The value of the Polyurethane market stood at USD 55,205.9 million in 2018 and is set to hit $87,635.8 million by 2026, according to the new Fortune Business Insights™
According to analysis by Fortune Business Insights the global polyurethane market size is set to hit $87,635.8 million by 2026, exhibiting a CAGR of 6.0% during the forecast period. Increasing demand for furniture from urban areas will be one of the key growth drivers of this market. The furniture industry is rapidly expanding owing to speedy urbanization and a general change in lifestyle of people living in cities. Polyurethane (PUR or PU) is widely utilized in furniture applications, primarily for cushioning and bedding purposes. This will be one of the most prominent Polyurethane Market Trends, which will get further augmented by the housing development activities across the world. Moreover, construction of commercial spaces will also play an important in fueling the demand for PU, which will augur well for the PUR market during the forecast period.
The value Polyurethane Market stood at USD 55,205.9 million in 2018, according to the new Fortune Business Insights™ report, titled “Polyurethane Market Size, Share & Industry Analysis, By Product Type (Rigid Foam, Flexible Foam, Molded Foam, Elastomers, Adhesives & Sealants, Coatings, and Others), By Application (Furniture, Construction, Electronics, Automotive & Transportation, Packaging, Footwear, and Others),and Regional Forecast, 2019-2026”. In addition to this, the report provides the following information:
- A thorough evaluation of the industry trends that will influence the overall development of the market;
- A detailed research into how various drivers and factors will shape the future of this market; and
- An exhaustive analysis of the competitive dynamics and regional aspects within the market.
Valuable Properties of PU to Spike Its Adoption in Different Industries
Polyurethane is a type of polymer formed as a result of the reaction between polyols and isocyanate. The polyurethane market research highlights the highly useful properties including hardness, electrical insulation, flexibility, resistance to abrasion, and ruggedness under inhospitable weather conditions. The polymer is also available in the form of foams, elastomers, fibers, and surface coatings. These qualities have made PUR a highly demanded commodity across the industrial spectrum. For instance, this polymer is widely applied in automobiles as it can be converted into foam. In construction, PU is extensively utilized in sealants, adhesives, and coatings. Since these are thriving industries, demand for polyurethane is likely to climb and accelerate the polyurethane market growth in the forecast period.
North America to Lead the Pack; Asia
Pacific to Hold Major Share -
North America generated a revenue of USD 13,504.7 millionin 2018 and is, therefore, projected to dominate the polyurethane market share. Being one of the largest consumers of PUR owing to prosperous construction and automotive industries, the US will lead the market in North America. Asia-Pacific is slated to hold a sizeable share in the market owing to growth in the construction and furniture industries, mainly in China, where PU is highly utilized. On account of its high shock resistance properties, this polymer is also witnessing rising demand in the expanding automotive and transport industries in Asia-Pacific. In Europe, advancements in machinery and furniture manufacturing will boost the demand for PUR in the region. Increasing demand for PUR in construction will be the major driver for this market in South America, the Middle East & Africa, with Brazil and Saudi Arabia taking the lead.
Increasing Focus on Innovation to Stimulate Competition
The polyurethane market analysis reveals that competition in this market will be characterized by growing attention of players towards developing innovative products. This will aid them to consolidate their position in the market and widen their product offerings.
Key Industry Developments:
- June 2019: Huntsman Tecnoelastomeri introduced its new product line of elastomers that are high performance, customizable, MDI-based, and hot cast. They can be operated using very less energy due to its extremely low hysteresis, making them the perfect fit for high-load and heavy-duty operations.
- April 2019:LANXESS, a specialty chemicals company, launched the Adiprene C930 which is a free MDI-based cast urethane. The product is designed to facilitate injection molding of cast PU elastomers, boasting of high efficiency and even higher output.
Top Players Covered in the Polyurethane Market Report by Fortune Business Insights™:
• Tosoh Corporation
• Eurofoam Group
• Compagnie De Saint-Gobain S.A.
• Mitsui Chemicals & SKC Polyurethanes Inc.
• Foampartner Group