Press release
Polyurethanes (PU) Market worth US$ 43.2 Bn by 2016
In terms of applications, the polyurethane market is divided into flexible PU foams, rigid PU foams, elastomers, coatings, adhesives and sealants, and others. Among these, rigid and flexible polyurethane foams held the largest share of the overall market, collectively accounting for 65% in 2011. Flexible PU foams are mainly used in automotive seating, upholstery, bedding, textiles, and tennis racquet grips. Rising disposable incomes, changing lifestyles, and higher demand for furniture in numerous emerging economies around the world has led to the growth of the flexible PU foams segment. Rigid foams, on the other hand, are used for thermal insulation in mainly refrigeration and construction. Once again, increased spending on infrastructure and electronic appliances in countries such as India, China, Qatar, and Brazil drives the demand for rigid PU foams.
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The key end-use industries of polyurethane are footwear, packaging, electronics appliances, construction, furniture and interiors, automotive, and others. Presently, the furniture and interiors segment dominates the global polyurethane market, with electronic appliances set to emerge as the fastest developing segment by the end of the forecast period. The demand for flexible and rigid PU foams from the construction and furniture industries is one of the major factors fueling the growth of the polyurethane market. In the construction industry, the demand for PU is mainly for flooring materials, sealants, and insulators thanks to its resistance to water and heat and overall durability. From the furniture and interiors industry, the demand for PU is for carpet cushions, seat cushions, mattress padding, and interior trims.
Regionally, Asia Pacific dominates the global polyurethane market owing to rising demand from the various end-use industries, economic growth, and favorable reforms. North America is also a strong contender owing to novel production technologies and growing awareness regarding bio-based PU.
The report indicates that the global polyurethane market is highly competitive, given the surge in technological advancement in the industry and innovative product development by key vendors. The presence of multinational companies dealing in polyurethane is growing across the globe, as is the presence of the unorganized market in Asia Pacific. Some of the prominent players in the polyurethane market are Woodbridge Foam Corp., Foamex Innovations, Bayer Material Science, Huntsman Corporation, Nippon Polyurethane Industry Co. Ltd., Chemtura Corporation, The Dow Chemical Company, Mitsui Chemical Inc., BASF, Recticel S.A., Hebei Cangzhou Dahua Group Corporation Ltd., and British Vita Unlimited.
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