Growing Construction Activities all around the world is projected to boost the Global Polyurethane Additive Market

Market Overview:

Polyurethane Additives Market Size was valued at USD 2.5 billion in 2022. The Polyurethane Additives market industry is projected to grow from USD 2.669 billion in 2023 to USD 4.507 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.77% during the forecast period (2023 - 2032). 

Polymer Additives are the minor components, which are added to the polymer to modify some of its properties. They are majorly used to enhance properties of the polymer to make it suitable for the desired application. Usually, an additive is selected on the basis of types of polymer additive and application. This leads to developing value added product with improved durability and other desired properties. The Polyurethane Additives are summed up in the major types namely antioxidants, catalysts, emulsifier, stabilizers, fillers, flame retardants, and others. It is majorly used in the manufacturing of foam, which is utilized by diverse industries namely furniture, construction, automotive & transportation, electronics & electrical, etc. The Global Polyurethane Market is estimated to reach around 2 million tons of annual production with an approximate CAGR of 6%. The developing countries are focusing on infrastructure projects, which drives the growth of building & construction activities. This trend is expected to boost the demand for rigid foams. Furthermore, the automotive and transportation sector is projected to keep its growth trajectory intact to drive the demand for flexible as well rigid foams.

Competitive Analysis:

Key players in the Global polyurethane additives market are Cavestro AG (Germany), BASF SE (Germany), The Dow Chemicals Company (U.S.), Huntsman International LLC (U.S.), Kao Corporation (Japan), Tosoh Corporation (Japan), Polychemie Asia Pacific Permai (Indonesia), Suzhou Xiangyuan Special Fine Chemical Co.,Ltd. (China) Evonik Industries AG (Germany), Gulbrasnson Chemical Pvt. Ltd. (India).

Market Segmentation:

The Global Polyurethane Additive Market is broadly segmented on the basis of product type, application, end use industry, and region. Based on the type, the market is categorized into antioxidants, catalysts, emulsifier, stabilizers, fillers, flame retardants, and others. Wherein, the antioxidant and catalysts segment are dominating the market due to the growing demand for production of flexible as well as rigid foams. As of 2016, both the segments are projected to hold over 40% share of the market. This trend is estimated to continue over the forecast period on account of increasing demand from end users such as construction and automotive industry.

By the Application, the Global Polyurethane Additive Market is classified into flexible foam, rigid foam, coating, adhesives & sealants, and others. Wherein, the flexible foam dominated the demand with 31% market share as of 2016. During the forecast period, demand for Polyurethane Additive in flexible foam is estimated to increase even more. At present, rigid foams are majorly used in diverse industries including building & construction, automotive & transportation, electrical & electronics, insulation and some proportion in plastics. Wherein, building & construction dominates the demand for rigid foams.

On the basis of the End Use Industries, the Global Polyurethane Additive Market is segmented into building & construction, automotive, furniture making, packaging, footwear, and others. Growing trend can be seen in the industries namely building & construction, automotive, along with the significant demand for furniture making and footwear industry, etc. Thus, the growth in these industries is anticipated to reflect in the Polyurethane Additive Market during the forecast period.

Regional Analysis:

There are five major regions in which the Global Polyurethane Additive Market is spanned across: Asia Pacific, Europe, North America, the Middle East & Africa, and Latin America. Asia Pacific is set to dominate the market. It held over 45% share of the market, as of 2016. The region is anticipated to remain dominant in both production and demand of Polyurethane Additives. Growing construction activity in this region is driving the market growth. Apart from this, increasing demand for rigid foams from the automotive & transportation industry is expected to boost the demand further in the coming years. Europe is followed by Asia Pacific in terms of market share due to increasing demand for flexible and rigid foams by automotive along with household insulation. North America is holding relatively less share of the Global Polyurethane Additive Market. Yet, there is a surge in demand for flexible foams in automotive interiors, insulation, and furniture making industries in this region. The Middle East & Africa is a swiftly growing market where the growth is driven by demand for rigid foams for insulation. Latin America is anticipated to witness a rise in the regional market due to the pacifying political and reviving economic situation.

Read More About this Article -Polyurethane Additive Market