Despite a challenging market dynamics, polyurethanes industry has continued to emerge significantly over the recent years, addressing spreading concerns over energy conservation. The market growth can be grounded on the increasing demand for polyurethanes foams both across the industrial and residential sectors. Robust development in bio-based polymers, attributed to the active participation of the government bodies encouraging recyclability of the materials, will further open new opportunities for the market penetration in the coming years. The swift expansion of polyurethanes market can be credited to its extensive application in diversified sectors that include construction, automotive, electronics, furniture & interiors, packaging, and even footwear. Polyurethanes (PU) market size worth over USD 50 billion in 2015, is slated to exceed USD 75 billion by the end of 2023, with a CAGR projection of 5% over 2016-2023, according to Global Market Insights, Inc.
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Construction sector held a major portion of the application landscape in 2015, by accounting for almost 30% of the overall PU market share. Increasing demand for thermal and acoustic insulation in households for proper energy optimization is enhancing the market demand. Flooring, sealants, and insulators are the prominent applications contributing toward this segment growth. In addition, government’s financial support for infrastructural development, especially in emerging nations, is catering overall construction industry, which in turn is leaving a proportional impact on PU industry as well. In response to the heavy expansion of construction sector, countries such as Mexico, Brazil, and India are likely to contribute substantially toward the overall PU industry growth.
Another lucrative growth avenue of the polyurethanes industry is the automotive sector. This application was over USD 8 billion in 2016 and is anticipated to witness a significant upswing in its growth curve in the next six years. Growing consumer preference for lightweight, high-performance, and fuel efficient vehicles is offering lucrative business opportunities to polyurethanes market from this application. Support from CAFE (Corporate average fuel economy) is expected to further catalyze the market penetration market over the years ahead. Increasing PU foam applications in manufacturing automotive parts like armrests, seats, instrument panels, engine encapsulation, roof liners, engine and cables & wires is propelling the overall PU industry development. PU industry from automotive application is poised to grow at an annual rate of 4% over the coming six years. Germany PU market will witness is significant growth from this application with a CAGR projection of 3.5% over the period of 2016-2023.
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Considering the product front, flexible foam based PU industry led the global share by collecting a revenue around USD 13 billion in 2015. Increasing product demand for vehicle seating, upholstery, and thermal insulation in construction and refrigeration applications is favoring the industry growth. PU elastomers demand curve is also rising with the shift in global trend of replacing rubber component by polymer. With China holding a prominent position in the global scenario, elastomers based PU market is forecast to record USD 14 billion by the end of 2023. Polyurethane coatings market will also grow substantially at an estimated annual rate of 5% over the coming six years.
The widespread usage of rigid foam polyurethanes for thermal insulation in construction applications will allow rigid foam PU market to grow at a CAGR of 5% over 2016-2023. U.S. is expected to significantly contribute toward the overall market share as the country’s demand for PU rigid foams is surging with every passing year. U.S. polyurethanes industry is projected to record a revenue of USD 12 billion by 2023, with a CAGR projection of 4% over 2016-2023.
Browse key industry insights spread across 128 pages with 123 market data tables & 16 figures & charts from the report, “Polyurethanes (PU) Market Size By Product (Flexible Foams, Rigid Foam, Adhesives & Sealants, Elastomers, Coatings), By Application (Construction, Automotive, Furniture & Interiors, Electronics, Footwear, Packaging)Forecast, 2016 – 2023” in detail along with the table of contents:
Key players of PU market include Covestro, Foamex Innovations, BASF, Foamex Innovations, Mitsui Chemicals, Mitsui Chemicals, Huntsman Corporation, and Nippon. Prominent industry participants are trying to sustain their market position through product innovation, mergers & acquisitions, and new product launches.
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