Synopsis of Polyurethane Market
The global demand of Polyurethane Market is expected to rise to USD 81,700.6 million in 2022 with CAGR of 6.51% during 2016-2022. Polyurethane is versatile plastic polymer available in various forms right from rigid foam, flexible foam to strong and hard elastomers. Thus, this leads to usage of Polyurethane in variety of consumer and industry applications such as thermal insulation in building, refrigerators, household furniture, shoes, packaging plastics etc. Owing to its properties Polyurethane can be molded to any shape to enhance its industrial applications by providing comfort, style and convenience to one’s life. Polyurethane are widely used in construction and infrastructure activity. Thus, growing demand of polyurethane owing to durability with low thermal conductivity and ability to withstand external impacts is augmented to drive the overall market. Further, increasing demand of high performance and lightweight interior components, cushion foams in automotive parts to foster energy saving will fuel the demand for Polyurethane Market growth.
Product Segment Analysis:
On basis of product, Polyurethanes are segmented into rigid foam, flexible foam, coatings, adhesives & sealants, elastomers, others. Rigid foam is widely used in insulations to increase building energy efficiency. These key properties helping the rigid foam market to grow in coming years. Flexible foams are expected to dominate the product demand owing to easy insulation in electronic appliances and construction industry. Elastomers possess high flexibility and strong impact & shock resistance which widely used in high performance materials. Thus, it is being emerging as faster growing segment in end user industries. Innovation in coatings and development of bio based Polyurethane is anticipated to drive the demand in developed regions.
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End User Industry Analysis:
Construction market is dominating market owing to growing infrastructure activities, rapid industrialization and increase in government spending in emerging economies such as China and India. Moreover, increasing government spending to improve public infrastructure in order to increase tourism and trading is propelling the demand of Polyurethane across the end user industry. Further, increase in consumer spending in interiors and furniture which is also consuming product in upholstery and other applications drives the Polyurethane Market growth. Rise in population has led to increase in usage of vehicles. Thus, automotive market witnessed a significant growth owing to increase in artistic appeal automobile body parts in vehicles. Metals used in vehicles to provide structural strength along increase the energy saving with fuel efficiency has driven the Polyurethane Market in this segment.
Polyurethane consist of organic units including di-isocyanates, tri- isocyanates and polyols. The foam and non-foam polyurethane further modified by using surfactants. They are also known as thermosetting polymers which do not melts on heating. Growing importance of energy conservation due to volatile in prices of crude oil is anticipated to drive the polyurethane market growth. Increasing demand of high performance and lightweight interior components, cushion foams in automotive parts to foster energy saving will fuel the demand for polyurethane market growth.
Based on types, Polyurethane is segmented into rigid foam, flexible foam, coatings, adhesives & sealants, elastomers, others. Growing importance of energy conservation along with reduction of carbon emission is expected to propel the product demand. Rigid foam is widely used in insulations in construction industry. The need to increase building energy efficiency are the key properties helping the rigid foam market to grow in coming years. Flexible foam is leading product segment owing to structural stability in construction and electronic appliances. Elastomers polymers not only offer benefits of plastics & rubber but also provide self-healing properties which also expected to contributed the market growth. The material possesses following properties such as high flexibility and strong impact & shock resistance for high performance applications in automotive industry. Development of eco-friendly coatings and bio-based polyurethane for green buildings is anticipated to drive the polyurethane market in developed regions.
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Based on end user industry, Polyurethane is segmented into construction, furniture, automotive, electronics appliances, footwear, packaging, others. Construction industry is leading industry in polyurethane market. Increase in government spending in infrastructure has led overall development of construction industry in emerging economies. Thus, this remains key factors for driving the product consumption in insulations and sealants applications. Further, increase in consumer spending in interiors and furniture which is also consuming product in upholstery and other applications drives the polyurethane market growth.
Geographically, Asia-Pacific region represents highest market share in the Global Polyurethane followed by Europe and North America. China is largest producer and consumer of Polyurethane owing to skilled labor, easy availability of raw materials and lenient government regulations. Countries like India are the growing market for polyurethane due to favorable government regulations along with Make in India campaign started recently to foster the manufacturing activities in country.
Key Points from Table of Contents:
10 Company Profile
10.1 BASF SE (Germany)
10.1.1 Company Overview
10.1.2 Product/Business Segment Overview
10.1.3 Financial Updates
10.1.4 Key Developments
10.2 The Dow Chemical Company (U.S)
10.2.1 Company Overview
10.2.2 Product/Business Segment Overview
10.2.3 Financial Updates
10.2.4 Key Developments
10.3 Huntsman International LLC (U.S)
10.3.1 Company Overview
10.3.2 Product/Business Segment Overview
10.3.3 Financial Updates
10.3.4 Key Developments
10.4 Tosoh Corporation (Japan)
10.4.1 Company Overview
10.4.2 Product/Business Segment Overview
10.4.3 Financial Updates
10.4.4 Key Developments
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