Polyurethane Market Size & Growth Analysis to 2030

The global polyurethane market size is expected to grow at a significant CAGR of around 4% during the forecast period 2021 to 2027. The increasing demand for polyurethane in the building and construction, and automotive sector is a primary factor to drive the market growth significantly. The increasing number of green building projects in both residential and commercial sectors is further expected to fuel the market over the forecast period. Moreover, the growing investment in smart energy buildings in emerging economies is anticipated to propel the market. In addition, the rising demand from the automotive and packaging industry is expected to increase the demand for polyurethane in next upcoming years.

Market Drivers:

Increasing Demand from End-Use Industries: Polyurethane finds extensive use in various industries, including construction, automotive, furniture, electronics, footwear, and packaging. The growth of these industries drives the demand for polyurethane products. For example, in the construction industry, polyurethane is used for insulation, sealants, adhesives, and coatings. In the automotive sector, it is used for vehicle interiors, seating, and insulation. The increasing demand from these end-use industries has a direct impact on the growth of the polyurethane market.

Versatility and Performance Properties: Polyurethane offers a wide range of properties, including flexibility, durability, insulation, adhesion, and resilience, making it suitable for diverse applications. It can be formulated as flexible foams, rigid foams, elastomers, coatings, adhesives, and sealants. The versatility and performance properties of polyurethane make it a preferred material choice for manufacturers, driving its demand in various industries.

Replacement of Traditional Materials: Polyurethane is often used as a substitute for traditional materials such as rubber, metal, wood, and cotton due to its superior properties. For instance, polyurethane foams are commonly used as a replacement for traditional cushioning materials like cotton or feathers. The ability of polyurethane to offer enhanced performance, lightweight construction, and durability has led to its adoption as a replacement material, driving market growth.

Energy Efficiency and Sustainability: Polyurethane products, particularly insulation materials, contribute to energy efficiency by improving thermal insulation in buildings and reducing energy consumption for heating and cooling. This aspect is increasingly important in the context of energy conservation and sustainability goals. Additionally, efforts to develop bio-based and environmentally friendly polyurethane materials have further propelled the market growth.

Technological Advancements: Advances in polyurethane manufacturing processes, such as improved catalysts, blowing agents, and additives, have expanded the range of possibilities and improved the performance of polyurethane products. These technological advancements have led to the development of high-performance polyurethane materials, making them more attractive to end-users and driving market growth.

Growing Consumer Awareness: Consumer awareness about the benefits of polyurethane, such as comfort, durability, energy efficiency, and safety, has contributed to its increased demand. Consumers are seeking products that offer superior performance and sustainability, which has further driven the adoption of polyurethane in various applications.

Infrastructure Development: Increasing investments in infrastructure development, particularly in emerging economies, have spurred the demand for polyurethane in construction projects. Polyurethane is used for insulation, flooring, roofing, and other construction applications due to its thermal insulation properties, durability, and ease of installation. The growth of infrastructure projects globally has positively influenced the polyurethane market.

Stringent Regulations and Standards: Regulatory measures, such as energy efficiency standards, emission regulations, and fire safety requirements, have influenced the adoption of polyurethane products. For instance, regulations mandating the use of energy-efficient materials in buildings have driven the demand for polyurethane insulation materials. Compliance with these regulations has accelerated the growth of the polyurethane market.

Market Outlook:

Market Insights:

The global polyurethane market is segmented into product, application, and geography. On the basis of product, the market is further fragmented into rigid foam, flexible foam, adhesives & sealants, and others. The rigid foam segment dominated the market in 2020 and accounted to hold the largest market share of around one-third percent of the market in terms of revenue. The segment growth is attributed to its wide use in various industries such as automotive, packaging, and insulation.

By application, the market is bifurcated into furniture & interiors, construction, electronics & appliances, automotive, and others. The construction segment dominated the global polyurethane market in 2020 and held the largest market share of over one-fourth percent of the market in terms of revenue. The segment growth is attributed to its benefits associated with construction applications such as lightweight, thermal insulation, bacterial resistance, and chemical inertness. Furthermore, the rapid growth in urbanization and growing industrialization is expected to drive the segment growth in various emerging economies.

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The Polyurethane comprehensive study offers an in-depth analysis of industry trends, market size, competitive analysis, and market forecast – 2020 to 2027. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.

The Polyurethane market research report presents the analysis of each segment from 2018 to 2027 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.

Historical & Forecast Period

• 2018-19 – Historical Year
• 2020 – Base Year
• 2021-2027 – Forecast Period

Market Segmentation:

By Product:

• Rigid Foam
• Flexible Foam
• Coatings
• Adhesives & Sealants
• Elastomers
• Others

By Application:

• Furniture & Interiors
• Construction
• Electronics & Appliances
• Automotive
• Footwear
• Packaging
• Others

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Geographic Coverage:

Geographically, the Asia Pacific dominated the global polyurethane market in 2020 and expected to maintain its dominance over the forecast period. The rapid growth in various end-use industries such as consumer electronics, furniture & interior, automotive, construction, and packaging has contributed the market growth in the region. The rapid growth in construction activities in developing economies is further expected to increase the demand for polyurethane in upcoming years in the Asia Pacific.

Market Competition Assessment:

Some of the major players operating in the global Polyurethane market are The Dow Chemical Company, BASF SE, Eastman Chemical Company, Covestro AG, and Huntsman International LLC. Companies are exploring markets by expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

• BASF SE (Germany)
• The Dow Chemical Company
• Covestro AG
• Mitsui & Co. Plastics Ltd
• Mitsubishi Chemical Corporation
• Huntsman International LLC
• Woodbridge
• DIC Corporation
• RTP Company
• Eastman Chemical Company

Key Questions Answered by Polyurethane Market Report:

• Global Polyurethane market forecasts from 2021-2027
• Regional Polyurethane market forecasts from 2021-2027 covering Asia-Pacific, North America, Europe, Middle East and Africa, and Latin America
• Country-level forecasts from 2021-2027 covering 15 major countries from the aforementioned regions
• Polyurethane submarket forecasts from 2021-2027 covering the market by product, by application, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis pertaining to the Polyurethane market
• Analysis of the key factors driving and restraining the growth of the global, regional, and country-level Polyurethane markets from 2021-2027
• Competitive Landscape and market positioning of top 10 players operating in the Polyurethane market