Press release
Global Polyurethane Market Size to Grow at a CAGR of 4.70% in the Forecast Period of 2023-2028
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
Polyurethane Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 4.70%
Polyurethane is frequently used in the building and construction sector for commercial, industrial, and residential applications because of its insulating properties, adaptability, durability, and strength-to-weight ratio. Due to the increased need for building insulation brought on by environmental concerns, the polyurethane market demand is predicted to increase throughout the forecast period.
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Furthermore, polyurethane materials are employed in a wide range of consumer goods that are used every day. Examples of polyurethane-based products include flexible foam for upholstered furniture, rigid foam for casing in walls and roofing, and TPU for medical devices and footwear. In addition, it is utilised in coatings, sealants, and adhesives for floors and automobile interiors. Improved building material performance has increased the demand for efficient insulating materials, which are needed to control air conditioning, ventilation, and heating systems, and minimise energy loss from insufficient insulation.
Due to polyurethane foam's superior thermal insulation, light weight, chemical inertness, and bacterial and insect resistance, it is projected that demand for polyurethane in the construction sector would increase significantly over the course of the forecast period. The expansion of programmes by various governments like smart cities and increased infrastructure spending are also contributing to the growth of the construction sector, which further benefits the polyurethane market.
Polyurethane Industry Definition and Major Segments
The compound polyurethane, sometimes referred to as polymeric material, is made from a variety of constituent parts and is classified as a polymer rather than a particular substance. Since they are thermosetting polymers, heat does not cause them to melt. It is used in a range of applications that enhance daily comfort because it is simple to access, affordable, easy to use, and recyclable.
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Based on product type, the market is divided into:
• Rigid Foam
• Flexible Foam
• Coatings, Adhesives, Sealants, and Elastomers (CASE)
• Thermoplastic Polyurethane
• Others
On the basis of end use, the market is segmented into:
• Furniture
• Construction
• Electronics
• Automotive and Transportation
• Packaging
• Footwear
• Others
On the basis of region, the market is categorised into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Polyurethane Market Trends
Increasing usage of polyurethane in the automotive industry is a key trend in the polyurethane market. Employing polyurethane has benefits that include flexibility in design, safety, comfort, and lightness. Polyurethane products let automakers and designers experiment with seating for vehicles, as polyurethane seating is easy to put together, take apart, and recycle. Improved performance needs and a variety of stiffness levels are supported by polyurethane without compromising quality or increasing weight.
It is anticipated that the Asia Pacific region will dominate the polyurethane market due to the growing use of polyurethane in end use industries like construction, automotive, furniture and interiors, electronics and appliances, and packaging. The region's primary qualities include a strong manufacturing base and large supply of low-cost and skilled labour. The forecast period is expected to see significant market growth for polyurethane as the industrial sectors in growing nations like China and India continue to expand. The growth of the regional market can also be attributed to a rise in construction activity and the rapid urbanisation of developing countries, which benefits the Asia Pacific market for polyurethane.
Key Market Players
The major players in the global polyurethane market report are
• Dow Inc.
• Covestro AG
• Huntsman Corporation
• BASF SE
• DIC Corporation
• RAMPF Holding GmbH & Co. KG
• Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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