Press release
Polyurethane Market Size, Share & Trends Analysis Report Forecast Period (2024-2031).
Polyurethane market is anticipated to grow at a CAGR of 6.2% during the forecast period (2024-2031). Polyurethane refers to a class of polymers composed of organic units joined by carbamate links. In contrast to other common polymers such as polyethylene and polystyrene, polyurethane is produced from a wide range of starting materials. The high demand for polyurethanes from end-user industries owing to their benefits is a key factor driving global industry growth.Get Sample Copy of this Report at
https://www.omrglobal.com/request-sample/polyurethanes-market
Growing Demand for Sustainable Materials
Polyurethanes are the most versatile materials. Polyurethane manufacturers are producing innovative, life-enhancing products and technologies that make it highly sustainable. Polyurethanes promote sustainability by reducing waste and achieving the United Nations Sustainable Development Goals (SDGs). For instance, rigid polyurethane used to insulate refrigerators lasts the lifetime of the refrigerator and flexible polyurethane in automotive seating lasts the life of the car.
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According to the Food and Agriculture Organization (FAO) of the United Nations, estimation each year, one-third of all food produced for human consumption globally (around 1.3 billion tons) is lost or wasted. This includes 45.0% of all fruit and vegetables, 35.0% of fish and seafood, 30.0% of cereals, 20.0% of dairy products, and 20.0% of meat. Polyurethanes help people globally access a safe, adequate food supply to meet basic nutritional needs by offering applications in cold chain shipping. Additionally, polyurethane foam in major appliances stores pharmaceuticals and extends their shelf life, allowing for much-needed access to groundbreaking medicines and medical treatments worldwide to eradicate lethal diseases. Thus, the growing demand for sustainable materials across the end-user industries is a key factor driving the growth of the global polyurethane market.
Bio-based polyurethanes offer Lucrative Opportunities
The increasing demand for bio-based polyurethane is anticipated to create lucrative growth opportunities for the global market. The key players are introducing advanced products, to meet the growing demand for bio-based polyurethanes. For instance, in September 2023, Covestro and Poland-based construction chemicals producer Selena Group collaborated to craft a more sustainable range of polyurethane (PU) foams for enhancing building thermal insulation. Further, in November 2022, Huntsman launched Acoustiflex VEF BIO - a visco-elastic foam containing up to 20.0% bio-based content derived from vegetable oils for molded acoustic applications in the automotive industry. This new solution can lower the carbon footprint of automotive carpet back-foaming by up to 25.0% compared with existing Huntsman systems for this application. The technology can also be used for dash and wheel arch insulation.
by Raw Material (Toluene Diisocyanate, Methylene Diphenyl Diisocyanate, and Polyols)
by Application (Rigid Foam, Flexible Foam, Coatings, Adhesives, Sealants, Elastomers, and Other), and
by End-User (Automobile, Building & Construction, Furniture, Electronics, Footwear, and Other)
Market Segmentation
Based on the raw material, the market is segmented into toluene diisocyanate, methylene diphenyl diisocyanate, and polyols.
Based on the application, the market is segmented into rigid foam, flexible foam, coatings, adhesives, sealants, elastomers, and others (insulators).
Based on the end-user, the market is segmented into automobile, building & construction, furniture, electronics, footwear, and other (medical devices).
Building & Construction Holds Major Share Based on End-User
Polyurethane is widely used in the building & construction industry owing to its excellent strength-to-weight ratio, insulation properties, versatility, and durability. In the construction industry polyurethane is used in attics, walls, floors, crawl spaces, roofs, doors, and windows for insulation purposes to reduce air leaks and increase energy efficiency. According to the US Environmental Protection Agency's (EPA) Energy Star program estimates, by the addition of insulation and sealing air leaks, the average household could save 15.0% on heating and cooling costs.
Also, according to the Business of Council for Sustainable Energy, US energy productivity grew 17.6% over the past decade. The use of insulation products across the economy is a key contribution to energy productivity growth. Therefore, the growing demand for proper insulation in buildings with the growing trend of green building concepts has spurred the demand for polyurethanes across the building & construction industry. Thus, the growing construction sector globally is estimated to promote the market growth of the segment.
Regional Outlook
The global polyurethane market is further segmented based on geography including North America (the US, and Canada), Europe (the UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).
Asia-Pacific Holds Major Market Share
Asia-Pacific is both a major producer and consumer of polyurethane products. The regional market growth is driven by key market players across the region adopting different market strategies to meet the growing demand for polyurethane. For instance, in January 2024, BASF SE unveiled the inauguration of a cutting-edge thermoplastic polyurethane facility in Zhanjiang, China. The strategic establishment of this new facility is geared towards empowering BASF to effectively cater to the escalating demand in the Asia-Pacific region, particularly in key sectors such as industrial applications, e-mobility, and emerging energy solutions.
Further, in March 2024, BASF and Shandong Wiskind Architectural Steel Co., Ltd. (Wiskind) expanded their strategic partnership with sustainable polyurethane (PU) sandwich panels for cold chain applications. The collaboration was made to explore the further applications of PU sandwich panels, as well as to ascertain potential avenues for joint marketing. Such developments across the region are further aiding the regional market growth.
Market Players Outlook
global polyurethane market players outlook
*Note: Major Players Sorted in No Particular Order.
The major companies serving the polyurethane market include BASF SE, Covestro AG, Dow Co., Huntsman Corp., and Wanhua Chemical (Yantai) Sales Co., Ltd. among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers and acquisitions to stay competitive in the market.
Recent Development
In March 2024, Dubai-based Pearl Group, formerly recognized as Bayer Pearl and Pearl Covestro made substantial advancements in its operations within Saudi Arabia, effectively doubling its production capacity in the Kingdom. This expansion significantly bolsters its ability to meet the escalating local and regional demand for polyurethane products.
The Report Covers
Market value data analysis of 2023 and forecast to 2031.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the polyurethane market. Based on the availability of data, information related to new products, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying 'who-stands-where' in the market.
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Contact Person: Mr. Anurag Tiwari
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About Orion Market Research
Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services. The company also offers Digital Marketing services through its subsidiary OMR Digital and Software development and Consulting Services through another subsidiary Encanto Technologies.
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