Polyurethane Market – Increasing Use from Different End-use Applications is expected to Lead the Market Growth – Growing at a Compound Annual Growth Rate (CAGR) 4.1% from 2022 to 2028

Polyurethane
  • Polyurethane Market

As stated in our extensive report; the Global Polyurethane Market accounted forUSD 71.7 Billionin 2021.

Polyurethane products are used in a wide range of consumer goods that people use every day.The primary application of Polyurethane is in the building and construction industry because ofPolyurethane’sexcellent strength-to-weight ratio, durability, insulation properties, and versatility.

Polyurethane, also known as a polymeric material, refers to thermosetting polymers, which do not melt while exposed to heat. They are extensively utilized polymers formed by reacting polyols with diisocyanates in the occurrence of chemicals like catalysts and additives.

In addition to beingenvironment-friendly, they are also sustainable and have several applications in all industries like electronics, packaging, automotive, construction, footwear, and so on to be molded into unusual shapes and improve consumer and industrial products.

Key factors influencing Polyurethane Market Growth

The growth of the Global Polyurethane Market can be attributable to the following:-

  1. Global Polyurethane Market can be attributable to several benefits of Polyurethane and the increasing application of Polyurethane in numerous industries.
  2. The rising demand for building insulation in light of sustainability concerns will likely mount the need for Polyurethane in the coming years.
  3. Green buildings are increasingly entering the construction industry owing to increased investments in smart, energy-efficient commercial and residential buildings. Other factors drive market expansion, such as the augmented use of Polyurethane in refrigeration applications and stimulating the bedding segments.
  4. Applications offered by flexible foam like upholstered furniture, rigid foam for insulation in walls and roofs, TPU utilized in medical devices, and adhesives, sealants, coatings, and elastomers used on floors and automotive interiors are responsible for the increase in market growth rate.
  5. The increasing demand for environment-friendly Polyurethane likelow VOC, green, and sustainable Polyurethane and the growth of Polyurethane recycling and recovery will generate many growth prospects for the market.

On the other hand, the presence of substitutes for Polyurethane is likely to hinder Polyurethane demand growth during the forecast period.

Asia Pacific Region to Dominate the Market

Asia Pacificholds the largest share in thePolyurethane Market in 2021 and is likely to continue in the future. Theincreasein major end-use industries such as electronics and appliances, automotive, packaging, furniture and interior, and construction drive the market growth in this region. In addition, the government support for low-income households and meeting transitioning standards for green buildings will further support the rigid PU foam demand in insulation applications. Besides, the increase in demand for the product from the U.S. region's automotive, construction, and packaging sectors is anticipated to propel the market in the coming years.

Conclusion

As per Vantage Market Research, the Polyurethane industry is positively impacted by an ever-increasing demand for bio-based Polyurethane and the intensifying consumption of Polyurethane from a variety of end-use applications, including furnishing, interiors, and automotive.

Notable and prominent players in the Global Polyurethane Market include- Dow Inc., BASF SE, Covestro AG, Huntsman International LLC, Eastman Chemical Company, Mitsui & Co. Plastics Ltd., Mitsubishi Chemical Corporation, Recticel NV/SA, Woodbridge, DIC Corporation, RTP Company, The Lubrizol Corporation, RAMPF Holding GmbH & Co. KG, Tosoh Corporation and others.