Polyurethane Market Size, Share, Growth Analysis, By Material Type(Polyol, MDI, TDI, others), By Product Type(Rigid foam, flexible foam, coating, adhesives & sealants), By End User(Building & construction, automotive & transportation, bedding and furniture, footwear), By Region - Industry Forecast 2024-2031

Q: What is the global market size of Polyurethane Market?

Global Polyurethane Market size was valued at USD 72.1 billion in 2021 and is poised to grow from USD 75.19 billion in 2022 to USD 105.29 billion by 2030, growing at a CAGR of 4.4% in the forecast period (2023-2030).

Q: Who are the key vendors in the Global Polyurethane Market?

Global polyurethane market is highly competitive. Majority of players operating in the market compete on the basis of raw material such as methylene diphenyl diisocyanate, polyol, and toluene diisocyanate used in the manufacturing of polyurethane. Key players adopted strategic development and increased their investment in research and development activities in order to formulate the new product. 'BASF SE', 'Covestro AG', 'The Dow Chemical Company', 'Huntsman Corporation', 'Mitsui Chemicals Inc.', 'Wanhua Chemical Group Co., Ltd.', 'Chemtura Corporation', 'Recticel SA/NV', 'Lubrizol Corporation', 'Eurofoam Deutschland GmbH', 'Carpenter Co.', 'Foamcraft Inc.', 'Rogers Corporation', 'Saint-Gobain Performance Plastics Corporation', 'Sekisui Chemical Co. Ltd.', 'Trelleborg AB', 'UFP Technologies Inc.', 'Woodbridge Foam Corporation', 'Zotefoams PLC', 'FoamPartner Group'

Q: Which region accounted for the largest share in Global Polyurethane Market?

The Asia Pacific region is expected to dominate the global polyurethane market during the forecast period. The market growth is attributed to increasing end-use industries such as automotive, electronics & appliances, packaging, furniture & interior, and construction. A shift in the production landscape toward emerging economics such as India and China are expected to influence the market growth. Foams and other polyurethane products are expected to gain significance in this region as the increasing consumer awareness about the sustainability of lightweight and low-cost polyurethane.

Report ID: SQMIG15E2128 | Region: Global | Published Date: July, 2024
Pages: 157 | Tables: 97 | Figures: 76

Polyurethane Market Dynamics

Drivers

Increasing industrial Applications

Polyurethane has wider industrial applications such as flexible foam is used in upholstered furniture, rigid foam for insulation in roofs and walls , TPU used in medical devices and footwear, and adhesives, sealants, and elastomers are used on floors and automotive interior. This factor helps to boost the market growth.

Increasing Demand for Environment Friendly Polyurethane

The increasing demand for green and sustainable polyurethane and expansion of polyurethane recycling and recovery are expected to create numerous market opportunities.

Restraint

Strong Presence of Substitutes

Polyurethane has wide applications in end use industries. However, there are many substitutes that are present in the market that replace the polyurethane such as linseed oil. It is used to treat wood in the furniture industry instead of toxic products, Polysiloxane coatings are used in marine industry instead of PUR coatings. Hence, the growth of the market is hindered.

Polyurethane Market Report Snapshots

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Polyurethane Market size was valued at USD 72.1 billion in 2021 and is poised to grow from USD 75.19 billion in 2022 to USD 105.29 billion by 2030, growing at a CAGR of 4.4% in the forecast period (2023-2030).

polyurethane market is highly competitive. Majority of players operating in the market compete on the basis of raw material such as methylene diphenyl diisocyanate, polyol, and toluene diisocyanate used in the manufacturing of polyurethane. Key players adopted strategic development and increased their investment in research and development activities in order to formulate the new product. 'BASF SE', 'Covestro AG', 'The Dow Chemical Company', 'Huntsman Corporation', 'Mitsui Chemicals Inc.', 'Wanhua Chemical Group Co., Ltd.', 'Chemtura Corporation', 'Recticel SA/NV', 'Lubrizol Corporation', 'Eurofoam Deutschland GmbH', 'Carpenter Co.', 'Foamcraft Inc.', 'Rogers Corporation', 'Saint-Gobain Performance Plastics Corporation', 'Sekisui Chemical Co. Ltd.', 'Trelleborg AB', 'UFP Technologies Inc.', 'Woodbridge Foam Corporation', 'Zotefoams PLC', 'FoamPartner Group'

Increasing industrial Applications

PU adhesives have characteristics such as durability, flexibility, and have better bonding along with good impact resistance. It can be used in vehicle interior to bond windshields, seal fuel tanks, and building & construction applications. High demand for adhesives from the construction industry is one of the leading market trends.

The Asia Pacific region is expected to dominate the polyurethane market during the forecast period. The market growth is attributed to increasing end-use industries such as automotive, electronics & appliances, packaging, furniture & interior, and construction. A shift in the production landscape toward emerging economics such as India and China are expected to influence the market growth. Foams and other polyurethane products are expected to gain significance in this region as the increasing consumer awareness about the sustainability of lightweight and low-cost polyurethane.

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Polyurethane Market Dynamics

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