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Waterborne Polyurethane Market Demand, Analysis, Size And Growth Forecast By 2033
Waterborne Polyurethane Market
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According to The Business Research Company's, The waterborne polyurethane market size has grown strongly in recent years. It will grow from $5.07 billion in 2023 to $5.41 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to government investments in research and development, environmental regulations, market demand shift, advancements in formulation, industry adoption.
The waterborne polyurethane market size is expected to see strong growth in the next few years. It will grow to $6.98 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to consumer preferences for eco-friendly products, collaboration with industries, customization, impact of covid-19 pandemic, supply chain restrictions, manpower & equipment shortage. Major trends in the forecast period include brand reputation and consumer awareness, energy efficiency, market penetration strategies, global economic trends, focus on health & safety.
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Market Drivers and Trends:
The expanding chemical industry will support the growth of the waterborne polyurethane market going forward. The chemical industry refers to a sector of the economy that produces and deals with various chemicals and chemical products. As environmental awareness and regulations concerning volatile organic compound (VOC) emissions become more stringent, industries, including the chemical sector, are seeking environmentally friendly alternatives. For example, in April 2022, according to CRISIL Research, an Indian analytical company providing ratings, research, and risk and policy advisory services, the chemical industry's revenue will increase 14% -17% year on year (YoY) in the current fiscal year (FY23), owing to improved performance by specialty chemicals, followed by polymers and agrochemicals. The chemical industry's micro, small, and medium-sized enterprises (MSMEs) are expected to grow by 12%-15%. Thus, the growth in global chemical sector will support the growth of the waterborne polyurethane market.
Product innovations have emerged as a key trend gaining popularity in the waterborne polyurethane market. Major companies operating in the waterborne polyurethane market are focused on innovating new technologies to sustain their position in the market. For instance, in June 2023, DIC Corporation, a Japan-based chemical company, released the HYDRAN GP series of environment-friendly waterborne polyurethane resins. The new resins have a higher solid content than conventional water-based polyurethane resins and contain no amines, helping customers to shorten process times and lessen odors, as well as to reduce greenhouse gas emissions and volatile organic compounds (VOCs).
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Major Key Players of the Market:
Covestro AG, Koninklijke DSM NV, BASF SE, Allnex Belgium SA, Dow Inc., H.B. Fuller Company, Wanhua Chemical Group Co. Ltd., SNP Inc., Kamsons Chemicals Pvt. Ltd., Axalta Coating Systems Ltd., The Sherwin-Williams Company, Perstorp AB, C.L Hauthaway & Son Corporation, Lamberti S.p.A., Sun Polymers International Inc., R. STAHL GmbH, Chemtura Corporation, Lanxess AG, Lubrizol Corporation, Bayer MaterialScience AG, PPG Industries Inc., Capital Resin Corporation, Walter Wurdack Inc., Palmer Holland Inc., SIWO US Inc., Brilliant Group Inc., Aditya Birla Chemicals Ltd., Hauthaway Corporation, Henkel AG & Co. KGaA, Huntsman Corporation, Nippon Polyurethane Industry Co. Ltd.
Waterborne Polyurethane Market 2024 Key Insights:
• The waterborne polyurethane market size is expected to see strong growth in the next few years. It will grow to $6.98 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
• Waterborne Polyurethane Market Surges With Growing Demand In The Construction Industry
• Pioneering Product Developments Transforming The Waterborne Polyurethane Market Landscape
• Asia-Pacific was the largest region in the waterborne polyurethane market share in 2023
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