The worldwide polyurethane (PU) market size was valued at USD 65.5 Billion in the year 2018 at 7.0% CAGR (Compound Annual Growth Rate) throughout the forecast period. The requirements for robust yet lightweight products are on the rise in various industries, such as electronics, construction, and automotive. It is accelerating the growth of the global polyurethane in the forthcoming years.
Global Polyurethane Market: Present Scenario
- The end-use industries are accelerating in developing countries. Moreover, the unique physical traits and versatility of products are anticipated to boost the growth of the industry as a whole. Besides, the applications of innovative production methodologies for polyurethane with top-notch traits are escalating the global polyurethane market.
- It further helps to grow the market of PU-acrylate oligomers and TPU (Thermoplastic polyurethane), which are amalgamated as well as cured by radiation. The main goal here is to get semi-interpenetrating polymer networks.
- Nevertheless, the global polyurethane market’s growth is anticipated to inhibit due to stringent environmental policies. Furthermore, the ups and downs of the raw material prices are also expected to put a barrier to the market growth throughout the forecast period.
- The fundamental raw materials needed to produce polyurethane are TDI, MDI, and other polyester polyols.
- The applications of bio-based elements are on the rise. It is further bringing new opportunities and escalating the consumption of polyurethane produced from renewable raw materials.
- Nowadays, a new trend is seen towards the substitution of traditional heavy materials, such as high-performance, lightweight plastics. It is further escalating the application of polyurethane in the automotive sector. It is also true, price structures and other strategic methods of the global polyurethane market depend on key market players.
Global Polyurethane Market: Product Insights
- In terms of the product, the global polyurethane market is divided into flexible foam, rigid foam, elastomers, adhesives & sealants, and coatings. However, the flexible foam sector accounts for the maximum market share in the year 2018. It has been possible because of the escalated applications of the flexible foam in the form of cushioning material for various purposes, such as seating, bedding & mattresses, furniture, and so on.
- Various factors like energy conservation, flexibility, environmental stability, and unique physical traits fueled the flexible foam sector to achieve the highest market share in the Asia Pacific. The flexible foam segment achieved more than 20.0% of the revenue of the Asia Pacific in the year 2018.
- Moreover, the escalating requirements for polyurethane insulation are accelerating the global PU market. As a result, it is anticipated to achieve 8.5% of revenue-based Compound Annual Growth Rate throughout the forecast period.
Worldwide Polyurethane Market: Application Insights
- In terms of the application, the global polyurethane market is segmented into electronics & appliances, furniture & interiors, footwear, construction, automotive, and packaging. Polyurethane also comes with many other applications in medical & pharmaceutical, textiles & apparel, food & beverage processing, and medical & pharmaceutical.
The field of construction holds 28.5% of the entire market revenue in the year 2018. Moreover, it is anticipated to expand at a faster rate in the forthcoming years.