The global polyurethane market is projected to grow at a CAGR of 5.6%, from 2016 to 2021, in terms of value. The growing trends in the demand for light weight and low carbon emitting vehicles, higher living standards of populations, and the use of PU rigid foam for use in insulation for white goods are the major drivers of the polyurethane market. The increasing usage of polyurethane in bedding & furniture, building and construction, and automotive & transportation owing to its excellent high abrasion resistance, good low temperature capability, ambient curing, high wear & tear resistance, low cost as compared to other materials, and other mechanical properties, is projected to drive the global polyurethane market.
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Manufacturers have been increasingly focusing on technological advancements related to bio based polyols and production processes and property enhancements during the past five years. Developments related to eco-friendly and high performance polyurethane are expected to lead to an increase the demand for polyurethane over other materials.
The polyurethane market is mainly segmented on the basis of raw material type, product type, end–user, and region. The raw material type segment is further classified into Toluene Diisocyanate (TDI), Methylene Diphenyl Diisocyanate (MDI), polyols and others. The others include, Hexamethylene Diisocyanate (HDI), Isophorone Diisocyanate (IPDI), bio-based polyols, and graft polyols. Polyols are the fastest-growing segment in the polyurethane raw material type market.
Rigid foam is projected to be the fastest-growing application segment in the polyurethane market, from 2016 to 2021. The use of polyurethane in rigid foam provides numerous advantages towards insulation in buildings, and white goods. The growing automotive & transportation sector is also leading to a high growth in the demand for the application of polyurethane in buses, trucks, railways, and aerospace.
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The use in the bedding segment as the choice material for cushioning mattresses, sofas, along with the material for sole and adhesive in footwear is driving the polyurethane market.
The Asia-Pacific region is projected to witness the highest growth rate, in terms of both, volume and value, during the forecast period, followed by the Middle East & Africa. The market in this region is experiencing an increased demand for polyurethane from the automotive & transportation, and building & construction industries. In the Asia-Pacific region, India is estimated to be the fastest-growing polyurethane market during the forecast period. The major growth is accounted for by the building & construction segment due to an improvement in the living standards of populations, smart cities projects which lead to the development of malls, high-rise buildings, airports, and so on.
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