United States, Rockville MD, June 07, 2022 (GLOBE NEWSWIRE) — As per the recent published report by Fact.MR – a market research and competitive intelligence provider, the global polyurethane market is anticipated to hold valuation of USD 83.1 Billion in 2022, and expand at an impressive CAGR of 7.0% over the forecast period of 2022 to 2032 to exceed the valuation of USD 162.3 Billion by the end of 2032.
The polyurethane market had registered a yearly growth of 5.0% during 2017-2021. Fact.MR anticipates noteworthy potential in the market, due to the rising adoption of high-quality PU coatings and adhesives.
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Polyurethane adhesives are not only flexible and durable but also have better bonding and good impact resistance. They are used in vehicle interiors to seal fuel tanks, bond windshields and other applications. The escalating demand for adhesives in different end-use industries is expected to be one major factor supporting market growth.
In addition to this, polyurethane coatings protect substrates from corrosion, abrasion, and weathering. As these coatings adhere to the base material, its application in multiple end-use industries of automotive, furniture, construction etc. is rising, thereby fueling market growth in coming years.
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“Presence of Substitutes to Hamper Progress of Polyurethane Manufacturers”
Polyurethane is used in several end-use industries for different applications. However, the presence of substitutes for polyurethane is likely to hamper market growth to some extent over the coming years.
For instance, there is a rising trend of using linseed oil instead of toxic products to treat wood in the furniture industry. In marine applications as well, there is rising usage of polysiloxane coatings based on isocyanates instead of polyurethane coatings, because of their weathering properties and suitable durability, making them a strong substitute for polyurethane coatings.
As such, these issues are likely to confine market growth by 0.5X during the forecast years of 2022-2032.
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Key Segments Covered in the Polyurethane Industry Survey
- Polyurethane Market by Product Type :
- Rigid Foam
- Flexible Foam
- Coating
- Elastomers
- Adhesives and Sealants
- Other Product Types
- Polyurethane Market by Application :
- Construction
- Furniture & Interior
- Automotive
- Electronics and Appliances
- Packaging
- Footwear
- Other Applications
- Polyurethane Market by Region :
- North America Polyurethane Market
- Latin America Polyurethane Market
- Europe Polyurethane Market
- East Asia Polyurethane Market
- South Asia & Oceania Polyurethane Market
- MEA Polyurethane Market
Development of Polyurethane Market
Key players in polyurethane market are focusing on enhancing their brand presence in the market by making appropriate use of promotional strategies in order to promote their product and enhance their consumer base. Many promotional advertising strategies such as product launch, partnerships, collaborations, capacity expansion etc. are being undertaken by them to improve brand presence and generate additional revenue in coming future years
Leaders in the polyurethane market are focusing on capturing prominent market share by making use of robust distribution network and integrating their sales channel, which has enabled them to generate consistency in demand over the years.
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Key players in the Polyurethane Market
- Covestro AG
- The Dow Chemical Company
- Huntsman Corporation
- Yantai Wanhua Polyurethanes Co. Ltd.
- Foamcraft Inc.
- Lanxess
- Eurofoam Group
- Tosoh Corporation
- Future Foam, Inc.
- Armacell
- Saint Gobain S.A
Key Takeaways from Polyurethane Market Study
- The global polyurethane market is valued at USD 83.1 Billion in the year 2022 and is projected to grow at 7.0% CAGR to exceed the valuation of USD 162.3 Billion by the end of 2032
- Global polyurethane market witnessed 5.0% CAGR for the period of 2017-2021
- Under product type segment, rigid foam dominates the market by holding 30.9% of the overall polyurethane market share and is projected to rise at the rate of 8.3% CAGR during the forecast years, to hold 35.5% of the overall market share
- The construction segment under application is valued at USD 22.7 Billion in the year 2022 and is projected to grow at the rate of 8.2% CAGR during the forecast years to be valued at USD 49.7 Billion by the end of 2032
- Based on the region, the demand for polyurethane is expected to grow at a CAGR of 7.1% and 7.4% in East Asia and South Asia & Oceania region respectively over the forecast period
- Together, North America and Europe is likely to represent over 59.8% of overall market share in 2022
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Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemicals and materials team at Fact.MR helps clients from across the globe with their unique business intelligence needs.
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