As per Market Research Future (MRFR) analysis, the Global — Polyurethane Market is expected to rise to USD 81,700.6 million, with a CAGR of 6.51% from 2016 to 2022 (forecast period). The report provides an in-depth overview of the market, including manufacturing, vendors, price points, consumption, growth rate, profit margins, supplies, imports and exports, and technological developments. The report also evaluates the impact of COVID-19 on the Global Polyurethane Market.
Polyurethane is a versatile plastic polymer used in different types from rigid foam, flexible foam to solid and hard elastomers. Therefore, this leads to the use of Polyurethane in a number of consumer and industrial applications, such as thermal insulation in buildings, refrigerators, household furniture, shoes, plastic packaging, etc. Due to its properties, polyurethane can be molded to any shape to improve its industrial applications by adding comfort, style, and convenience to one's life. Polyurethane is commonly used in construction and infrastructure activities.
Increasing demand for Polyurethane due to durability with low thermal conductivity and ability to withstand external impacts has risen to drive the overall market. In addition, the growing demand for high-performance and lightweight interior materials, cushion foams in automotive parts to improve energy savings, expected to drive demand for Polyurethane Market Growth.
Some of the major participants in the Global Polyurethane Market are BASF SE (Germany), The Dow Chemical Company (U.S), Tosoh Corporation (Japan), Huntsman Corporation (U.S), Covestro AG (Germany), DIC Corporation (JAPAN), Eastman Chemical Company (U.S.).
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The Global Market Polyurethane has been segmented into Product and End-User.
Based on Products, the Global Market for Polyurethane has been segmented into rigid foam, flexible foam, adhesives & sealant, coatings, elastomers, and others. The flexible foam segment led the market in 2018 due to increasing use as a cushioning material for furniture, seating, bedding and mattresses, and other soft products in a number of end-use industries. Factors such as environmental stability, energy conservation, versatility, and unique physical properties have helped the flexible foam segment to dominate the Asia Pacific. The reason behind the growth of the rigid foam segment is its extraordinary properties, such as strong mechanical strength, sound insulation, and good thermal resistance, which make it ideal for severe weather conditions. Due to the increasing construction and furniture market, China, India, and Indonesia accounted for a large share of this segment.
Based on End-User, the Global Market for Polyurethane has been segmented into construction, furniture, automotive, electronics appliances, footwear, packaging, and others. The construction segment contributed 28.5% of total market revenue in 2018 and is expected to rise at a healthy pace in the coming years. The sector emerged as the leading application segment due to rapid industrialization in developing countries and its excellent insulation properties. The furniture segment accounted for about 21.0%of the total market, both in terms of revenue and volume, and is expected to expand at a healthy pace over the projected period. Increasing usage in bedding, upholstery, furniture and interior products, high demand from the automotive sector, and its advanced versatility and durability characteristics are some of the factors driving the growth of the segment.
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Regionally, the Global Market Polyurethane has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
The Asia Pacific region has the highest market share in Global Polyurethane, followed by Europe and North America. China is the largest producer and user of polyurethane due to skilled labor, fast availability of raw materials, and lenient government regulations. Countries like India are a growing market for polyurethane due to favorable government regulations, together with Make in India's initiative to encourage manufacturing activities in the region. Major players in the automotive and construction industries are embracing low-cost technologies along with lightweight materials for development. The demand for Polyurethane is, therefore, expected to experience sustainable growth over the forecast period.
North America and Europe Region, which are leading players in automotive and home appliances, have been driving energy efficiency insulators and sealants in the Polyurethane Market over the forecast period. Rising government initiatives for Green Building in Europe and North America are expected to drive growth in the Polyurethane Market.
COVID-19 Study in Detail:
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NOTE: Our team of researchers is studying COVID-19 and its impact on various industry verticals and wherever required we will be considering COVID-19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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