Tokyo, July 06, 2022 (GLOBE NEWSWIRE) -- The global polyurethane market size was accounted at USD 78.1 billion in 2021. Polyurethane is polymer containing chemical bond between isocyanate and polyols which is result of controlled chemical reaction of these two compounds with catalysts and added adhesives. Presently it is offered in two types; thermoplastic polymer and thermosetting polymer.Since Polyurethane possesses uniquely chemical characteristics it has vast applications in several industries; such as Automotive, constructions, wall coatings, flour coatings, protective thermal insulations, synthetic fibers and adhesives.
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Continuous efforts by the industry innovators to develop new product technologies providing with unique features to the end users are making fruitful impacts on market’s growth toward new heights. For instance, newestdevelopment of PU and TPU acrylate oligomers; these are blended in such a way, they contains quality to create semi-interpenetrating polymer networks without exhibiting radiation.
Report Highlights
- In 2021, the Asia Pacific polyurethane market was valued at USD 27.2 billion.
- Based on product, the U.S. polyurethane market was estimated at USD 13.1 billion in 2021 and is predicted to reach at a CAGR of 3.8% from 2022 to 2030.
- Rigid foam product segment has garnered 32% revenue share in 2021.
- Flexible foam product segment is growing at a CAGR of 5.8% from 2022 to 2030.
- By application, the construction segment hit 26% market share in 2021.
- From 2022 to 2030, the automotive application segment is predicted to grow at CAGR of 8.7%.
- In 2021, Asia Pacific region hit 45% revenue share.
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Regional Snapshot
- Market in APAC region is expanding aggressively due to growth in construction and automotive sectors; majorly in India and China in terms of revenue as well as investments. This increase in products demand in region is directly attributed to construction, auto sector and furniture industry. China is leading the regional market in terms of both value and volume in 2021, it is further anticipated that it will be continuing to do so throughout forecast years.
- North America is furtherprojected to showcase significantrise in the polyurethane market. In the region U.S. leads the market dominantly and expected to lead in foreseeable future. Europe, on the contrary, will see significant increase due to the high use of polyurethane in the construction of machinery and furnishings. These will also contribute to the region's market value increasing.
Scope of the Report
| Report Attributes | Details |
| Market Size in 2021 | USD 78.1 Billion |
| Revenue Forecast by 2030 | USD 112.45 Billion |
| CAGR | 4.13% from 2022 to 2030 |
| Largest Market | Asia Pacific |
| Fastest Growing region | North America |
| Base Year | 2021 |
| Forecast Year | 2022 to 2030 |
| Key Players | Dow Inc., Covestro AG, BASF SE, Eastman Chemical Company, Mitsui & Co. Plastics Ltd, Mitsubishi Chemical Corporation, Huntsman International LLC, Recticel NV/SA, Woodbridge, DIC Corporation, RTP Company |
Driver
Consistent demand for foams from furniture and interior industry to drive market growth
Polyurethane is used at large as foam in the furniture industry for bedding and cushioning. Flexible polyurethane foams are primarily useful in cushioning for many of consumer based and commercially based products, such as automotive interiors, bedding, furniture and carpet underlay. They can be designed in almost much variety for shape and firmness. It is also light in weight, durable in material also it is supportive and comfortable. This is anticipated to make market rise across the globe. Rapid urbanization with government initiatives and industrialization throughout the globe are expected to fuel the growth of the global construction industry. While in emerging economies, such as India and China are more focused on grater investments in these sectors. As a result, demand in furniture industry is experiencing surge. These factors will mainly responsible as drivers for the polyurethane market growth.
Restraint
Sturdy presence of substitutes may slowdown market growth
Polyurethane is chemically adaptable material which could be used in various end-use industries and applications. Despite this fact though, there are ample substitutes available in the market today. They are alsostable in terms of chemical bonding that would outplay the product in concern, in certain applications. For example, linseed oil is used to treat wood, wooden articles, show pieces and various materials in the furniture industry. They are used as substitute to many toxic substances. Polysiloxane coatings are used instead of PUR coatings. Drawback is that, Polysiloxane coatings are based on isocyanates in marine applications. Furthermore, polysiloxane coatings' superior durability and weathering physical properties for naval applications make them a good option for PUR coatings. This would limit market expansion.
Opportunity
Rising need for public infrastructure in developing nations
Various chemical properties make polyurethane excellent choice for building constructions industry. It has wide uses in industrial, commercial as well as household applications. Rapid urbanization with government initiatives and industrialization throughout the globe are expected to fuel the growth of the global construction industry. While in emerging economies, such as India and China are more focused on grater investments in these sectors. For instance, China is making huge investments in these sectors. Chinese government approved 64 foremost important projects with total investments of CNY 273.4 billion.
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Challenge
Research into substitute materials
Currently there are more than 1,000 polymers which are commercially available in the market. Considering the chemical compositions and industry applications, only a handful of materials hold controlling stake in the market. They are PVC, polystyrenes, polyolefins and polyesters. Due to innovation and investment, polyurethane developed commercial applications on large scale. But the fact is that the industry is heading to new research of substitutes for polyurethane.
Market Segmentation
By Product
- Rigid Foam
- Flexible Foam
- Coatings
- Adhesives & Sealants
- Elastomers
- Others
By Raw Material
- Polyol
- MDI
- TDI
- Others
By Application
- Furniture & Interiors
- Construction
- Electronics & Appliances
- Automotive
- Footwear
- Packaging
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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