Polyurethane (PU) Resin Market Size Worth USD 1168.1 Million in 2032 | Emergen Research

The global polyurethane (PU) resin market size was USD 863.5 Million in 2022 and is expected to register a rapid revenue CAGR of 3.2% during the forecast period. The polyurethane resin market is experiencing significant growth, driven by a myriad of factors ranging from the rising demand for bio-based polyurethane resins to the increasing usage of these resins in electronic devices and healthcare applications. A recent market research report highlights the key drivers, restraints, and segment insights shaping the landscape of the polyurethane resin industry.

Key Market Drivers

The market for polyurethane resin is witnessing a surge in demand from various industries, including footwear, electronics, pharmaceuticals, and construction. Notably, the footwear industry is experiencing a substantial demand for polyurethane resin due to its exceptional resistance and adhesion properties, particularly in the production of sports shoes and comfortable wear.

Furthermore, manufacturers are observing a notable uptick in orders and sales volumes, fueled by the growing need for pharmaceuticals. For instance, BASF recently inaugurated a Thermoplastic Polyurethane (TPU) facility in Zhanjiang, catering to the rising demand in the Asia Pacific region, particularly in sectors such as industrial, eMobility, and new energy.

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Market Restraints

Despite the growth prospects, stringent regulations and health-related concerns pose significant challenges to the polyurethane resin market. The manufacturing process of these resins generates volatile organic compounds, contributing to environmental hazards and potential health risks such as respiratory problems. Additionally, the complex manufacturing process and overhead costs associated with skilled labor and specialized equipment pose pricing difficulties, potentially hindering market competitiveness.

Segment Insights

Polyurethane Resin Type: The market is segmented into water-based resin, solvent-based resin, and others. The dominance of the water-based resin segment is attributed to its rising demand for synthetic leathers and coating agents, offering flexibility and cost savings over the long term. Environment-friendly initiatives like DIC Group's HYDRAN GP line of water-based polyurethane resins further enhance the segment's growth.

Polyurethane Resin Application: Segments include construction, transportation, pharmaceuticals, paints & coatings, among others. The construction segment is expected to register steady growth, driven by the adoption of polyurethane resin in insulation panels, flooring systems, and waterproof coatings. The resin's unique properties, including strength, durability, and insulation, make it a preferred choice in the construction industry.

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Future Outlook
Despite challenges, the polyurethane resin market is poised for substantial growth, driven by ongoing innovations, technological advancements, and the expanding application areas across diverse industries. Companies are expected to focus on sustainable practices and environmentally friendly solutions to mitigate regulatory challenges and meet evolving consumer demands.

The comprehensive insights provided by the market research report offer valuable perspectives for stakeholders, enabling informed decision-making and strategic planning to navigate the dynamic landscape of the polyurethane resin market.

Polyurethane Resin Top Companies and Competitive Landscape

The global polyurethane (PU) resin market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective polyurethane resin.

Some of the major companies included in the global polyurethane resin market report are:

• DOW
• DuPont
• Shanghai Dongda Polyurethane Co.
• BASF SE
• Eastman Chemical Company Ltd.
• Covestro A.G.
• Mitsui Chemical Inc.
• Huntsman Corporation
• Arakawa Chemical Industries
• Perstorp Holdings AB
• Alchemie Inc. Ltd.
• DIC Corporation
• Formlabs
• Henkel AG

Polyurethane Resin Latest Industry Updates

• On 23 March, 2023, Covestro's Baydur polyurethane resin was certified as a commercial material for solar energy by TÜV Rheinland Germany, the independent international testing, inspection, and certification agency. This is also TÜV Rheinland's first polyurethane material certification applied to solar panel frames. The frame is an important component of the solar panel module, helping to fix and seal panels and panels while improving the module's durability. This makes the modules easier to transport and install, and improved frame performance directly affects the lifespan of modules.

• On 2 November, 2022, Dow, a leading materials science company, and Magnum Venus Products (MVP), a global manufacturer of motion and fluid manufacturing solutions for industrial applications, introduced a new polyurethane-based chemistry, powered by an innovative three-component system. The spray system uses the unique RTM Fast Flow Light process. This innovative closed melding process increases product yield by reducing injection time. This new technique combines MVP's flexible molding process and lightweight resin transfer molds and uses bendable resin channels to allow the resin to flow faster.

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Polyurethane Resin Market Segment Analysis

For the purpose of this report, Emergen Research has segmented the global polyurethane resin market on the basis of resin type, application, and region:

• Resin Type Outlook (Revenue, USD Million; 2019-2032)
o Water-Based Resins
o Solvent-Based Resins
o Others
• Application Outlook (Revenue, USD Million; 2019-2032)
o Construction
o Transportation
o Pharmaceuticals
o Paints & Coatings
o Others

To Get more information about the report click @ https://www.emergenresearch.com/industry-report/polyurethane-resin-market

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