Polyurethane Dispersions Market worth $2.7 billion by 2025 | Key players Covestro AG, DSM, BASF, Wanhua Chemical Group, Perstorp.

According to recent market research the "Polyurethane Dispersions Market by Type (Solvent-free and Low-solvent), Application (Paints & Coatings, Adhesives & Sealants, Leather finishing and Textile finishing), and Region - Global Forecast to 2025" The global polyurethane dispersions (PUDs) market size is projected to reach USD 2.7 billion by 2025 from USD 1.9 billion in 2020, at a CAGR of 7.1% during the forecast period. The demand for PUDs in emerging economies, such as APAC, MEA, and South America, is increasing owing to the growth in infrastructural and industrial activities such as expansion of construction industry, increasing use in automotive, textile & leather industry, and so on. PUDs are also cross-linked with various resins, isocyanates, epoxy silanes, or any other cross-linking agents. Cross-linked PUDs are obtained with enhanced mechanical and chemical properties. This also helps in bringing down the cost of PUDs, which currently is high. The choice of polyol in a specific application determines the cost of PUDs. The increase in demand for environment-friendly PUDs and the government's environmental policies of low VOC emission, provide sufficient growth opportunities to the market.

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Solvent-free is the most widely used form of PUDs in end-use industries, such as construction, automotive, aerospace and textile. They are formed when a polyurethane pre-polymer containing isocyanate functional group is dispersed into the water either directly or by means of the phase-inversion emulsification process. Solvent-free PUDs dry fast, have a good lifespan, and are more stable under UV rays. This makes them more suitable for external applications like paints & coatings, textile finishing, adhesive, glass fibre sizing, leather finishing, and others.

PUDs are widely used in paints & coatings in various industries, such as construction, automotive, aerospace, electronics, leather, textile, and wood. These dispersions possess excellent resistance to chemicals, solvents, and water. Paints & coatings are used for extending the lifespan of the surface they are applied to. PUDs' high resistance to corrosion, abrasion, and excellent mechanical properties are increasing their popularity for use in paints & coatings in the industrial and architectural sectors. The use of PUDs for coatings has drastically reduced the emission of volatile organic contents (VOCs) and unreacted toxic monomers.

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APAC is projected to be the fastest-growing market for PUDs. The rising population, increased demand for construction activities, rapid industrialization, and increased urbanization are driving the APAC PUDs market. India is the fastest growing market for PUDs, in terms of value, in the region. The rise in the standard of living is influencing various lifestyle improvements, which are driving residential and commercial construction and other industrial activities in the country. Apart from China, Japan, Indonesia, and Thailand are projected to grow at a decent rate during the forecast period. In addition, widespread use of PUDs in paints & coatings and adhesive & sealants, growing demand from the automotive and furniture industries, and the growing importance of PUDs in textile and synthetic leather production are expected to drive the market during the forecast period.

The key players in the PUDs market include Covestro AG (Germany), DSM (Netherlands), BASF (Germany), Wanhua Chemical Group (China), Lanxess (Germany), Stahl Holding (Netherlands), Perstorp (Netherlands), Dow Chemical Company (US), Huntsman Corporation (US) and Mitsui Chemical (Japan). These players have established a strong foothold in the market by adopting strategies, such as expansions, acquisitions, mergers, partnerships & collaboration, and new product launches.

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Covestro AG is a major producer of polymer materials. The company is one of the leading manufacturers of high-tech materials and operates its business through different business segments: polyurethanes, polycarbonates, coatings, adhesives & specialties, and others. These segments cater to various end-use industries such as furniture, automotive, electronics, aviation, construction, and medical technology. Covestro operates around 30 production sites in Europe, Asia, and North America, including countries such as China, Thailand, the US, Germany, and Belgium. Its diversified product portfolio largely reduces its market risks. BASF SE focuses on expansions to expand its business in growing economies. In February 2021, Covestro planned to open a new plant for PUDs at the Covestro Integrated site in Shanghai, China (CISS). This will significantly increase its production capacity in China. The plant is expected to be completed in 2024.

DSM is one of the leading science-based companies engaged in offering health, nutrition, and materials across the globe. The company operates through three business segments: nutrition, performance materials, and innovation center. It offers polyurethane dispersion under the materials segment. The company has a diversified geographic presence around the globe. The company expands its global presence through partnerships & collaborations and agreements. For instance, DSM signed an agreement with TFL, India, a leading provider of specialty chemicals to leather and related industries. This agreement covers the supply and R&D of cutting-edge, sustainable waterborne PUD systems.

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