Polyurethane Market is projected to be worth USD 101.29 billion by 2030, registering a CAGR of 5.11% during the forecast period (2021 - 2030)
Polyurethane Market Key Players
The Dow Chemical Company (U.S), Eastman Chemical Company (U.S.), Covestro AG (Germany) BASF SE (Germany), Tosoh Corporation (Japan), Huntsman Corporation (U.S),and DIC Corporation (JAPAN) are some companies in the worldwide polyurethane market that are profiled by MRFR.
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The adoption of robust growth tactics, such as; innovative product launches and expansions, to increase their global presence can reinforce the market surge in the foreseeable future.
Market Drivers and Restrains
Versatility and other unique physical properties of polyurethane contributes to its multiple applications across different industries. The surge in refrigeration applications of polyurethane can polyurethane market in the years to come. The growing utility of memory foam can add to the market rise. The upscaling demand for low VOC, sustainable,and green polyurethane and initiatives launched by several players for polyurethane recycling and recovery are causes that are creating numerous opportunities for new players to invest and grow their businesses. On the contrary, environmental concerns and exposure risks that comes along with polyurethane can impede its adoption.
In addition, the rise in demand for acid-epoxy coatings replacing polyurethane solutions can hinder the market upsurge in the near future. However, the availability of new bio-based feedstock for polyurethane and issues with crude oil prices resulting in need for alternative solutions are forces that can counter the market slow-down in the years ahead.
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Market Segmentation of Polyurethane Market
The segment analysis of the polyurethane market is based on end-users, products, and type.
The products-based segments of the polyurethane market are coatings, adhesives sealants, flexible foam, elastomers, and rigid foam among others. The polyurethane market’s segment analysis, studies automotive, electronics appliances, construction, footwear, furniture, and packaging among others. The type-based segments of the polyurethane market are elastomers, flexible foam, coatings, rigid foam, and adhesives sealants among more. The growing utility of flexible foam due in the construction sector due to its robust stability and its growing application in electronic appliances can favor the market rise in the near future. The rigid foam segment can rise at moderate pace. The increasing utility of polyurethane in automotive, footwear, and packaging can prompt the market rise in the years to come. The construction industry is reputed as high end-consumer of polyurethane market.
Regional Assessment of Polyurethane Market
According to MRFR regional assessment, APAC Polyurethane Market is expected to lead in the near future. In APAC, the polyurethane market value is expected to touch USD 28,111.2 Mn by 2022. The expansion of polyurethane market can be credited to its rising demand in the automotive sector. The surge in consumption of polymer across various sectors and expansion of manufacturing base across the fast-developing regions in APAC can prompt the regional market rise in the years ahead. Financial reforms, such as ‘Make in India’ are observed to foster domestic manufacturing, which, in turn, can prompt the MRFR polyurethane market in the years ahead. As per MRFR data, APAC polyurethane market is expected generate revenue of around USD 9000 Million ob the conclusion of the study period.
Europe polyurethane market is likely to exhibit high CAGR by 2022. Various EU financial incentives adopted by end-users to produce eco-friendly products is one of the causes that is expected to amplify the demand for polyurethanes in the region, thus boosting its market rise in Europe. The rise in preference for polyurethane in the furniture domain is an emerging trend of bio-polyurethanes that is expected to foster the polyurethane market in the years to come.
In North America, the US is expected to head the regional polyurethane market in terms of revenue acquired. The growing focus on energy efficiency in both commercial and households domain can contribute to the rise in adoption rate of thermal insulation that can contribute to the upsurge of North America market. The emerging application scope of polyurethane in sectors, such as; personal protective equipment, textiles, food, apparel, medical can benefit North America polyurethane market.
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