Synopsis of Polyurethane Market
The global Polyurethane market is expected to grow at rapid pace owing to high demand of lightweight and durable materials in end user industries such as construction, automotive, electronics appliances, furniture, footwear, packaging. Rising demand of interior components, cushion foams in automotive parts to foster energy saving will fuel the demand for polyurethane market growth.
The global demand of polyurethane is expected to rise to 24.2 million tons in 2022 with CAGR of 5.8% during 2016-2022.
Increase in government spending in infrastructure has led overall development of construction industry. Thus, increasing demand of effective foams in green building has led to energy saving in developed regions like North America and Europe. However, fluctuation in crude oil prices may affect the polyurethane market price trend. Further, volatile in MDI and TDI price range which is extensively used in polyurethane production can challenge major manufacturer. Rising environmental concerns and lowering carbon emission and greenhouse gases to tackle the pollution across the globe has highlighted attention of regulatory bodies to switch to bio-based polyurethane in end user industries.
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Key players of the global high Polyurethane market are BASF SE (Germany), The Dow Chemical Company (U.S), Huntsman Corporation (U.S), Eastman Chemical Company (U.S.), Nippon Polyurethane Industry Co. Ltd. (Japan), Woodbridge Foam Corp. (Canada), Foamex Innovations (U.S), Covestro (Germany), Lubrizol Corporation (Japan), DIC Corporation (Japan) and others.
BASF SE, The Dow Chemical Company (U.S), Huntsman Corporation (U.S) and Covestro (Germany) has dominated the global polyurethane market share in 2016. These are vertical integrated company dominating price value in competitive market. Major market players are entering strategic alliances with smaller regional players to trapped the untapped market. With strong distribution and sales channel companies are able to play with prices of raw material and provide quality services on high demand supply.
- Polyurethane manufacturers
- Traders and distributors of Polyurethane
- Production Process industries
- Potential investors
- Raw material suppliers
- Nationalized laboratory
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The polyurethane market is segment by product as rigid foam, flexible foam, adhesives & sealants, coatings, elastomers and other products. Flexible foams are expected to dominate the product demand owing to easy insulation in electronic appliances and construction industry.
Elastomers are emerging as faster growing segment owing to its superior properties such as high flexibility and strong impact & shock resistance for high performance applications. These polymers not only offer benefits of plastics & rubber but also provide self-healing properties which also expected to contributed the market growth. Further, development of eco-friendly coatings with Polyurethane technology will open opportunity for many players across the market.
End user Insights:
Based on end user industries, Construction is dominant industry. Growing residential & commercial projects in emerging economies is expected to drive the polyurethane market growth. Adhesives & Sealants are used to fill the gaps in order to protect from water leakage. Growing concern of insulators in household activities has also influenced polyurethane demand.
Rising standard of living and increase in disposable income are also driving the growth of interiors and furniture in luxury segment. Growing consumption of electronic appliances with technology advancement has also boosted the polyurethane market growth in emerging economies
Geographically, Asia-Pacific region represents highest market share in the Global Polyurethane followed by Europe and North America. China is largest producer and consumer of polyurethane owing to skilled labor, easy availability of raw materials and lenient government regulations. Countries like India are the growing market for polyurethane due to favorable government regulations along with Make in India campaign started recently to foster the manufacturing activities in country.
Major players in automobile and construction industry are adopting low cost technology along with lightweight material for production. Hence, polyurethane market is anticipated to witnessed sustainable growth over the forecasted period.
North America and Europe region being prominent players in automobile and consumer appliances drive the insulators and sealants for energy efficiency in polyurethane market over the forecasted period. Rising government initiatives for Green Building in Europe and North America is also expected to drive the polyurethane market growth.
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