Polyurethanes are widely used polymers. It is formed by the reaction of diisocyanates using polyols in the presence of other chemicals. The polyurethane industry is used almost exclusively worldwide in furniture, architecture, electronics, vehicles, shoes, and packaging. Polyurethanes are commonly used in building & design and transportation. Increased demand for polyurethane is expected to improve sustainability in the near future. Further driving the increasing demand for versatility and durability is the worldwide polyurethane industry. Strong and flexible foam production is based on manufacturers.
In 2018, the global market size for polyurethane was estimated at USD 65.5 billion, with a CAGR of 7 percent over the forecast period. Increasing demand in the automotive, construction and electronics industries for lightweight and durable goods is expected to boost overall market growth over the next decade. Growing end-use industries in developing nations are expected to drive overall industrial growth with the flexibility and unique physical properties of the material. In addition, it is projected that the increased use of novel polyurethane (PU) processing technologies with advanced characteristics will have a positive impact on overall market growth.
Strict environmental policies resulting from the release of toxic gases on fossil fuel burning and fluctuating cost of raw materials are factors that are expected to deter the demand. The U.S. has implemented crucial legislation in the form of the Toxic Substances Control Act (TSCA) to facilitate the protection of the environment by using eco-friendly manufacturing methods. A change in the trend towards replacing traditional heavy materials such as metals with lightweight and high-performance plastics is improving the automotive industry’s use of polyurethane.
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The demand for polyurethane (PU) is divided into rigid foam, elastic foam, coatings, adhesives, sealants, and elastomers depending on the material. Due to increased use as a cushioning medium for furniture, bedding and mattresses, seating, and other soft items in several end-use industries, the flexible foam segment dominated the market in 2018. The overall market for polyurethane is also defined based on application by furniture and interiors, housing, electronics and appliances, automotive, shoes and packaging applications. Food and beverage manufacturing, textiles and clothing as well as medical and pharmaceutical applications are also available. The construction sector accounts for 28.5 percent of total industry revenues in 2018 and is expected to expand in the upcoming period at a healthy pace.
Globally, the Asia-Pacific emerged as the leading regional market, comprising 48.07 percent of the total size of the industry in 2018. The reason for the overall growth of the PU market is the expansion of the automotive industry and the increased consumption of polymer. In addition, key players are moving the base of production to developing countries such as China and India. In recent years, India has seen accelerated growth due to the introduction of financial reforms and initiatives such as “Make in India,” which are expected to stimulate domestic production in the country.
Key Players Covered :
Accella Polyurethane Systems, Acme-Hardesty Co., Air Products, Aragon Elastomers, Argonics, Basf Se, Baxenden Chemicals, Bayer A.G., Bergad, Inc., Bond Polymers International, Chematur Engineering Ab, Chemtura Corporation, Coim S.P.A., Dow Chemical, Dsm N.V., Dupont, Evonik Industries Ag, Fxi, Huntsman Corporation, Inov Polyurethane Group, Mitsui Chemicals Inc., Ncfi Polyurethanes, Polyurethane Ltd., Precision Urethane & Machine Inc., Prothane, Psi Urethanes, Inc., Recticel, Selena Fm S.A., The Shepherd Chemical Company, The Vita Group, The Woodbridge Group, Tosoh Corporation, Townsend Chemicals, Urethane Innovators, Inc., Vcm Polyurethanes Pvt. Ltd., Wanhua Chemical, Zhejiang Hengtai Yuan Polyurethane Co., Ltd.
Europe is the second-largest regional market, pertaining to rising demands for PU products from various industries such as the automotive, furniture, packaging, and construction industries. The industry is also seeing significant growth opportunities in Central and South America’s emerging markets, where demand for athletic footwear has risen because of increasing numbers of sporting activities, such as the 2016 Rio Olympics in Brazil, and the 2018 Central American & Caribbean Games.
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