According to a report by Grand View Research, Inc.; the global polyurethane (PU) market is absolute in nature. It is anticipated to reach USD 105.2 billion by 2025. Growing demand for durable and lightweight materials from multiple end-user industries is expected to bode well for the market over the forecast period (2014 to 2025). Some major industries like construction, automotive, footwear, and furniture use polyurethane as a raw material for producing various end-user products. This factor is anticipated to impel market in near future.
Increasing demand for lightweight and long-lasting products by consumers is likely to augment the use of polyurethane in various industries. Properties like high flexibility and impact resistance in elastomers make it a valuable raw material for the automobile industry. Rigid and flexible foams of polyurethane are used to manufacture thermally insulating products owing to their structural stability. Considering the industrial demand for various foams of polyurethane, most manufacturing companies are investing hugely in R&D to create a better product for the consumers.
Full Research Report On Polyurethane (PU) Market Analysis:
U.S. polyurethane market revenue by product, 2014-2025 (USD Million)
For instance, Day & Night Solar (DNS) has built a solar photovoltaic mobile electric generator and named it Sun Commander Series 8000. The retractable array framework of this generator is made from polyurethane composites owing to its strength, lightweight, and corrosion resistance. DNS has used pultrusion to produce polyurethane composites, which helps in reducing weight of the generator by ½ ton. Recently in Puerto Rico, there was a major devastation due to Hurricane Maria. This product played a major role in rebuilding that U.S. territory by providing electricity.
Frequent changes in raw material prices and critical environmental concerns can create some issues for manufacturers. Toluene diisocyanate (TDI) and Methylenediphenyl diisocyanate (MDI) are the two major types of isocyanates, which are used for producing polyurethane. The prices for MDI and TDI keep on fluctuating with a change in the price of Benzene. However, rising standard of living and disposable income are likely to create opportunities for the manufacturing companies.
The worldwide polyurethane market can be bifurcated on the basis of product, application, and region. Based on product, the market can be divided into rigid foam, flexible foam, coatings, adhesives & sealants, and elastomers. Rigid and flexible foam are dominating the market owing to their structural stability that helps produce thermally insulating products. In addition, elastomers offer combined properties of rubbers and plastics such as high flexibility and impact resistance.
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Polyurethane market share by end-use, 2015
Such useful properties allow elastomers to be used in multiple end-user applications, which is likely to grow the demand for elastomers in coming years. It is anticipated that the segment can grow at a CAGR around 6% over the forecast period. Furthermore, advanced technologies such as poly-aspartic and 2K waterborne polyurethane technology are supporting the development of eco-friendly coatings. Such environment-friendly coatings are expected to bode well for the market growth during the forecast period.
Based on application, the market can be divided into construction, automotive, furniture, electronic appliances, footwear, and packaging. Moreover, regional segmentation includes Europe, America, Asia Pacific, and Africa. In the global arena, Asia Pacific is expected to dominate the market owing to support from local government, availability of raw materials, and access to skilled workforce. Recent introduction of new scheme called Make in India is likely to foster investments in domestic manufacturing and automotive sectors.
In addition, Central and South America are witnessing constant growth from past few years owing to increase in the consumption of polyurethane by automotive OEM’s in Columbia. The manufacturers here are adopting polyurethane as raw material to reduce production cost. This regional segment is anticipated to grow at a CAGR around 5.5% during the forecast period. On the other hand, European countries like Poland, Hungary, and Slovakia are expected to witness remarkable growth owing to high construction investments and growing demand for rigid polyurethane foam.
Moreover, Africa is also facing a huge demand for polyurethane foams in multiple industries such as furniture, automotive, and electronic appliances, which can further augment the market growth in coming years.
Some of the prominent companies operating in the market for polyurethane include Covestro, Huntsman Corp., Mitsubishi Chemical Corp, Eastman Chemical Co., and Lubrizol Corp.
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