The global polyurethane market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Polyurethane is a polymer produced by joining units of isocyanates and polyols forming carbamate links. Polyurethane, commonly known as PU is one of the largest volume thermosetting polymers business globally. Polyurethane resins are used as foams, coatings, sealants, elastomers and others. Polyurethane-based foams are used for insulation in construction, electronic appliances, automotive as well as for packaging, furniture, footwear and several other purposes. PU coatings and sealants are used in construction, automotive and other industries.
Rising demand for PU foams from various industries such as packaging, construction, and others are likely to drive the polyurethane market. As polyurethane is a major feedstock for PU foams production, demand for PU foams is expected to fuel the growth of this market. Demand for PU foams is increasing due rise in demand from construction, packaging and other industries, which is in turn supported by the growing population and extra income in developing countries. Additionally, demand for coatings, adhesives, sealants and elastomers is likely to increase at a greater rate because of an upsurge in demand from end use markets, which in turn will boost polyurethane demand.
Drivers and Restraints Polyurethane Market
Growing investments in downstream industries in regions like the Americas, the Middle East and the Far East are likely to offer tremendous possibilities for polyurethane market in the future. As a result of accessibility to raw material, multinational businesses are investing in resource-rich regions to be able to limit the overall production cost.
Polyurethane is exposed to the probability of volatility in supply and price of its feedstock. Polyurethane materials are inflammable and are prone to stringent fire safety regulations. Existing and future regulations concerning the use of polyurethane and its grades in end products are likely to challenge the market growth.
Polyurethane Market by Region
Asia was the largest consumer of polyurethane and its grades and this pattern is anticipated to continue to be identical over the following few years. Consumption in Asia is showing upward trend because of increase in economic activity in China and India. China and India were the largest consumers of polyurethane in this region, whereas Japan and South Korea are likely to grow at a higher pace. Growing demand from packaging, construction and other industries will drive polyurethane and its grades market in Asia. Consumption of polyurethane and its grades in rest of the world is likely to grow at a reasonable rate next to Asia. North America is likely to grow at a significant rate due to demand from packaging and construction industry. With major production capacities in USA, the region is likely to grow in terms of global supply capability. Demand from Europe was low relatively and is likely to stay same in the next few years and will continue focusing on exporting to Asia.
Manufacturers in this market include DIC Corporation, BASF SE, Covestro AG, BCI Holding S.A., Carpenter, Dow Chemicals, Huntsman, INOAC Corp., Rogers Corporation, Lanxess, Kuwait Polyurethane Industries W.L.L, Mitsui Chemicals, Wanhua Industrial Group Co., Ltd., Lubrizol Corp, Nippon PU Industry Corp. Ltd, Mitsubishi Chemical Corp., RTP Company, Rampf Holding GmbH & Co. KG, Woodbridge Foam Corp. and Eastman Chemical Co. among others
The report covers exhaustive analysis on:
- Global Market Segments
- Global Market Size
- Supply & Demand
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
Regional analysis includes:
- Middle-East and Africa
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Strategies of key players and products available
- Potential and niche segments, regions showing promising growth