Press release
Growing Demand for Polyurethane Resins Drives Market Growth in Electronics, Footwear, and Construction Industries
Polyurethane Resin Market
One major factor driving the market's expansion is the rising demand for polyurethane in the footwear industry, particularly for the production of sports and comfort shoes. Known for its high resistance and strong adhesion properties, polyurethane has also become indispensable in electronics manufacturing, where it is used to secure components and ensure durability.
Polyurethane's role in the healthcare sector is also growing, particularly in wound dressings, while the material's bio-based options are gaining traction. Bio-based polyurethane resins, which can be sourced from renewable resources like vegetable oils, align with an increasing market preference for sustainable materials. This shift has also led to a noticeable rise in the adoption of water-based polyurethane resins, which offer lower greenhouse gas emissions and cost savings over time, making them a popular choice among environmentally-conscious manufacturers.
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BASF's recent expansion exemplifies this trend. In January 2024, BASF opened its largest thermoplastic polyurethane (TPU) production facility at the Zhanjiang Verbund site in China, designed to meet the growing demand for TPU in Asia's industrial, eMobility, and new energy sectors. The state-of-the-art facility includes automated guided vehicles and advanced automation systems to streamline production, helping BASF address the regional surge in polyurethane resin demand effectively.
Despite its promising growth, the polyurethane resin market faces challenges due to stringent environmental regulations and health concerns. The manufacturing process for polyurethane releases volatile organic compounds (VOCs), posing a hazard to both workers and the environment. Additionally, direct exposure to polyurethane resin can result in respiratory issues such as asthma and allergies, driving some manufacturers to explore more eco-friendly alternatives or adopt advanced technologies to reduce VOC emissions.
In recent years, water-based polyurethane resins have emerged as a solution, thanks to their lower environmental impact. In 2022, water-based resins accounted for the largest revenue share in the global polyurethane resin market, driven by the demand for synthetic leathers and eco-friendly coatings. Companies like DIC Group are leading innovations in this space, with the August 2023 launch of its HYDRAN GP line of water-based polyurethane resins. This new product line promises higher solids content, amine-free composition, and reduced greenhouse gas emissions, catering to manufacturers seeking both economic and environmental benefits.
Polyurethane resins are also widely adopted in the construction sector, especially in applications that require materials with high strength and durability. The material is commonly used in insulation panels, flooring, and waterproof coatings, which help improve building performance and lifespan. In addition, polyurethane's chemical resistance makes it an ideal choice for roofing and flooring, where strict material purity standards are crucial to maintaining quality and performance.
The ongoing growth in the construction industry, combined with polyurethane's fire-resistant and durable properties, positions it as a favored material for infrastructure and building projects, further driving its market demand.
As industries worldwide continue to expand and seek innovative materials, the demand for polyurethane resins is expected to remain strong, with rising applications across sectors such as electronics, healthcare, and construction. However, meeting this demand sustainably and addressing regulatory concerns will be critical for manufacturers moving forward.
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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.
Polyurethane Resin Market Segmentation 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)
Water-Based Resins
Solvent-Based Resins
Others
Application Outlook (Revenue, USD Million; 2019-2032)
Construction
Transportation
Pharmaceuticals
Paints & Coatings
Others
Regional Outlook (Revenue, USD Million; 2019-2032)
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of Middle East & Africa
Click to access the Report Study, Read key highlights of the Report and Look at Projected Trends: @ https://www.emergenresearch.com/industry-report/polyurethane-resin-market
Connecting the Dots: Discovering Associated Market Reports
Polyurethane (PU) Resin Market Size @ https://www.emergenresearch.com/industry-report/polyurethane-resin-market/market-size
Polyurethane (PU) Resin Market Share @ https://www.emergenresearch.com/industry-report/polyurethane-resin-market/market-share
Polyurethane (PU) Resin Market Trends @ https://www.emergenresearch.com/industry-report/polyurethane-resin-market/market-trends
Polyurethane (PU) Resin Regional Market Demand @ https://www.emergenresearch.com/industry-report/polyurethane-resin-market/regional-market-demand
Polyurethane (PU) Resin Market Analysis @ https://www.emergenresearch.com/industry-report/polyurethane-resin-market/market-analysis
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Emergen Research | Web: www.emergenresearch.com
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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