Vancouver, Nov. 28, 2023 (GLOBE NEWSWIRE) -- The global Polyurethane (PU) market, valued at USD 86.34 billion in 2022, is set to experience a substantial growth trajectory, with a projected revenue Compound Annual Growth Rate (CAGR) of 6.5% during the forecast period. Key factors fueling this growth include the increasing use of polyurethanes in the automotive industry, a rising demand for foams in the furniture sector, and a heightened need for building insulation amid growing sustainability concerns.
Automotive Industry Drives Polyurethane Adoption
The automotive sector plays a pivotal role in propelling the Polyurethane market forward. Polyurethane foam, known for its versatility, is extensively used in manufacturing vehicle components such as seating, headrests, armrests, and cushioned instrument panels. Notably, Chiao Fu Enterprise Co., Ltd. recently introduced a new application of Nofia-based polyurethane foam in collaboration with a leading automotive Original Equipment Manufacturer (OEM). This innovation showcases the industry's commitment to sustainability and performance.
Construction Industry Embraces Polyurethanes
Polyurethanes find widespread application in the construction industry, offering lightweight, durable, and high-performance products. Rigid foams, a significant segment of the Polyurethane market, contribute to the construction sector's growth by providing structural stability, sound insulation, thermal resistance, and mechanical strength. Moreover, the expansion of construction and furniture industries, along with government support for green buildings, is expected to drive the demand for rigid foam.
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Challenges and Opportunities
While the Polyurethane market is on a growth trajectory, challenges such as the use of new bio-based feedstock and volatility in crude oil prices may pose hindrances. The fluctuation in crude oil prices, a key component in traditional Polyurethane production, introduces uncertainty in manufacturing costs. However, the market is expected to overcome these challenges through innovation and sustainable practices.
Product Insights: Rigid Foam Dominates the Market
Among Polyurethane products, rigid foam emerged as the leader in 2022, accounting for the largest revenue share. Rigid foams are in high demand across various industries due to their structural stability and insulation properties, making them suitable for extreme weather conditions. The growth of construction, furniture, and automotive industries, coupled with government initiatives for green buildings, is expected to propel the rigid foam segment's growth during the forecast period.
End-Use Insights: Furniture Sector Takes the Lead
The furniture sector is anticipated to command the largest revenue share in the Polyurethane market over the forecast period. Polyurethane's versatility, comfort, durability, aesthetic appeal, and cost-effectiveness make it an ideal material for furniture production. Advancements in eco-friendly formulations and regulatory compliance further strengthen polyurethane's position in the furniture industry, contributing to its projected revenue growth.
Regional Insights: Asia Pacific Leads the Charge
The Asia Pacific region secured the largest revenue share in 2022 and is expected to maintain a steady revenue CAGR over the forecast period. The region's growth is fueled by expanding end-use industries such as appliances, packaging, automotive, electronics, furniture, and construction. Factors such as skilled labor, low costs, and government initiatives contribute to the robust Polyurethane market growth in Asia Pacific.
In Europe, the furniture and building construction industries are witnessing substantial growth due to strict regulatory frameworks aimed at reducing greenhouse gas emissions. The North American market, holding the second-largest revenue share, is primarily driven by the building and construction sector's increasing use of durable plastics.
The global Polyurethane market is poised for remarkable growth, driven by key industries and regions. As the market evolves, innovations in bio-based feedstock and sustainable practices are expected to play a crucial role in overcoming challenges and sustaining growth.
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Scope of Research
| Report Details | Outcome |
| Market size in 2022 | USD 86.34 Billion |
| CAGR (2023–2032) | 6.5% |
| Revenue forecast to 2032 | USD 162.18 Billion |
| Base year for estimation | 2022 |
| Historical data | 2019–2021 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product, end-use, and region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | Huntsman International LLC, Mitsui & Co. Plastics Ltd., Mitsubishi Chemical Corporation, Recticel NV/SA, Woodbridge, DIC CORPORATION, RTP Company, The Lubrizol Corporation, RAMPF Holding GmbH & Co. KG, Tosoh Corporation Dow, Inc., BASF SE, Covestro AG, & Eastman Chemical Company |
| Customization scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global Polyurethane (PU) market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective products. Some of the major companies included in the global Polyurethane (PU) market report are:
- Huntsman International LLC
- Mitsui & Co. Plastics Ltd.
- Mitsubishi Chemical Corporation
- Recticel NV/SA
- Woodbridge
- DIC CORPORATION
- RTP Company
- The Lubrizol Corporation
- RAMPF Holding GmbH & Co. KG
- Tosoh Corporation
- Dow, Inc.
- BASF SE
- Covestro AG
- Eastman Chemical Company
Strategic Development
- On 10 July 2022, DIC acquired a Chinese coating resin manufacturer named Guangdong TOD New Material Co. Ltd. The acquisition helped DIC Corporation expand its Asian market capacity for different resins, including acrylic, alkyd, polyester, urethane, and epoxy.
- On 22 February 2022, BASF SE and NEVEON collaborated on mattress recycling. BASF was developing a wet chemical recycling process for used mattresses made of PU, whereby new beds can be made using alternative polyurethane.
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For the purpose of this report, Emergen Research has segmented the global Polyurethane (PU) market on the basis of product, end-use, and region:
- Product Outlook (Revenue, USD Billion, Volume, Kilo Ton; 2019-2032)
- Rigid Form
- Flexible Form
- Coating
- Adhesives & Sealants
- Elastomers
- Others
- End-Use Outlook (Revenue, USD Billion, Volume, Kilo Ton; 2019-2032)
- Furniture
- Construction
- Electronics & Appliances
- Automotive
- Footwear
- Packaging
- Others
- Regional Outlook (Revenue, USD Billion, Volume, Kilo Ton; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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