The Global Polyurethane Market was valued at US$ 53.94 Bn in 2020 is Expected to Reach US$ 77.60 Bn by 2027, with a Growing CAGR of 5.3% During the Forecast Period (2020-2027).
Polyurethane is modern, and versatile plastic material that exists in various forms and can be tailored to be either rigid or flexible according to its applications. Polyurethane is used across various applications owing to its high abrasion resistance, oil resistance, lightweight, noise reduction ability, flexibility, and low-temperature resistance among various other features. The new trends in the polyurethane market such as the requirement of lightweight material in the aerospace industry are boosting the industry demand. Polyurethane is widely used for consumer goods owing to its versatility and flexibility. The accelerating rise of the automotive industry and rising consumer expenditure on consumer goods are increasing the polyurethane market growth.
In addition to this, the demand for polyurethane in the footwear and textile application segment is driven by the growing population coupled with the increased disposable incomes from developing countries. Furthermore, the rise in demand for sustainable products from the end-users is encouraging polyurethane manufacturers to innovate their products. The manufacturers are focused on the development of ‘green’ polyols to meet the rising consumer demand. However, these products are highly priced and thus are yet not widely popular among the end-users.
The polyurethane market is forecasted to witness developments concerning the manufacturing process and its operations. The 3D printing technology has huge capabilities of limiting the costs of manufacturers owing to its low initial investments. The technology will be highly beneficial especially for small manufacturers for the production of conventional polyurethane parts. The use of 3D technology would enable the manufacturers to quickly adapt to the high demand and consumer expectations further proliferating the polyurethane market size.
The Global Polyurethane Industry Segmentation:
By Raw Material
By Product Type
By Application
By Region
Based on the product type, in 2020, rigid foam polyurethane accounted for a market share of 33.5% in the polyurethane market
Rigid foam polyurethane has high energy efficiency, high performance, and high thermal and mechanical performance among other features. Rigid foam polyurethane has one of the highest insulating R-values per inch compared to all the other products available commercially. This makes it an excellent product for use as an insulating material with thinner walls and lower profile roofs while increasing space utilization, maximizing efficiency, and reducing operating costs. According to the U.S. Department of Energy, heating and cooling costs accounts for 50% to 70% of the energy usage in American homes. Thus, rigid foam polyurethane is increasingly used to reduce costs, lower noise levels in commercial properties and homes, and maintain uniform temperatures.
Rigid foam polyurethane is one of the leading materials used for insulation in hot water heaters, freezers, vending machines, and refrigerators. The material is well suited for insulation applications owing to its ease of application, dimensional stability, and low volatile organic compound emissions. Rigid foam polyurethane also has wide application in packaging industry to create tight, and impact resistant cushion for protection of fragile items. The wide usage of rigid foam polyurethane across various applications is boosting the polyurethane market demand.
Based on the application, the building & construction application segment is growing at the fastest rate, whereas the bedding & furniture segment accounted for the largest market share in 2020
Building and construction represent a market for a diverse portfolio of polyurethane and polyiso products. Roof and wall insulation, gap fillers, and insulated panels for the space around windows and doors are the largest applications of polyurethane foam in the building and construction application. Polyisocyanurate laminate boardstock is one of the most popular insulations used in conventional roofs. Furthermore, the building and construction industry players are increasingly looking for environment-friendly and sustainable product options to comply with government regulations. Rigid foam polyurethane provides environmental benefits such as reduction in the need of construction material, increased energy efficiency, and reduced project weight and thus is highly popular in the building and construction application.
Based on regions, the Asia Pacific region dominated the polyurethane industry demand with North America experiencing a significant growth rate
The Asia Pacific region is witnessing a high growth rate in the polyurethane market forecast owing to the rising domestic demand, availability of low-cost raw materials, and increasing consumer income levels. The country is also one of the largest consumers of polyurethane products and has an excellent manufacturing base supported by the availability of low-cost labor and government initiatives to support local manufacturing in the region. In 2020, the total production of polyurethane products in the region was approximately 13.1 million tonnes witnessing a rise of 1.1% compared to 2019. The slow growth is attributed to the ongoing pandemic that hampered the polyurethane industry growth both from the demand and supply side.
In the Asia Pacific region, China accounted for over 65% of the total polyurethane production in 2020 followed by countries such as South Korea, India, and Japan. In the region, elastomer polyurethane products accounted for approximately 34.6% of the market share in 2020, whereas flexible foam polyurethane witnessed a steep decline in terms of production. Flexible foam polyurethane is primarily used in automotive and furniture manufacturing and both these industries were impacted by the coronavirus pandemic hindering the polyurethane market size.
Company Profiles and Competitive Intelligence
The key players operating in the market are:
The report also provides in-depth analysis of polyurethane market dynamics such as Drivers and Restrains.
Drivers
Restraints
COVID-19 Impact on the Polyurethane Market Analysis
The COVID-19 has considerably declined the production of polyurethane as a result of factory closures, supply chain issues, unavailability of raw materials and labors among others. The end-use industries such as automotive, furniture and construction markets witnessed a sharp decline in demand as consumers’ allocated funds to essential goods. However, the adhesives and sealants performed rather better, primarily owing to a positive performance of flexible packaging adhesives. The increasing demand for packaged food and medicines increased the demand for flexible packaging adhesives thus raising the polyurethane market demand as sealants and adhesives.
The report also provides in-depth analysis of key trends in Polyurethane market
| Sr. No. | Trends | Impact |
| 1 | The market demand for polyurethane adhesives in flexible packaging is witnessing a strong growth trends due to accelerating demand for packaged food and medicines | Positive |
| 2 | Increasing need for low cost and lightweight construction material to reduce the overall cost | Positive |
| 3 | The economic slow-down resulted in declining demand for polyurethane from the end-user application segments | Negative |
The report also provides in-depth analysis of recent news developments and investments
The unique insights provided by this report also includes the following:
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