. Due to strong market fundamentals for commercial real estate and increased state and federal funding for public works and institutional buildings, the construction industry in the United States is growing at a rapid rate. Furthermore, the demand for polyurethane in construction applications is anticipated to increase over the next few years as a result of ongoing construction projects like the South San Francisco Civic Center campus, LaGuardia Airport Construction Project, O'Hare Airport Construction Project, and Second Avenue Subway Construction Project.

Division segment:
By product:
More than 30.0% of global revenue in 2021 came from the market's largest category, rigid foam. Due to their structural stability, rigid polyurethane foams are high-performance closed-cell polymers that are used in end-use industries like transportation, packaging, industrial insulations, and appliances. This helps product designers create thermally insulating goods. Due to its superior mechanical strength, thermal resistance, and sound insulation capabilities, rigid foams are ideally suited for use in harsh weather situations.

By Application:
In 2021, the construction application segment dominated the market and commanded a 25.0% market share. Due to the superior thermal insulation, lightweight, chemical inertness, and bacterial and pest resistance of polyurethane foam, the demand for polyurethane in construction applications is predicted to increase significantly throughout the projection period. It is anticipated that expanding infrastructure-building activities in the Middle East and rising urbanization and industrialization, particularly in developing nations like China and India, will spur demand for polyurethane foam and insulation.

Regional analysis:
In 2021, over 40.0% of worldwide revenue came from the Asia Pacific region, which dominated the industry. Major end-use industries including automotive, electronics and appliances, packaging, furniture, and interior design, and construction are driving the market's expansion. A vast pool of inexpensively skilled labor and easy access to land are two characteristics of the Asia Pacific area. Over the course of the projected period, a change in the manufacturing environment toward emerging economies, particularly China and India, is anticipated to positively impact market growth. Construction, automotive, and electronics are just a few of the quickly growing industries in the area that present attractive expansion potential for polyurethane producers.

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Competitive analysis:
Some prominent 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

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This release was published on openPR.