Global Polyurethane Industry is expected to reach a revenue of US$ 100 Bn by 2028: Ken Research

Global Polyurethane Market BY Geography

The Global Polyurethane market is segmented by geography into North America, Europe, Asia- pacific and LAMEA. North America accounts for the largest share among all regions within the Global Polyurethane market in 2022. The Asia Pacific accounts for the largest share among all Regions within the total Global Polyurethane market in 2022.

China is investing trillions of USD in infrastructure, a stimulus that may help the second-largest economy in the world far beyond the doom of Covid lockdowns and volatile real estate markets in 2022. The government of Beijing, China will release 6.8 trillion yuan (about US$1 trillion) for construction projects in 2022, which is expected to stimulate the growth of the polyurethane industry shortly.

Competition Scenario In Global Polyurethane Market

The Polyurethane market is highly competitive with ~250 players which include globally diversified players, regional players as well as a large number of country-niche players. Most of the country-niche players are providers of foam-based products and suppliers of raw materials.

Large global players control about 40% of the market, while regional players hold the second largest share. Some of the major players in the market include BASF, The Dow Chemical Company, Convestro AG, Yantai Wanhua Polyurethanes Co. Ltd., Huntsman, Mitsui Chemicals and SKC Polyurethanes, Inoac Corporation, Rogers Corporation, Tosoh Corporation, Saint- Goblin SA and among others.

The leading global specialist companies such as Foamcraft Inc and Laxness are highly focused on providing a significant number of polyurethane products that can be used across multiple industries, including furniture, building and constriction, and many more.

What is the Expected Future Outlook for the Overall Global Polyurethane Market Across the globe?

The Global Polyurethane market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2028F, witnessing a CAGR of ~% during the forecast period 2022-2028F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.

The Global Polyurethane market is driven by rising building insulation demand brought on by environmental concerns. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries. With the increasing investments and emergence of new products, the Global Polyurethane market is changing rapidly. For instance, to fulfil the growing demand for Polyurethane Dispersions (PUDs) and elastomers, materials firm Covestro started construction on two new factories in Shanghai in July 2022. These new facilities will be situated within the Covestro Integrated Site Shanghai and represent a combined investment of mid-double-digit million euros. The largest Covestro production location now has a larger footprint, thanks to new plants.

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Furthermore, In July 20, 2022, Huntsman Corporation stated that a new methylene diphenyl diisocyanate (MDI) splitter at its Geismar plant in Louisiana has started operating in a commercial capacity. Huntsman can now generate more high-value, distinctive grades from the crude MDI produced at the facility thanks to the USD$180 million splitter, enabling expansion in important client applications.

In January 2020, BASF announced a single-digit million-euro investment in the capacity expansion of water-based polyurethane dispersions at its Castellbisbal location in Spain. BASF has also been investing in the development of the polyurethane dispersion business in Europe. BASF's production capacity will rise by 30% as a result of the expansion.

The Global Polyurethane Market is forecasted to continue at a steady growth rate that it has been witnessing since 2017, primarily driven by the unique physical characteristics of polyurethane, including versatility, strength-to-weight ratio, insulating capabilities, durability, and adaptability. Though the market is highly competitive with over 500 participants, few global players control the dominant share and regional players also hold a significant share.

Market Taxonomy

By Product

Rigid Foam
Flexible Foam
Molded Foam
Elastomers
Adhesives & Sealants
Coatings
Others

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By Raw Material

Polyol
Methylene Diphenyl Diisocyanate (MDI)
Toluene Diisocyanate (TDI)
Others

By End User

Furniture & Interiors
Mattresses/ Bedding
Building and Construction
Electronics and Appliances
Automotive
Footwear
Packaging
Others

By Geography

North America (USA, Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
Asia Pacific (China, Japan, South Korea, India, Indonesia, Australia, Rest of Asia Pacific)
LAMEA (Latin America, Middle East, Africa)

For more insights on the market intelligence, refer to below link:-

https://www.kenresearch.com/business-research/global-polyurethane-market-outlook-2028/

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Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.

This release was published on openPR.