Rising Demand for Durable and Lightweight Materials from Several End -Use Industries to Escalate Polyurethane Market Growth during 2020–2028
According to our latest market study on “Polyurethane Market Forecast to 2028 – COVID-19 Impact and Analysis – by Raw Material (Polyols, MDI, TDI, Others), by Product (Rigid Foam, Flexible Foam, Coatings, Adhesives, Sealants & Binders, Elastomers, Others) and Application (Furniture and Interiors, Construction, Electronics and Appliances, Automotive, Footwear, Packaging, and Others),” the market was valued at US$ 54,917.09 million in 2021 and is projected to reach US$ 1,02,916.80 million by 2028; it is expected to grow at a CAGR of 9.4% from 2020 to 2028. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
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Polyurethane is a thermosetting polymer that is composed of organic units joined by carbamate links and does not melt on heating. It is light in weight, resistant to corrosion, elastic in nature and possesses considerable strength. In most of the cases, PU is an alternative to paper, glass, and metals. High mechanical strength enables polyurethane to provide insulation and replace metals for automobile parts. The polyurethane market is anticipated to grow in the forecast period owing to an upsurge in demand for lightweight and durable materials from automotive, packaging, furniture, footwear, and other end-user industries. Moreover, demands for high-performance interior components further contributes to the polyurethane market growth. However, fluctuations in raw materials and economic downturn in developing countries affect products sales which hinder growth of the polyurethane market. On the other hand, adoption of bio-based polyurethane is likely to provide growth opportunities to the key players operating in the polyurethane market during the forecast period.
The use of polyurethane material is suitable in several industries due to its ability to get molded in different forms. Its broad hardness range is known to be its most unique characteristic. Polyurethane further offers good abrasion resistance with toughness. Moreover, its durability and toughness is higher than most plastics. Owing to these properties, polyurethane is used in various industrial and commercial applications as well as in a wide range of consumer goods used in day-to-day life. It is used in various applications such as eraser and surfboards making; flexible foam in upholstered furniture; thermoplastic polyurethane or TPU used in medical devices and footwear; and coatings, adhesives, sealants, and elastomers used on floors & automotive interiors.
Flexible polyurethane foam helps in creating durable, comfortable, and supportive furniture. Therefore, polyurethane—mainly in the form of flexible foam is widely utilized in home furniture, bedding, and carpet underlay. Bedding and furniture are the largest end-use markets for polyurethane. High demand for polyurethane in offices, building or remodeling homes, and other buildings is supported by its properties such as lightweight, durability, reliability, ease of installation, affordable, recyclable, and versatile nature. The wider application of polyurethane in buildings is insulation. Insulation is commonly required in cavity walls, around pipes, roofs, floors, and boilers. The use of polyurethane in construction is considered safe as it helps in diminishing carbon emissions that lead to global warming. Polyurethanes can dramatically maintain temperature to keep the environment warm in homes and offices in cold weather. During summer, they further play a crucial role in keeping buildings cool, reducing the need for air conditioning. Other than these, adhesives coatings along with other products are utilized in huge volumes in this application.
Covestro AG; The Dow Chemical Company; BASF SE; Mitsui Chemicals, Inc.; Huntsman Corporation; FXI; Lubrizol Corporation; DIC Corporation; Recticel NV; and Tosoh Corporation are among the well-established players operating in the global Polyurethane market.
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