Polyurethane Dispersion Market Overview to 2023
Polyurethane dispersion or PUD is an aqueous and anionic dispersion having high molecular weight and can be derived from either aromatic or aliphatic isocyanate that can be produced with or without emulsifiers. It possesses excellent properties such as extreme temperature durability, superior tensile strength, high abrasion resistance, and high elasticity which can be used in leather and wood finishes, PVC and concrete floor coverings, and textile coatings. Furthermore, they have a relatively higher level of quality and fit perfectly with the natural properties of wood and further can be utilized as polyurethane coatings for wood applications.
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Global top 10 Key Players
Some of the key players operating in the global polyurethane dispersion market are The Lubrizol Corporation, Michelman, Inc., Mitsui Chemicals Inc., Perstorp Holding AB, Lamberti S.p.A., LANXESS AG, Alberdingk Boley GmbH, Hauthaway Corporation, Chase Corporation, VCM Polyurethanes PVT. Ltd., allnex, Covestro AG, DowDuPont, Inc., BASF SE, and 3M.
Globally, the polyurethane dispersion market is further categorized into five regions: Asia Pacific, Latin America, North America, Europe, and the Middle East & Africa. Among all the regions, Asia Pacific emerged as the major polyurethane dispersion market in 2016, driven by the flourishing growth of industries such as automotive, construction, and leather finishing. Asia Pacific region accounted for around 37% of the overall volume share in 2016 and is estimated to reach USD 467.2 million with a moderate CAGR of around 6.59% over the assessment period. The demand for polyurethane dispersion is predicted to surge in numerous economies such as China, Japan, and India on account of increasing construction and automotive sector. China accounts for a market value of USD 161.7 million and is projected to reach USD 269.7 million during the forecast period.
The Asia Pacific emerged as the leading polyurethane dispersion market in 2016 followed by North America and Europe. European region accounted for around 26% of the overall market share (in terms of value) in 2016 and is estimated to grow at a significant CAGR over the forecast period. France, Italy, the U.K, and Germany are among the major contributors to the regional market growth and is predicted to retain their dominance over the assessment period owing to the presence of robust manufacturing base for the automobile sector. Germany holds for the largest regional market share and accounts for around USD 76.1 million which is further followed by the U.K. Strong growth of the automotive sector in the above-mentioned region drives the regional market growth.
Developed regions such as North America and Latin America are predicted to witness an above-average growth owing to the rise in the volume of passenger cars production and sales in these regions. Furthermore, high adoption rate in coatings application combined with the continuous growth of aerospace and defense sector is estimated to propel the regional market growth. The Middle East & African countries are estimated to witness a healthy growth on account of rising construction activities in emerging countries such as UAE, Turkey, and Saudi Arabia.
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The polyurethane dispersion market is categorized on the basis of type, application, and region. On the basis of type, the market is bifurcated into water based and solvent based. On the basis of the application, the market is classified into coatings, adhesives & sealants, leather finishing, paper & textile, fiber glass sizing, and others. Among these, the coatings segment accounted for around 47% market share in 2016 and is predicted to grow at a healthy CAGR of around 6.98 % over the forecast period. The major factor attributed to the segmental growth is raised automotive production and increasing demand for personal vehicle in developing countries. On the basis of the region, the market is categorized into Latin America, North America, Asia Pacific, Europe, and the Middle East & Africa.
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