Escalating demand for durable and lightweight materials in various end-use applications is one of the significant factors influencing the market growth.
The global Polyurethane (PU) Market is expected to reach USD 116.27 Billion by 2027, according to a new report by Reports and Data. The growth of the market is owing to the growing use of polyurethanes in various end-use applications.
In the construction industry, polyurethanes find extensive application in making high-performance products possessing properties such as lightweight, good strength, efficient performance, and durability, among others. Moreover, these products are beneficial in improving the visual aspects of homes and buildings. Furniture and carpets are one of the most sought after applications of polyurethanes and these products are completely cured before being sold. According to the U.S. Environmental Protection Agency (EPA), completely cured polyurethane products are assumed to be inert and non-toxic.
The application of polyurethanes in the electronic industry is likely to boost market demand in the upcoming years. Polyurethanes are often used to cover, seal, and insulate delicate, pressure-sensitive underwater cables, microelectronic components, and PCBs (Printed Circuit Board). Polyurethane potting compounds are particularly formulated to cater to a diverse range of thermal, physical, and electrical properties. They shield electronic products by providing exceptional adhesive and dielectric properties, along with excellent water, solvent, and temperature resistance.
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Top Lading Players: BASF SE, Dow Chemical Company, Eastman Chemical Co., Huntsman Corp., Mitsui Chemicals Inc., Covestro, Nippon Polyurethane Industry Corp. Ltd., Woodbridge Foam Corp., RTP Company, and DIC Corp., among others.
Polyurethane (PU) Market Demand:
The global polyurethane (PU) market is expected to witness robust demand over the forecast period (2021-2028). Polyurethane is a versatile polymer that is widely used in various end-use industries such as construction, automotive, and furniture, which are expected to drive market growth.
The increasing demand for PU foam in the construction industry for insulation and sealing applications is one of the primary factors driving the growth of the PU market. The growing demand for high-performance materials in the automotive industry is also expected to boost market growth.
Moreover, the increasing use of PU in the production of furniture, mattresses, and footwear is expected to drive market growth. The demand for PU in the packaging industry is also expected to increase due to its excellent flexibility and durability.
The Asia-Pacific region is expected to dominate the PU market during the forecast period, owing to the rapidly expanding construction and automotive industries in countries such as China and India. North America and Europe are also expected to contribute significantly to market growth due to the growing demand for high-performance materials in the automotive and furniture industries.
Overall, the PU market is expected to witness robust demand in the coming years, driven by the increasing demand for high-performance materials in various end-use industries.
Some Key Highlights from the Report:
- By product type, flexible foam contributed to the largest market share in 2018 and is likely to grow at a rate of 6.7% in the forecast period. Flexible foams are eco-friendly products as these are mostly composed of air, and are extremely lightweight and hence assist in emission reduction in transport applications.
- By distribution channel, the offline channel dominated the market in 2018. Offline channel is the most preferred channel for distribution as it includes the opportunity for customers to create personal connections with business, which is beneficial in building loyalty.
- By application, the footwear is estimated to grow at a significant rate in the forecast period. The main use of polyurethanes in footwear is to fix the sole to the remaining portion of the shoe. Polyurethane adhesives are appropriate for this use as they offer a strong bond that can increase the longevity of the shoe.
- The market in the Asia Pacific region dominated the market in 2018 and is estimated to witness a growth rate of 7.0% in the period 2019-2027. Rapid urbanization, as well as the growth of the construction industry in developing countries such as India and China, are among the factors responsible for the high market demand in the region.
Segments covered in the report:
Product Type Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
- Rigid Foam
- Flexible Foam
- Molded Foam
- Coatings
- Elastomers
- Adhesives Sealants
- Others
Distribution Channel Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
- Online
- Offline
Application Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
- Construction
- Furniture
- Electronics
- Automotive
- Footwear
- Packaging
- Others
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Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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