Polyurethane Market Research Report- Forecast to 2028

Polyurethane Market Information - By Product (Rigid Foam, Flexible Foam, Coatings, Adhesives & Sealants, Elastomers, Others), By End-User Industry (Construction, Furniture, Automotive, Electronics appliances, Footwear, Packaging, Others) - Forecast till 2028

ID: MRFR/CnM/1811-CR | February 2021 | Region: Global | 185 pages

Polyurethane Market :Overview


Polyurethane Market is projected 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 USD 68.76 billion in 2021., in view of the expanding application scope in a number of end-use industries such as construction, household furniture, refrigerators, packaging plastics, shoes, to name a few.


COVID-19 Analysis


Several key end-use industries in the PU market like furniture, construction, electronics, automotive and more have been deeply affected by the COVID-19 outbreak. The pandemic and the subsequent lockdown have lowered the workforce across manufacturing units, leading to reduced production of polyurethane. The novel coronavirus has also challenged the market firms in the form of revenue losses, debts, weaker supply chains and more.


The uncontrollable increase in SARS-CoV-2 worldwide has compelled leading manufacturers to follow strict safety norms and maintain efficient communication, as employees’ health has become the key focus. Vendors are also pressured to adopt competitive tactics to maintain their positions in the market, while facing obstacles thrown by the COVID-19 pandemic.


Competitive Landscape


Extensive R&D Activities to be the Key Focus Area for Top Vendors


The polyurethane market is rife with a number of global firms that indulge in intense competition. Many of these companies are focused on carrying out extensive research and development activities to introduce new polyurethane products that have several applications. Leading companies also adopt a number of organic as well as inorganic growth tactics, such as mergers & acquisitions, innovative product launches and expansions to enhance their share in the global industry.


BASF is a well-known name in the global polyurethane market, with expertise in aromatic isocyanates and polyols that are used by producers of formulated polyurethane products. The key applications of these products are adhesives, coatings, elastomers, sealants as well as engineered wood products, flexible polyurethane foam, polyurethane foam insulation and rigid polyisocyanurate boards. The company boasts of an extensive range of products, impressive technical capacity, and high focus on technology, reliability and safety.


Some of the prominent market leaders in the polyurethane market covered include:



  • Covestro AG

  • BASF SE

  • Huntsman International LLC

  • Dow Inc.

  • Mitsui & Co. Plastics Ltd

  • Tosoh Corporation

  • RTP Company

  • Mitsubishi Chemical Corporation

  • Eastman Chemical Company

  • DIC Corporation

  • The Lubrizol Corporation

  • Woodbridge

  • Recticel NV/SA

  • RAMPF Holding GmbH & Co. KG


Market Dynamics


Drivers


Polyurethane’s Escalating Use in Refrigeration Applications to Foster Growth


Polyurethane products have extensive application range in various consumer goods that are used in day-to-day life, but the highest application scope is noted in the refrigeration industry. PU is increasingly being used in medical devices, coatings, footwear, sealants, elastomers and adhesives used on floors as well as automotive interiors.


Another factor that encourages market growth is the surging adoption of advanced technologies for production of polyurethane that have excellent properties and multiple applications. Introduction of PU-acrylate oligomers and TPU cured by radiation to produce semi-interpenetrating polymer networks (IPN) is one such example. Moreover, polyurethane’s versatility as well as impressive physical properties also bolster its demand across a number of end-user industries.


Opportunities


Surging Demand for Low VOC, Bio-Based Materials to Present Opportunities


Mounting preference for bio-based materials across various industries is bound to create lucrative opportunities for major PU manufacturers in the coming years. This is further encouraged by the growing number of government initiatives to lower environmental issues across countries.


Restraints


Acid-Epoxy Coatings to Emerge as a Significant Threat


Mounting environmental concerns along with the credible threat from acid-epoxy coatings as alternatives are touted to be primary restraints in the global market.


Challenges


Instability in Crude Oil Prices to be a Huge Challenge


Unstable crude oil prices are expected to pose a significant challenge to players since polyurethane’s costs are dependent on its raw materials.  


Cumulative Growth Analysis


Market Size to Blossom at a Robust Rate


Polyurethane market analysis by suggests that the expansion rate between 2016 and 2022 can be 6.51%, in view of the soaring demand for durable and lightweight products in construction, electronics and automotive industries.


Segment Overview


Flexible Foam to Secure the Leading Position


The major types of polyurethane are flexible foam, elastomers, rigid foam, adhesives & sealants, coatings and more. Flexible foam happens to be in the lead, as it offers robust stability to structures in construction as well as electronic appliances. Rigid foam however, accounts for a considerable share of 31% in the global market, as analyzed in 2015.


Construction to Emerge as a Prominent End-User Industry


All the key end user industries listed in the polyurethane market report are furniture, construction, electronics appliances, automotive, packaging, footwear and others. Construction industry has emerged as the top end-user in the polyurethane market. Substantial government funding in infrastructure development has pushed the growth of the construction industry across various emerging countries, which bolstered polyurethane consumption rate. Increasing consumer spending on furniture and interiors also elevate the consumption rate of the product.


Regional Analysis


The APAC Market Secures the Leading Position


The APAC market is touted to secure the top spot, and is set to touch USD 28,111.2 Million by 2022. The polyurethane market size is bolstered by the escalating product demand in the automotive industry and the continuous surge in polymer consumption. Various global firms are shifting their manufacturing base to the fast-developing countries in the region, such as India and China. The Indian market is progressing at a striking rate, given the emergence of supportive financial reforms as well as initiatives such as ‘Make in India’ that foster domestic manufacturing. MRFR’s polyurethane market analysis reveals that China procured the highest share of 54.00% in 2014 in the APAC market and was valued at USD 9,710.6 Million. The Chinese market is projected to advance at the fastest pace of 6.94% over the evaluation period. That same year, Japan took the second lead in the regional market and touched USD 4,495.7 Million, while MRFR projects it to achieve a decent growth rate of 6.69% during the given period.


Europe Polyurethane Market to Exhibit Striking Growth


Various EU schemes offer financial incentives to end-users that adopt eco-friendly products, which are touted to be a strong reason for the amplified demand for polyurethanes in Europe. Increased preference for polyurethane in the furniture industry along with the emerging trend of bio-polyurethanes can foster the European market’s growth potential in the ensuing years.


North America to be a Significant Contender


In North America, the US polyurethane market has emerged as one of the best performers, given the government’s rising focus on energy efficiency and households increasingly adopting thermal insulation backed by federal funding. The emerging application scope of polyurethane in industries like textiles, food, apparel, personal protective equipment and medical in North America also pushes the polyurethane market growth.


Recent Developments



  • July 2020 – BASF and Yutong Bus Co. Ltd., a world-renowned bus manufacturer have together developed an innovative polyurethane-based seating for the latter’s new-energy advanced buses. The BASF’s Elastoflex PU-based seating offers advanced flame-retardant benefits and adheres to the European directive pertaining to flame resistance.

  • November 2020 – Trelleborg has launched an anti-microbial AMV Shield system for polyurethane materials. This AMV Shield system instills anti-bacterial, anti-viral, anti-mold and anti-fungal properties to polyurethane materials that can last for over 25 years.


Report Overview


Scope of the Report


The polyurethane market report covers segments like product, end-user and regions. The MRFR report also focuses on the polyurethane market by revenue and the latest trends in terms of every submarket, highlighting the primary drivers, barriers, opportunities and challenges that can affect the market dynamics during the review period.


Segmentation Table


By Product



  • Rigid Foam

  • Flexible Foam

  • Coatings

  • Adhesives & Sealants

  • Elastomers


By End-User



  • Construction

  • Furniture

  • Automotive

  • Electronics appliances

  • Footwear

  • Packaging



Report Scope:
Report Attribute/Metric Details
  Market Size   2028: USD 101.29 billion
  CAGR   5.11% (2021-2028)
  Base Year   2020
  Forecast Period   2021-2028
  Historical Data   2019
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Product and End-User
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Eastman Chemical Company (U.S.), The Dow Chemical Company (U.S), Covestro AG (Germany), Tosoh Corporation (Japan), BASF SE (Germany), DIC Corporation (JAPAN) and Huntsman Corporation (U.S)
  Key Market Opportunities   the growing number of government initiatives to lower environmental issues across countries
  Key Market Drivers   the surging adoption of advanced technologies for production of polyurethane that have excellent properties and multiple applications


Frequently Asked Questions (FAQ) :


The global polyurethane market is expected to touch a size of USD 101.29 billion by 2028.

The global polyurethane market is predicted to accrue revenues at a CAGR of 5.11% from 2021 to 2028.

The APAC region will contribute to the global polyurethane market owing to changes in production strategy by automobile and construction sectors.

Key players of the global polyurethane market include Huntsman Corporation, The Dow Chemical Company, Eastman Chemical Company, Covestro AG, BASF SE, Tosoh Corporation, and DIC Corporation.