Europe PU Market Enhance Growth Of USD 26.24 Billion By 2024 | Grand View Research Inc.

Europe PU Market Enhance Growth Of USD 26.24 Billion By 2024 | Grand View Research Inc.

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According to report published by Grand View Research,The industry in Europe expected to be driven by growing investment in construction across the UK, Germany, Poland, and Sweden. Total construction spending in the European Union amounted to EUR 1.37 trillion in 2014, a 7% increase as compared to the spending in 2013.

According to a report, “Europe Polyurethane (PU) Market Analysis By Product (Rigid Foam, Flexible Foam, Coatings, Adhesives & Sealants, Elastomers (Sprayed Polyurethane Elastomers, Cast Polyurethane Elastomers), By End-Use (Furniture & Bedding, Construction, Electronics & Appliances, Automotive, Footwear, Packaging) And Segment Forecasts To 2024″,”, published by Grand View Research, Inc,Europe polyurethane (PU) market is expected to reach USD 26.24 billion by 2024, according to a new report by Grand View Research, Inc. Growing need for sustainable construction in the region is a key driving factor for industry growth. 

The industry is primarily driven by growth in end-use industries such as construction, automotive & transportation and furniture & bedding. Reinforcement of construction industry in the European region is anticipated to be the key driving factor over the forecast period. Eastern European countries such as Hungary, Poland and Slovakia are anticipated to witness significant growth regarding construction spending which in turn is expected to drive rigid polyurethane foam demand. 

Key Takeaways from the report:

  • Europe polyurethane market size was 4.91 million tons in 2015 and is expected to reach 6.90 million tons by 2024, growing at a CAGR of 3.8% from 2016 to 2024.
  • Construction was the largest consumer of polyurethanes and accounted for over 35% of the overall volume in 2015. Electronics & appliances is expected to witness the highest growth of 5.3% over the forecast period.
  • Germany was the leading consumer with demand share estimated at 17.4% in 2015. Being a major automotive manufacturing hub and exporter of passenger cars, rigid foams were the dominant product consumed in the country. The product accounted for nearly 30% of Germany’s PU consumption in 2015.
  • Russia is expected to witness the highest growth of 4.3% over the forecast period. High construction output and growth of automotive industry is expected to drive the regional market.
  • Key players operating in Europe PU market include BASF, The Dow Chemical Company, Bayer Material Science, Huntsman Corporation, Nippon Polyurethane Corporation Ltd., Foamex International and Evonik Industries.

 

Germany polyurethane (PU) market revenue by product, 2010 – 2024, (USD Million)

Germany polyurethane (PU) market

Rigid foam was the highest consumed product and accounted for over 30% of the European market volume in 2015. EU regulations towards energy efficiency of households and financial incentives aimed at improving insulation and cutting down on energy costs is expected to drive the product’s growth. It is also expected to witness the highest growth of 4.0% over the forecast period.

Regional Insights

Germany was the second largest market with over 17.0% share in 2015, which is anticipated to lose some share to other emerging nations in the region. Russia is anticipated to emerge as the fastest growing region with CAGR of 4.5% over the forecast period. The region is expected to take advantage of low crude oil prices and a recovery in its economic growth in recent years. The government has also introduced schemes to improve existing infrastructure and networking to improve trade. 

Italy offers a well-established economic and social climate in which to invest. Italy is considered to be a strong economy and as a member of the G8 industrialized nations. Despite a relatively stagnant economy in recent years, the region is finally witnessing growth with the plunge in oil prices, which is bringing some relief to impoverished Italian households. The government has also set up an ambitious reform agenda for tackling structural deficits within the economy, which is expected to boost investments.

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Product Insights

Flexible PU foam accounted for over one-third of the overall volume in 2016. Flexible foam is a widely used material because it provides a unique combination of form and function. Foam can easily be cut or molded to almost any shape. It is expected to gain market share and accounts for 35.0% by 2024.

Rigid polyurethane foams accounted for 30.6% of the total market volume in 2016 and is expected to gain market share over the forecast period. Rigid polyurethane foam is one of the most efficient, high performance insulation material, enabling effective energy savings with a minimal occupation of space. 

In addition to the low thermal conductivity, rigid polyurethane foam is stable and durable. Increasing regulatory intervention regarding insulation in buildings along with wide application scope in refrigeration industry is anticipated to drive industry growth over the next seven years. 

Grand View Research has segmented the Europe polyurethane (PU) market on the basis of product, end-use and region:

Europe Polyurethane (PU) Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2010 – 2024)

  • Rigid Polyurethane Foam
  • Flexible Polyurethane Foam
  • Polyurethane Coatings
  • Adhesives & Sealants
  • Polyurethane Elastomers
    • Sprayed Polyurethane Elastomers
    • Cast Polyurethane Elastomers
    • Others
  • Others

Europe Polyurethane (PU) End-Use Outlook (Volume, Kilo Tons; Revenue, USD Million, 2010 – 2024)

  • Furniture & Bedding
  • Construction
  • Electronics & Appliances
  • Automotive
  • Footwear
  • Packaging
  • Others

Europe Polyurethane (PU) Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2010 – 2024)

  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Belgium
  • Russia
  • The Netherlands
  • Rest of Europe

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunity.

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