Polyurethane Catalysts Market Size, Share, Growth Analysis, By Type(Catalysts, Surfactants, Fillers, Flame Retardants), By Application(Foam, Adhesive, Sealant, Coating), By Region - Industry Forecast 2024-2031

Polyurethane Catalysts Market Driver

• Due to the rise in vehicle manufacturing, demand for polyurethane catalysts is anticipated to grow significantly throughout the forecast period. Because it shields leather from UV rays and extreme heat, polyurethane is utilized in the seat coverings of automobiles. In the automotive sector, polyurethane is also employed as coatings for a variety of interior and exterior applications. The need for polyurethane in the automotive industry is also increasing as a result of the surge in demand for lightweight automobiles.
• The market for polyurethane is expanding as auto production increases. This, in turn, is driving the market growth for polyurethane catalyst.
• One of the main components expected to have a positive impact on the market is the high demand from the automobile sector. Growing disposable incomes, particularly in emerging nations, are anticipated to lead to an increase in first-time consumers and numerous new automotive industry demands.

Polyurethane Catalysts Market Restraint

• Price volatility for raw materials: Crude oil is the main source of raw materials used to make polyurethane. Brent crude oil spot prices in 2020 averaged US$ 40 per barrel in June, up US$ 11 from May and US$ 22 from multiyear lows from April, according to the US EIA (Energy Information Administration). Prices increased as many areas that had been on lockdown previously sought more liquid fuels and OPEC+ producers agreed to extend the most drastic output restrictions through July. The EIA predicted that global oil inventories fell in June 2020 for the first time since December 2019 due to supply decreases and increased demand. The global oil inventory averaged 8.4 million barrels per day, which caused crude oil prices to drop sharply. Owing to such fluctuating crude oil prices, raw material prices of polyurethane additives are volatile.