Polyurethanes Market Amplifying Profits with Stretching End-User Applications in the Construction Industry

The global polyurethanes market size was $55,112 million as of 2018, the opportunities are expected to grow at a compound annual growth rate (CAGR) of 6.55% through to 2025.

Bolstering demands for lightweight and durable materials from various end-user industries such as automotive, construction, furniture, electronics, and packaging have penetrated opportunities in the global polyurethanes market. According to a new IndustryARC business intelligence report, the global polyurethanes market size was $55,112 million as of 2018, and foreseeing the hefty prospects in the consumer appliances, automotive, and construction industry, the opportunities are expected to grow at a compound annual growth rate (CAGR) of 6.55% through to 2025.

The report is titled “Polyurethanes Market: Product Type (Flexible Foam, Rigid Foam, Coatings, Adhesives, Sealants, Elastomers, Others) Industry (Apparels, Appliances, Automotive, Building, Construction, Furnishings, Marine, Medical, Packaging, Others) & Geography - Forecast (2019-2025).” This report incorporates trends, growth drivers, financial overview, business strategies, and recent developments in the global polyurethanes market. This report covers polyurethanes market Size by Product type and Industry, polyurethanes market share by top 5 companies and also the market share by start-ups during the forecast period.

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Global Polyurethanes Market: Leading Segments
By geography, APAC is the fastest growing region in the polyurethanes market. The market grabs 41% of the total polyurethanes market demand share. Rambling construction in developing regions such as India and China have instigated growth in the polyurethanes market. Additionally, the popularity of commercial and residential furniture products such as cushions, couches, and chairs has raised the demands in the polyurethanes market. Growing construction for commercial purposes that employs countless furniture products is also one norm advocating growth in the polyurethanes market
Polyurethanes have a countless list of applications, but the analysts have highlighted three key applications industries: building and construction, automotive, and consumer appliances including furniture. Collectively, these segments are estimated to grow at a positive CAGR of 7.10% during the forecast period of 2019 to 2025. Technical advancements in the chemical industry have introduced variant appliances and applications for daily life, and the growing disposable income and the changing lifestyle of the population across the globe has induced growth in the global polyurethanes market demands.

Global Polyurethanes Market Analysis
Polyurethane is a polymer that consists of organic units combined with carbamate links. Most of the polyurethanes do not melt when heated, these polyurethanes are called thermosetting polymers and the other polyurethanes are known as thermoplastic polyurethanes. Polyurethanes have a set of applications, some of the end-user industries that employ polyurethanes are mentioned below.

Construction Industry:
Polyurethane is a high-performance material that is strong yet is lightweight. They have multiple applications in the home such as flooring, furniture, and insulation. Both rigid and soft polyurethanes are used in home appliances. As per a report published from the Institution of Civil Engineers, the global construction market value is anticipated to touch $8 trillion by the year 2030. With rampant development in the construction industry, the needs of consumer appliances will also increase; subsequently incrementing demands in the global polyurethanes market.

Automotive Industry:
The automotive industry employs polyurethanes for making lightweight automotive parts. In addition to the car body, doors, spoilers, and windows; car’s seats are made comfortable using polyurethanes cushion foams. Polyurethanes also ensures enhanced performance in automobiles by reducing weight and increasing fuel economy, insulation, sound absorption, and comfort. According to the International Organization of Motor Vehicle Manufacturers (OICA), more than 95 million vehicles were produced in the year 2018 including commercial and passenger cars. With such an influx of demands in the automotive industry, the opportunities in the global polyurethanes market are projected to grow exuberantly.

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Global Polyurethanes Market Trends
Bio-Based Foam:
Bio-based foam is a new vertical of development in by the chemical company BASF SE. They use castor oil as a renewable raw material to develop complex foam apparatuses that are both lightweight, compact and provides excellent adhesion to a wide range of surfaces.

Wind Turbines:
Conserving and Production of energy have been the global goal for the century. The limited supply of natural energy sources encouraged the development of alternate energy sources such as solar, hydro, and wind energy. The blades used in a wind turbine are being manufactured using polyurethanes as the products withholds strong, flexible, durable, and lightweight properties.

Elastospray is a type of spray that turns into a foam on contact with the outside environment. This product is being considered as the most advanced insulation techniques introduced for commercial and residential complexes. The elastospray is gaining popularity owing to its outstanding insulation properties, high compressive strength, water-resistant, and most importantly environment compatibility with null Ozone depletion potential.

Global Polyurethanes Market: Competitive Landscape
Some of the key players mentioned in the report that are currently leading the polyurethanes market are Tosoh Corporation, RTP Company, LANXESS, Wanhua Chemical Group Co., Ltd, BASF SE, Covestro, DowDuPont, Huntsman Corporation, Bayer MaterialScience AG, Mitsui Chemical Inc, Woodbridge Foam Corporation.

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