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Polyurethane (PU) Market Size Worth USD 162.18 Billion in 2032 | Emergen Research
The global Polyurethane (PU) market size was USD 86.34 billion in 2022 and is expected to register a revenue CAGR of 6.5% during the forecast period. The global Polyurethane (PU) market is expected to witness substantial growth in the coming years, fueled by a surge in demand from key industries such as automotive, construction, and furniture. A recent market research report highlights the major drivers, restraints, and segment insights shaping the trajectory of the Polyurethane market.Market Drivers:
The automotive industry is witnessing a growing adoption of polyurethane, particularly in foam applications, due to its lightweight nature and ability to meet stringent performance specifications. Polyurethane foam enables vehicle manufacturers to produce seating that is easily assembled, disassembled, and recycled, contributing to sustainability efforts. Additionally, polyurethane foams offer durability, resilience, and maintain their original shape even after years of heavy use. Recent collaborations, such as the introduction of Nofia-based Polyurethane foam by Chiao Fu Enterprise Co., Ltd., underscore the expanding applications of polyurethane in the automotive sector.
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In the construction industry, polyurethanes are favored for their lightweight, strength, and durability, making them ideal for various high-performance products. These materials enhance both the functional and visual aspects of buildings, contributing to their energy efficiency and aesthetic appeal. Furthermore, the furniture industry relies heavily on polyurethane for its versatility, comfort, and cost-effectiveness in producing cushions, padding, coatings, and structural components.
Market Restraints:
Despite its widespread application, the Polyurethane market faces challenges related to the volatility of crude oil prices, a key component in conventional PU production. Fluctuations in crude oil prices introduce uncertainty in manufacturing costs, impacting market players' cost management and pricing strategies.
Segment Insights:
Polyurethane Product Types:
• Rigid foam: Dominating the market, rigid foams offer structural stability, thermal resistance, and high mechanical strength, making them suitable for insulation products in various industries.
• Flexible foam, coating, adhesives & sealants, elastomers, and others also contribute to the market's growth.
Polyurethane End-Use:
• Furniture: Expected to hold the largest revenue share, driven by polyurethane's versatility, comfort, and aesthetic appeal in furniture production.
• Construction, automotive, electronics & appliances, footwear, packaging, and other segments also contribute to market expansion.
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Polyurethane Top Companies and Competitive Landscape
The global Polyurethane (PU) 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 products.
Some of the major companies included in the global Polyurethane (PU) market report are:
• Huntsman International LLC
• Mitsui & Co. Plastics Ltd.
• Mitsubishi Chemical Corporation
• Recticel NV/SA
• Woodbridge
• DIC CORPORATION
• RTP Company
• The Lubrizol Corporation
• RAMPF Holding GmbH & Co. KG
• Tosoh Corporation
• Dow, Inc.
• BASF SE
• Covestro AG
• Eastman Chemical Company
Polyurethane Latest Industry News
• On 10 July 2022, DIC acquired a Chinese coating resin manufacturer named Guangdong TOD New Material Co. Ltd. The acquisition helped DIC Corporation expand its Asian market capacity for different resins, including acrylic, alkyd, polyester, urethane, and epoxy.
• On 22 February 2022, BASF SE and NEVEON collaborated on mattress recycling. BASF was developing a wet chemical recycling process for used mattresses made of PU, whereby new beds can be made using alternative polyurethane.
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Polyurethane (PU) Market Segment Analysis
For the purpose of this report, Emergen Research has segmented the global Polyurethane (PU) market on the basis of product, end-use, and region:
• Product Outlook (Revenue, USD Billion, Volume, Kilo Ton; 2019-2032)
o Rigid Form
o Flexible Form
o Coating
o Adhesives & Sealants
o Elastomers
o Others
• End-Use Outlook (Revenue, USD Billion, Volume, Kilo Ton; 2019-2032)
o Furniture
o Construction
o Electronics & Appliances
o Automotive
o Footwear
o Packaging
o Others
• Regional Outlook (Revenue, USD Billion, Volume, Kilo Ton; 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. France
3. U.K.
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of MEA
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