Polyurethane Market Size to Surpass USD 87.54 billion by 2029, growing at a CAGR 5.3% | Exactitude Consultancy
The growing demand for polyurethanes market share is predicted to enhance sustainability in the near future
Luton, Bedfordshire, United Kingdom, March 01, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Polyurethane Market.
The global polyurethane market is expected to grow at 5.3% CAGR from 2023 to 2029. It is expected to reach above USD 87.54 billion by 2029 from USD 55 billion in 2022.
Polyurethanes are thermosetting polymers, and they do not melt when exposed to heat. The interaction between isocyanate and polyols produces the polymer known as polyurethane (PU or PUR), which has links of alternately organised isocyanate and polyols. Thermosetting polymer and flexible polymer are the two kinds that are offered. It is frequently employed in the production of synthetic fabrics, elastomers, high-performance adhesives, surface coatings, and seals. Additionally, it is expected that the growing use of cutting-edge manufacturing technologies with innovative features will favourably affect the polyurethane market. To create semi-interpenetrating polymer networks, TPU and PU acrylate oligomers, for instance, were developed and radiation-cured (IPN).
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Polyurethane Market Recent Developments
July 2022: DIC acquired a Chinese coating resin manufacturer named Guangdong TOD New Material Co. Ltd. The acquisition helped DIC Corporation expand its Asian market capacity for different resins, including acrylic, alkyd, polyester, urethane, and epoxy.
February 2022: BASF SE and NEVEON collaborated on mattress recycling. BASF was developing a wet chemical recycling process for used mattresses made of PU, whereby new beds can be made using alternative polyurethane.
Asia Pacific was the dominant regional market in 2022 and accounted for over 44% share of the global revenue.
The market is driven by the growth of the major end-use industries, such as automotive, electronics & appliances, packaging, furniture & interior, and construction. The regional market is characterized by the easy availability of land and low-cost skilled labour. A shift in the production landscape toward emerging economies, particularly China and India, is expected to positively influence market growth over the forecast period. The region is home to several rapidly expanding industries as well that offer lucrative growth opportunities to PU manufacturers. China accounted for the largest share within the region in 2022 and is expected to remain the largest in the market throughout the forecast period due to the expanding construction industry.
Polyurethane Market Growth Factors
Rising Polyurethane Demand from Building & Construction Industry
Polyurethane is widely used in the building and construction industry for commercial, industrial, and residential applications because of its insulation properties, versatility, durability, strength-to-weight ratio, etc. High-performance goods that are not only effective but also robust and flexible are made using polyurethane.
The construction and building business are the biggest consumer of polyurethane foam due to advantages such as energy efficiency, thermal/mechanical performance, and environment-friendly nature. Additionally, it strengthens the structure. Over the forecast period, the Asia Pacific region's rapid development in the building and construction industry is expected to support polyurethane's high demand growth.
Various Polyurethane Benefits Provided to Increase Market Demand
Polyurethane is adaptable because of the technical advantages and benefits that it offers. For instance, it bridges the distance between plastic and rubber, is more flexible than plastic and harder and able to withstand greater pressures than rubber.
Polyurethane Market Report Scope
Report Attribute | Details |
Market size value in 2022 | USD 55 billion in 2022 |
Revenue forecast in 2029 | USD 87.54 billion by 2029 |
Growth rate | CAGR of 5.3% from 2023 to 2029 |
Base year for estimation | 2022 |
Historical data | 2018 - 2022 |
Forecast period | 2023 - 2029 |
Quantitative units | Volume in kilo tons, revenue in USD million and CAGR from 2023 to 2029 |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered | Product, application, region |
Regional scope | North America; Europe; China; Asia; Pacific; Central & South America; MEA |
Key Market Drivers | The factors such as increasing demand for light-weight, high performance, and durable products in the automotive, electronics, and construction industries are expected to boom the Polyurethane Market growth. |
Key companies profiled | Dow Inc., BASF SE, Covestro AG, Huntsman International LLC, Eastman Chemical Company, Mitsui & Co. Plastics Ltd., Mitsubishi Chemical Corporation, Recticel NV/SA, Woodbridge, DIC Corporation, RTP Company, The Lubrizol Corporation, RAMPF Holding GmbH & Co. KG, and Tosoh Corporation. |
Polyurethane Market Players
The global polyurethane market has the presence of numerous local and international manufacturers, due to which, the market has become highly competitive and fragmented. Key polyurethane manufacturers are resorting to geographical expansion, investments, capacity expansion, mergers, etc. in the market or independently to maintain an edge over others.
Key players in the market are focusing on launching new products to differentiate themselves from other competitors and widen their consumer base, thereby leading to polyurethane industry growth.
The Polyurethane market key players include Dow Inc., BASF SE, Covestro AG, Huntsman International LLC, Eastman Chemical Company, Mitsui & Co. Plastics Ltd., Mitsubishi Chemical Corporation, Recticel NV/SA, Woodbridge, DIC Corporation, RTP Company, The Lubrizol Corporation, RAMPF Holding GmbH & Co. KG, and Tosoh Corporation.
Full Report Description, TOC, Table of Figure, Chart, etc.-
https://exactitudeconsultancy.com/reports/10119/polyurethane-market/
Key Market Segments: Polyurethane Market
Polyurethane Market by Material Type, 2023-2029, (USD Million)
Polyol
MDI
TDI
Others
Polyurethane Market by Product Type, 2023-2029, (USD Million)
Flexible Foam
Rigid Foam
Coating
Adhesive and Sealants
Elastomers
Others
Polyurethane Market by End User, 2023-2029, (USD Million)
Building and Construction
Automotive and Transportation
Bedding and Furniture
Footwear
Appliances and White Goods
Others
Key Industry Findings & Insights from the report:
The global polyurethane market is expected to grow at 5.3% CAGR from 2023 to 2029. It is expected to reach above USD 87.54 billion by 2029 from USD 55 billion in 2022.
The construction application segment led the global market in 2022 and accounted for a revenue share of more than 26%.
The rigid foam product segment led the market and accounted for more than 31.0% share of the global revenue in 2022.
The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
Asia Pacific captured the lion share in 2022 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Polyurethane industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
Market Dynamics
Polyurethane Market Drivers
High Demand for Building Insulation Due to Sustainability Concerns
The global energy problem has sped up the creation of sustainable building practises and green buildings. Since building developments have a sizable possible environmental effect, sustainability in building developments is a broad topic that includes numerous actions that must be taken during the early stages of construction. Green structures are growing entering the construction market as a result of rising expenditures in clever, energy-efficient business and domestic structures. These buildings not only offer profitable possibilities but also follow federal and environmental laws, which significantly satisfies growing customer demands for sustainability.
Increasing Demand for Lightweight and High-Performance Composites from the Automobile Sector
Steel used to make up the bulk of car components, but plastic is now taking their place as a viable alternative to lighten vehicles. The use of thermoplastic polyurethane (TPU) in automotive components has greatly reduced the weight of vehicles. The automobile industry's attempts to lighten the total weight of vehicles in order to reduce gasoline usage and carbon pollution have been the main drivers of the demand for polymers. As an option to metals, PU is frequently used in car uses like seating, instrument panels, exterior panels, engine encapsulation, and cables and wires.
Polyurethane Market Restraints
Growing Concern for the Environment
The burning of fossil fuels is expected to significantly limit the production of petrochemicals over the forecast period, causing toxic gas emissions. The quantity of greenhouse gases (GHG) and the carbon impact are expected to rise as a result of petrochemical goods produced from crude oil emitting hazardous gases into the atmosphere. Developed nations like the U.S., Canada, the UK, and Germany have decreased their carbon emissions over the past few years as a result of stringent government rules for environmental concerns.
Key Question Answered
What is the current size of the polyurethane market?
What are the key factors influencing the growth of polyurethane?
What are the major applications for polyurethane?
Who are the major key players in the polyurethane market?
Which region will provide more business opportunities for polyurethane in future?
Which segment holds the maximum share of the polyurethane market?
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