Pune, India, Oct. 08, 2021 (GLOBE NEWSWIRE) -- According to Fortune Business Insights™, the global polyurethane market is set to gain traction from the increasing usage of PU coatings in the furniture, construction, and automotive industries to prevent weathering, corrosion, and abrasion. The report further mentions that the polyurethane market size was USD 55,205.9illion in 2019 and is projected to reach USD 87,635.8 million by 2026, exhibiting a CAGR of 6% during the forecast period.
COVID-19: Cancellation of Polyols & Isocyanates Orders May Decline Growth
The COVID-19 pandemic is declining the demand for PUR worldwide because of the cancellation or postponement of polyols & isocyanates orders. As of June 2020, the prices of the product became very low stoked by uncertainty and slow recovery. We are providing elaborate research reports for regaining your business confidence. By choosing the right strategy, you can come out of this grave situation efficiently.
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Lists of companies profiled in the global PU market:
- BASF (Germany)
- The Dow Chemical Company (U.S.)
- Covestro AG (Germany)
- Yantai Wanhua Polyurethanes Co., Ltd. (China)
- Huntsman (U.S.)
- Foamcraft, Inc. (U.S.)
- Mitsui Chemicals & SKC Polyurethanes Inc. (Korea)
- Foampartner Group (Switzerland)
- Lanxess (Germany)
- Eurofoam Group (Austria)
- Inoac Corporation (Japan)
- Rogers Corporation (U.S.)
- Recticel (Belgium)
- Future Foam, Inc. (U.S.)
- Tosoh Corporation (Japan)
- Armacell (Germany)
- Fxi-Foamex Innovations (U.S.)
- Compagnie De Saint-Gobain S.A. (France)
- Other Key Players
Increasing Demand for Furniture Worldwide to Aid Growth
Polyurethane is mainly used in the furniture industry for bedding and cushioning applications. This is because it is capable of providing comfort, durability, and flexibility. Besides, the rapidly changing lifestyles of people and the increasing population are further boosting the demand for furniture across the globe.
However, the availability of substitutes of PU may hinder the polyurethane market growth in the coming years. Polysiloxane coatings, for instance, are nowadays replacing PU coatings in marine applications because of their suitable weathering and durability properties.
Furniture Segment to Dominate Stoked by Usage of PU Foam for Cushioning Effect
Based on application, the electronics segment held 11.5% in terms of polyurethane market share in 2019. The furniture segment is anticipated to dominate throughout the forthcoming years because of the extensive usage of PU foam for getting the cushioning effect in furniture. It provides high durability and support.
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High Demand from Furniture & Construction Industries to Favor Growth in Asia Pacific
Geographically, in 2019, Asia Pacific earned revenue of USD 26.23 billion. The region is set to hold a major portion of the market fueled by the increasing demand from the construction and furniture industries. North America would showcase a considerable growth on account of the high demand for automotive applications in the U.S.
Key Companies Aim to Expand Their Portfolios to Cater to High Demand
The major companies present in the market are located in Asia Pacific. Most of them are focusing on expanding their product portfolios by developing new PU solutions. Some of the others are trying to cater to the rising demand from various sectors.
Below are two of The Latest Industry Developments:
- September 2020: Toyochem Co., Ltd. unveiled its latest series of biodegradable pressure sensitive adhesives (PSAs). It is marketed under the Cyabine series of polyurethane PSAs. The new product is best suited for a wide range of industries, namely, agriculture, construction, and packaging.
- February 2020: Icynene-Lapolla was recently acquired by Huntsman Corporation with a sum of USD 350 million. It would help Huntsman to grow its polyurethanes business. The company can now deliver energy-saving, novel solutions to commercial& residential property owners.
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