Wellesley, Mass., Aug. 03, 2017 (GLOBE NEWSWIRE) -- High growth rates in the building, construction, and automobile sectors, along with continuing high demand in Asia-Pacific, should increase the global market for polyurethanes by 6.4% from 2016-2021, reports BCC Research. Look for the market to reach $68 billion by the end year, up from $49.8 billion in 2016, thanks to other key drivers such as favorable government regulations, rising demand from emerging economies, and economic growth in key end-user industries.
According to Polyurethanes: New Technologies and Applications, key players such as BASF, Bayer, Dow Chemical and Huntsman will contribute innovative new technologies and applications, which will also spur market growth. New launches, increasing research and development, and development of novel products are expected to further buoy market movement. In recent years, the industry has seen an uptick of mergers, acquisitions and collaborations as companies partner to stay competitive.
The new report also covers key trends in the North America and Asia-Pacific (APAC) regions. These markets are expected to contribute more than 60% of total market share due to huge demand created by end-users, technological advancement, and easy availability of raw materials for polyurethanes manufacture.
Research Highlights
- BASF, Bayer, Wanhua Chemical, Huntsman, Dow Chemical, and Mitsui Chemical are among key players in the market's value chain.
- The regional paradigm of the polyurethane market is shifting toward the APAC region, the home to numerous developing economies that offer significant opportunities.
- Building and construction, the fastest-growing segment, is expected to grow at a 10% CAGR.
"New technology and applications through flexible foam, rigid foam, coating, adhesive, sealant, elastomers and chemicals are expected to boost polyurethane demand in sectors such as automobile, health care, construction, furniture and bedding," says BCC Research analyst Mohammed Javed, who authored the report.
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.