Polyurethane market worth USD 101.29 billion by 2028,
New York, September 15, 2021 (GLOBE NEWSWIRE) – Polyurethane Market Overview: According to a comprehensive research report from Market Research Future (MRFR), “Polyurethane Market Information – By product (rigid foam, flexible foam, coatings, adhesives and sealants, elastomers, others), by end user industry (construction, furniture, automotive, electronics, footwear, packaging, other) – Forecast to 2028” The market is expected to be worth USD 101.29 billion by 2028, registering a CAGR of 5.11% during the forecast period (2021 – 2028). The market was valued at 68.76 billion USD in 2021.
Competitive market landscape:
The list of the main leaders of the profiled polyurethane market includes:
- Covestro SA
- BASF SE
- Huntsman International LLC
- Dow Inc.
- Mitsui & Co. Plastics Ltd
- Tosoh Corporation
- RTP Company
- Mitsubishi Chemical Corporation
- Eastman Chemical Company
- DIC Company
- The Lubrizol company
- Recticel SA
- RAMPF Holding GmbH & Co. KG
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Polyurethanes are a type of thermosetting polymers that do not melt when exposed to heat. They are also called PU or PUR and are composed of organic units associated with carbonate. It is a member of the polymer family but it is quite different from all the other forms of plastic polymers available on the market. The chemistry of polyurethane allows products to be molded into any shape and improves consumer and industrial products by adding convenience and comfort.
USP covered market
The global polyurethane market has experienced commendable growth in recent years. Polyurethane products have a wide range of applications in the number of consumer goods, but the refrigeration industry is the application with the highest demand. The increasing demand for refrigerators across the world is one of the major aspects driving the growth of the market. The increasing adoption of polyurethane products in automotive interiors, adhesives and elastomers used on floors, sealants, footwear, coatings and medical devices is also catalyzing the growth of the market.
Another factor encouraging the growth of the polyurethane market is the increasing adoption of advanced technologies to develop polyurethane with multiple applications and excellent properties. In addition, the impressive physical properties and versatility of polyurethane are also driving demand in several end user industries. The growing preference for bio-based materials in several industries will likely provide lucrative opportunities during the forecast period.
The Polyurethane market is also facing some challenges which are expected to hamper the market growth. The plausible threat of epoxy coatings as substitutes and growing environmental concerns are the main constraints in the market.
Browse the in-depth market research report (185 pages) on the Polyurethane Industry
Many vital end-use industries in the polyurethane market, such as automotive, electronics, construction, home furnishings, and more, have been heavily affected by the COVID-19 outbreak. The pandemic has reduced the workforce in all production units, leading to a reduction in the production of polyurethane. The novel coronavirus has also threatened companies in the market with weaker supply chains, debt, lost income, etc. The pandemic has also forced major manufacturers to maintain effective communication and obey strict safety standards.
Polyurethane market is divided into many segments based on types, end users, and regions. Depending on the type, the classification is made into coatings, adhesives and sealants, rigid foam, elastomers, flexible foam, etc. The flexible foam segment has managed to dominate the global market with a maximum market share of 31% in the global market in 2015. This is mainly due to its offerings such as robust structural stability in electronic devices and construction. . Subsequently, rigid foam also represents a significant market share.
Some of the major end user industries listed in the Polyurethane Market report include footwear, packaging, automotive, electronics, construction, furniture, and others. Among all, the construction industry leads the world market with the largest market share. The main issue at the root of this problem is government funding to support infrastructure development in various countries. Along with this, the increase in interior and furniture spending is also acting as a catalyst for the growth of the segment.
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The global polyurethane market is divided into various regions like Middle East & Africa, Europe, Asia-Pacific, North America, and Latin America. The APAC market has managed to occupy the first place in the world market. This is mainly attributed to the continued increase in the consumption of polymers and the escalating demand for products in the automotive industry. Several international companies are moving their production units to rapidly developing countries such as China and India. The determining factor is the supportive government policies and initiatives in these countries.
Various programs in the European region offer financial incentives to end users, who adopt environmentally friendly products considered to be one of the main factors responsible for increasing demand for polyurethanes in Europe. The growth of the European market is propelled by a growing preference for polyurethane in the furniture industry, alongside the growing trend for bio-polyurethanes. The North American polyurethane market has become one of the most successful in the world. This is mainly attributed to the government’s growing focus on energy efficiency and the growing household adoption of thermal insulation backed by federal funding.
Market segmentation covered by research:
Polyurethane Market Information – By Product (Rigid Foam, Flexible Foam, Coatings, Adhesives & Sealants, Elastomers, Others), By End User Industry (Construction, Furniture, Automotive, Electronics, Footwear, Packaging, Others) – Forecast until 2028
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