The global Polyurethane Dispersions (PUDs) market size is projected to reach USD 2.7 billion by 2025 from USD 1.9 billion in 2020, at a CAGR of 7.1% during the forecast period. Increasing industrial, construction, and infrastructure activities in APAC, the Middle East & Africa, and South America, and growing demand for low VOC content solutions are driving the demand for PUDs during the forecasted period. The mandatory regulations are also expected to drive the market.
The growth in infrastructure and industrial activities, such as the expansion of the construction sector, rising use in the automotive, textile & leather industry, and so forth, is driving up demand for PUDs in growing economies including those in APAC, MEA, and South America. Other resins, isocyanates, epoxy silanes, and other cross-linking agents are also used to cross-link PUDs. PUDs that have been cross-linked have improved mechanical and chemical characteristics. Also, this contributes to lowering PUDs’ high present cost. The price of PUDs depends on the polyol that is selected for a given application. The government’s environmental laws of minimal VOC emission and the rising demand for environmentally friendly PUDs give the market enough room to grow.
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Wide applications of PUDs in various end-use industries are expected to create opportunities for manufacturers during the forecast period. The key players in the PUDs market are Covestro AG (Germany), DSM (Netherlands), BASF (Germany), Wanhua Chemical Group (China), Lanxess (Germany), Stahl Holding (Netherlands), Perstorp (Netherlands), Dow Chemical Company (US), Huntsman Corporation (US) and Mitsui Chemical (Japan). The PUDs market report analyzes the key growth strategies, such as merger & acquisitions, and joint venture by the leading market players between 2016 and 2021.
Covestro AG is a major producer of polymer materials. The company is one of the leading manufacturers of high-tech materials and operates its business through different business segments: polyurethanes, polycarbonates, coatings, adhesives & specialties, and others. These segments cater to various end-use industries such as furniture, automotive, electronics, aviation, construction, and medical technology. Covestro operates around 30 production sites in Europe, Asia, and North America, including countries such as China, Thailand, the US, Germany, and Belgium. Its diversified product portfolio largely reduces its market risks. BASF SE focuses on expansions to expand its business in growing economies. In February 2021, Covestro planned to open a new plant for PUDs at the Covestro Integrated site in Shanghai, China (CISS). This will significantly increase its production capacity in China. The plant is expected to be completed in 2024.
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DSM is one of the leading science-based companies engaged in offering health, nutrition, and materials across the globe. The company operates through three business segments: nutrition, performance materials, and innovation center. It offers polyurethane dispersion under the materials segment. The company has a diversified geographic presence around the globe. The company expands its global presence through partnerships & collaborations and agreements. For instance, DSM signed an agreement with TFL, India, a leading provider of specialty chemicals to leather and related industries. This agreement covers the supply and R&D of cutting-edge, sustainable waterborne PUD systems.
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