Polyurethane Market Report and Forecast, By Application, By End-Use Industry, and By Region – Global Opportunities & Forecast 2021-2028
Polyurethane Market Report and Forecast, By Application (Foams, Coatings, Adhesives and Sealants, Elastomers, and Others), By End-Use Industry (Furniture and Interiors, Building and Construction, Electronics and Appliances, Automotive, Footwear, Packaging, and Others), and By Region
Polyurethane Market is accounted for USD 56,450 million in 2020, growing at a robust CAGR of 5.1% during forecast period
Polyurethane Market Overview
Polyurethane can be defined as a polymer formed by reacting a polyol resin with a polymeric isocyanate in the presence of suitable catalysts and additives. The chemical structure of polyurethane is highly cross-linked and has a very large molecular weight. Polyurethanes can be found in a wide range of products that include mattresses, couches, liquid coatings and paints, elastomers, adhesives, sealants, medical devices, footwear, and other products.
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Major Polyurethane Market Drivers
The growing building and construction sector coupled with the increase in the demand for smart homes, the rising awareness towards energy conservation, and the growing demand for furniture in the residential and commercial sector are some of the significant factors driving the growth of the polyurethanes market size. Additionally, polyurethane offers various advantages that include high flexural strength, abrasion resistance, high tear resistance, high tensile strength, good electrical insulating properties, extreme temperature resistance, and better color stability in outdoor applications among others, which is expected to contribute to its increased usage in a wide variety of consumer and industry applications. Moreover, the Polyurethane Foam Association (PFA), Indian Polyurethane Association (IPUA), the Spray Polyurethane Foam Alliance (SPFA), Center for the Polyurethanes Industry (CPI), and Polyurethane Manufacturers Association (PMA) are providing support and promoting the use of polyurethane products over the forecast period.
Restraint in the Polyurethane Market
However, the fluctuating raw material costs and the availability of substitute products including fiberglass and polystyrene foam are the factors estimated to hamper the polyurethane market over the forecast period.
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Application – Segment Analysis
Based on the application, foam is expected to account for a prominent share in the market during the forecast period. This can be attributed to its good heat stability, high compressive strength, and excellent insulation properties. The growing use of foams in the roof and wall insulation, insulated windows, doors and air barrier sealants, refrigerator, and freezer thermal insulation systems is further expected to drive the market growth.
End-Use Industry – Segment Analysis
Based on the end-use industry, building and construction are expected to hold a notable share in the market owing to the benefits of polyurethane including durability, low thermal conductivity, and ability to withstand external impacts. Moreover, extensive use of polyurethane in insulating and air-sealing homes and buildings that help in reducing greenhouse gas emissions and improving indoor air quality is expected to augment its demand in the coming years.
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Regional – Segment Analysis:
North America is expected to account for a large share in the polyurethane market primarily due to the growing industries of packaging, automotive, and electronics. The presence of organizations including the Center for the Polyurethanes Industry (CPI) and Polyurethane Foam Association (PFA) is further promoting the sustainable development of the polyurethane market. Additionally, according to the PFA, more than 1.5 billion pounds of flexible polyurethane foam are produced in North America each year.
Top Market Players
Several leading Polyurethane companies operating in the market, include, Covestro AG, BASF SE, The Dow Chemical Company, Wanhua Chemical Group Co., Ltd., Huntsman International LLC, Crain Communications, Inc., Mitsui Chemicals Inc., Bayer AG, LANXESS Group, and Recticel Group among others.
Key Developments:
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- In 2020, Recticel Group and Covestro AG collaborated to develop mattresses more sustainable, including the research of raw material technologies for polyurethane foam. The collaboration aims to develop a completely circular product lifecycle of polyurethane foam using sustainable material.
Segments covered in the Report:
The global polyurethane market has been segmented on the basis of application, end-use industry, and key regions. Based on the application, the market is segmented into foams, coatings, adhesives and sealants, elastomers, and others. Based on the end-use industry, the market is segmented into furniture and interiors, building and construction, electronics and appliances, automotive, footwear, packaging, and others.
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|
Report Coverage |
Details |
| Market Base Year |
2020 |
| Market Forecast Period |
2021-2028 |
| Market Revenues (2020) |
USD 56,450 Million |
| Base Year & Forecast Units |
Revenues (USD Million) |
| Market Segment | By Application, By End-Use Industry, By Region |
| Regional Coverage | Asia Pacific, Europe, North America, and RoW |
| Companies Profiled | Covestro AG, BASF SE, The Dow Chemical Company, Wanhua Chemical Group Co.,Ltd., Huntsman International LLC, Crain Communications, Inc., Mitsui Chemicals Inc., Bayer AG, LANXESS Group, and Recticel Group among others; a total of 10 companies covered. |
| 25% Free Customization Available | We will customize this report up to 25% as a free customization to address our client’s specific requirements |
Market Segmentation
Global Polyurethane Market by Application
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- Foams
- Coatings
- Adhesives and Sealants
- Elastomers
- Others
Global Polyurethane Market by End-Use Industry
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- Furniture and Interiors
- Building and Construction
- Electronics and Appliances
- Automotive
- Footwear
- Packaging
- Others
Global Polyurethane Market by Region
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North America Polyurethane Market (Option 1: As a part of the free 25% customization)
- By Application
- By End-Use Industry
- US Market All-Up
- Canada Market All-Up
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Europe Polyurethane Market (Option 2: As a part of the free 25% customization)
- By Application
- By End-Use Industry
- UK Market All-Up
- Germany Market All-Up
- France Market All-Up
- Spain Market All-Up
- Rest of Europe Market All-Up
-
Asia-Pacific Polyurethane Market (Option 3: As a part of the free 25% customization)
- By Application
- By End-Use Industry
- China Market All-Up
- India Market All-Up
- Japan Market All-Up
- Rest of APAC Market All-Up
-
RoW Polyurethane Market (Option 4: As a part of the free 25% customization)
- By Application
- By End-Use Industry
- Brazil Market All-Up
- South Africa Market All-Up
- Saudi Arabia Market All-Up
- UAE Market All-Up
- Rest of world (remaining countries of the LAMEA region) Market All-Up
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Major Players Operating in the Polyurethane Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)
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- Covestro AG
- BASF SE
- The Dow Chemical Company
- Wanhua Chemical Group Co.,Ltd.
- Huntsman International LLC
- Crain Communications, Inc.
- Mitsui Chemicals Inc.
- Bayer AG
- LANXESS Group
- Recticel Group
Frequently Asked Question About This Report
polyurethane market [UP2382-001001]
The growth rate of Polyurethane Market during forecast period is 5.1%.
The top players in the Polyurethane Market are, Covestro AG, BASF SE, The Dow Chemical Company, Wanhua Chemical Group Co., Ltd., Huntsman International LLC, Crain Communications, Inc., Mitsui Chemicals Inc., Bayer AG, LANXESS Group, and Recticel Group among others.
The North America region is expected to grow at a higher CAGR rate in the Polyurethane Market during the forecast period due to the growing industries of packaging, automotive, and electronics. The presence of organizations including the Center for the Polyurethanes Industry (CPI) and Polyurethane Foam Association (PFA) is further promoting the sustainable development of the polyurethane market.
The foam is expected to grow at higher CAGR in the market during the forecast period. This can be attributed to its good heat stability, high compressive strength, and excellent insulation properties.
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