|Fastest Growing Market:||Asia Pacific|
|Largest Market:||Asia Pacific|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The polyurethane market was valued at over USD 50 billion in 2021, and the market is projected to register a CAGR of 5% during the forecast period (2022-2027).
The COVID-19 pandemic hindered the polyurethane market with government restrictions, travel restrictions, lockdowns, and factories being shut down. As the building and construction industries were at a halt, this affected the polyurethane market negatively. Polyurethane is a customizable insulator. Rigid polyurethane foams are used to prepare storage devices, like specialized coolers, where COVID-19 vaccine vials can be stored. These are used in the transportation of vaccines around the world. Thus, the demand for polyurethane is anticipated to increase in the near future.
- Over the short term, the major factor driving the market is the rising demand from the bedding, carpet, and cushioning industry. Moreover, it has a huge scope in the near future, as it is used in the transportation of COVID vaccines.
- Competition from fiberglass and polystyrene foam is expected to hinder the growth of the market.
- The foam segment dominated the market and is expected to grow at a significant rate during the forecast period, owing to the increasing application as an insulating agent.
- Increasing demand for bio-based polyurethane is likely to act as an opportunity in the future.
- Asia-Pacific dominated the market across the world, with the largest consumption from countries such as China and India.
Scope of the Report
Polyurethanes are thermosetting polymers, and they do not melt when exposed to heat. The polyurethane market is segmented by type and end-user industry. The market is segmented by type into rigid foam, flexible foam, coatings, adhesives, sealants, and elastomers, and other types. Rigid foams have the highest market share among the type segment. The market is segmented by end-user industry into furniture, building and construction, electronics and appliances, automotive, footwear, packaging, and other end-user industries. Among these end-user industries, the building and construction industry holds a dominating market. The report also covers the market size and forecasts for the polyurethane market in 16 countries across major regions. For each segment, the report offers market size and forecasts in revenue USD million.
|Coatings, Adhesives, Sealants, and Elastomers (CASE)|
|Building and Construction|
|Electronics and Appliances|
|Other End-user Industries|
Key Market Trends
Increasing Demand from the Building and Construction Industry
- Polyurethane finds its largest application in the building and construction industry, where it is used in various household, commercial, and industrial applications. Owing to its excellent strength-to-weight ratio, insulation properties, durability, and versatility, polyurethane is frequently used in building and construction applications.
- In building and construction, polyurethanes are used to make high-performance products that are strong but lightweight, perform well, and are durable and versatile.
- The building and construction industry is the largest consumer for rigid and sprays polyurethane foam. There are many benefits of using rigid polyurethane foam insulation, including its energy efficiency, high performance, versatility, thermal/mechanical performance, and environment-friendly nature.
- Similarly, durable and strong spray foam is used in the building and construction industry to improve the building’s strength.
- Globally, Asia-Pacific has the largest construction market, which is led by India, China, and various Southeast Asian countries.
- Despite the COVID-19 outbreak, the building and construction segment continued to grow strongly in 2020. In 2021, the construction output recorded a sharp market growth.
- From the above-mentioned factors, the demand for polyurethane from the building and construction industry is expected to grow over the forecast period rapidly.
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The Asia-Pacific Region to Dominate the Polyurethane Market
- The Asia-Pacific region dominated the global market share. With growing construction activities and rapid urbanization in countries such as China and India, the usage of polyurethane is increasing in the region.
- China’s construction activity witnessed a growth of 1.3% in 2020. However, this growth is far less compared to the average growth of the construction sector over the past ten years, which is about 11%. The construction activity is slowly recovering in the country post-COVID-19 impact.
- On the other hand, the infrastructure expenditure in China has been rising lately, with significant growth in infrastructure in the transportation and social sectors. To boost economic growth, the government approved 64 major projects with total investments of CNY 273.4 billion.
- China represents the world’s largest electronics production base and is extremely competitive with the existing upstream producers, like South Korea, Singapore, and Taiwan. Electronic products, such as smartphones, OLED TVs, and tablets, have a major share in the market.
- In India, the electronics market witnessed a growth in demand, with market size increasing at a rapid growth rate. India’s electronic goods exports fetched USD 11.11 billion in 2020-2021. The growing electronics and appliances market in India and China may push the market growth further in Asia-Pacific.
- Such factors, in turn, are boosting the demand for the polyurethane market in various sectors.
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The polyurethane market is consolidated in nature, with intense competition among the top players to increase the major share in the global market. Some of the major players include BASF SE, Wanhua, Huntsman International LLC, Dow, and Covestro AG, among others.
- In December 2021, Coverstro planned to increase production capacity by establishing new plants for thermoplastic polyurethanes in the Shanghai site. The plant is due to be completed in 2023.
- In October 2020, Huntsman opened its plant in Taiwan, along with its 3,600 square meter polyol plant and downstream polyurethanes capabilities.
- In February 2020, Huntsman had completed the acquisition of Icynene-Lapolla. The acquisition will help Huntsman expand its downstream polyurethanes business in North America.
- In September 2019, Huntsman, with a new facility in Dubai, increased its polyurethane production capacity.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Increasing Demand from the Building and Construction Industry
4.1.2 Increasing Demand for Lightweight and High-performance Composites from the Automotive Industry
4.1.3 Increasing Demand from the Bedding, Carpet, and Cushioning Industry
4.2.1 Growing Environmental Concerns
4.2.2 Unfavorable Conditions Arising Due to the Impact of the COVID-19 Pandemic
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Raw Material Analysis
4.6 Import-Export Trends
5. MARKET SEGMENTATION
5.1.1 Rigid Foam
5.1.2 Flexible Foam
5.1.3 Coatings, Adhesives, Sealants, and Elastomers (CASE)
5.1.4 Thermoplastic Polyurethane
5.1.5 Other Types
5.2 End-user Industry
5.2.2 Building and Construction
5.2.3 Electronics and Appliances
5.2.7 Other End-user Industries
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.3.2 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
5.3.4 South America
126.96.36.199 Rest of South America
5.3.5 Middle-East and Africa
188.8.131.52 Saudi Arabia
184.108.40.206 South Africa
220.127.116.11 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 BASF SE
6.4.2 BCI Holding SA
6.4.4 Covestro AG
6.4.5 DIC Corporation
6.4.7 Huntsman International LLC
6.4.8 INOAC Corporation
6.4.9 Kuwait Polyurethane Industries WLL
6.4.11 Mitsui Chemicals Inc.
6.4.12 Recticel NV/SA
6.4.13 Rogers Corporation
6.4.14 Sheela Foam Ltd
6.4.15 Tosoh Corporation
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Polyurethane Market market is studied from 2017 - 2027.
What is the growth rate of Polyurethane Market?
The Polyurethane Market is growing at a CAGR of >5% over the next 5 years.
Which region has highest growth rate in Polyurethane Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Polyurethane Market?
Asia Pacific holds highest share in 2021.
Who are the key players in Polyurethane Market?
BASF SE, Covestro AG, Dow, Huntsman International LLC, Wanhua are the major companies operating in Polyurethane Market.