Pune, India, Sept. 19, 2018 (GLOBE NEWSWIRE) -- The versatility that polyurethane offers has been a key factor in promoting the use of the product and its consequent market growth. The global polyurethane market has been extensively studied by Market Research Future in its latest report on the subject which reveals consistent growth at a CAGR of 6.51% during the forecast period of 2016 to 2022. Extensive use of polyurethane due to the increasing volume of its applications are expected to lead the polyurethane market to an approximate value of USD 81,700.6 Mn by the end of the assessment period.
Polyurethane comes in a variety of forms which have a wide variety of both consumer and industry applications. Polyurethane is commonly used for insulation for buildings, in automotive manufacture, home furnishings, shoes, and in packaging plastics to name a few. The material offers properties such as moldability and versatility which enhance its use in applications. Several of the end-use industries that polyurethane is used in are flourishing, and as a result, polyurethane is experiencing increased demands in terms of volume. One such industry is the construction industry which is witnessing rapid expansion due to growing infrastructure activities, thus increased the demand for building thermal insulation. The automotive sector is also displaying increasing consumption of polyurethane foam for manufacturing of car interiors. Polyurethane production and development of biobased polyurethane are expected to trend and offer growth opportunities across end-user industries.
Polyurethane is a crude oil derivative, and as such, the fluctuations in price affect the market negatively. Moreover, polystyrene and fiberglass provide stiff competition to the global polyurethane market. However, globally growing environmental concern with regards to carbon emissions is predicted to open up opportunities due to the development of bio-based polyurethane.
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Key Players Profiles
DIC Corporation, BASF SE, The Dow Chemical Company, Tosoh Corporation, Huntsman Corporation, Covestro AG, and Eastman Chemical Company make up some of the leading market players in the global polyurethane market. MRFR has found that the competitive landscape is governed by market strategies which include production capacity expansion, research & development of bio-based polyurethane, and mergers & acquisitions.
Latest Industry News
- Sika has acquired Swiss polyurethane foams systems manufacturer, Polypag. The move is aimed to increase Sika's expertise in polyurethane foam while expanding its product portfolio and production capacity.
- Polyglass' POLYPUF foam Systems have received regulatory approval for their systems and use of the same as a solution in commercial roofing in high-velocity hurricane zones.
Market Segmentation
MRFR's analysis of the Polyurethane Market segments it on the basis of product, end-user, and region. By product, the market is segmented into adhesives & sealants, rigid foam, flexible foam, coatings, elastomers, and others. Rigid foam accounts for a market share of 31% which makes it a significant segment due to the extensive use of the material in construction activities as thermal insulation. The booming construction sector is expected to increase its demand for polyurethane over the assessment period.
By end-user, the market is segmented into packaging, construction, furniture, automotive, electronic appliances, footwear, and others. The construction segment accounts for the most significant share of the market and displays a CAGR of 7.07% during the review period. Rapid growth and urbanization in emerging economies have increased the demand for infrastructure which has in impacted the polyurethane market positively.
Browse the market data and information spread across 181 pages with 203 data tables and 26 figures of the report “Polyurethane Market Report - Forecast 2016-2022” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/polyurethane-market-2444
APAC Observed to be Largest Consumer & Producer of Polyurethane
The Asia Pacific is the most significant region in the global polyurethane market and is followed by Europe and North America. China leads the market due to its position as the largest producer and consumer of polyurethane. Countries such as India and Japan also offer ample potential for growth in the market. The abundant availability of raw materials, lenient government laws, and the availability of cheap skilled labor are highly conducive to the market growth. The "Make in India" campaign has proven to be highly successful in increasing the country's position as a manufacturing hub. In addition to these emerging economies being key regions for the production of polyurethane, APAC also has a growing consumer population which is rapidly urbanizing and has a high disposable income which is driving the sales of automotive, residential buildings and home furnishing, thus increasing the demand for polyurethane. Expected to reach a value of USD 28,111.2 Mn by the end of 2022, China is expected to witness a CAGR of 6.94% during the forecast period, while Japan is projected to grow at a CAGR of 6.69%.
Europe and North America are prominent regions in the market due to the presence of a significant automotive industry in both region and a high concentration of eminent market players. Growing focus on environmentally friendly products and reduction of carbon and other harmful emissions are expected to encourage the development of biobased polyurethane from these regions; this will likely impact the global market in the foreseeable future.
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