New York, USA, Sept. 04, 2024 (GLOBE NEWSWIRE) -- Market Overview:
Global polyurethane market size was estimated at USD 74.23 billion in 2023 and is expected to reach USD 118.46 billion by 2032. The market is likely to record a CAGR of 5.4% during 2024–2032.
Market Introduction:
What is Polyurethane?
Polyurethane is a plastic material produced through a chemical process involving the reaction of two raw materials: polyols and isocyanates. These materials provide chemical structures to Polyurethane that enable various applications such as including rigid and flexible foams, coatings, Sealants, adhesives, electrical potting compounds, building insulation, and fibers.
Polyurethanes are sustainable materials with low energy consumption and resistance to different chemicals, including oils, solvents, acids, and alkalis, making them a practical choice for many manufacturers. Additionally, some of the polyurethanes show good resistance to ultraviolet (UV) radiation, facilitating prolonged exposure to sunlight without degradation.
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Market Report Attributes
| Report Attributes | Details |
| Market value in 2023 | USD 74.23 billion |
| Market value by 2032 | USD 118.46 billion |
| CAGR | 5.4% from 2024 to 2032 |
| Base year | 2023 |
| Historical data | 2019–2022 |
| Forecast period | 2024–2032 |
Key Highlights of Report:
- The market for polyurethane is experiencing robust growth due to factors such as rising emphasize on sustainable and energy-efficient solutions, increasing demand for packaged foods, and properties of polyurethane. Also, the rising demand for polyurethane in the construction industry fuels the polyurethane market growth.
- The market is primarily segmented on the basis of product, application, by region.
- Based on region, North America held the largest share in 2023.
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Polyurethane Market Key Players:
- BASF SE
- Covestro
- Eastman Chemical Corporation
- INEOS, Mitsubishi Chemical Corporation
- Lubrizol Corporation
- LyondellBasell
- Mitsui Chemicals Inc.
- Nippon Polyurethane Industry Corp Ltd.
- Sumitomo Chemical
- The Dow Chemical Co.
- The Rampf Holding GmbH
- Woodbridge Foam Corp.
Growth Drivers and Trends:
Consumers Demand Ready-To-Eat Food: With the rising working population, the demand for packed food items that can be refrigerated for a long time is increasing. The majority of consumers, especially women, are shifting towards frozen food because of the bulging time constraints. Thus, the growing demand for packed food items worldwide is driving the polyurethane market demand.
Demand in Automotive Sector: Polyurethane is lightweight, safe, and resistant to UV, water, and various chemicals, making it a significant choice in the automotive sector. Polyurethane coatings and adhesives are used to enhance structural integrity and reduce vibrations in vehicles. Therefore, the growing demand for polyurethane in the automotive industry propels the market growth.
Demand in Construction Sector: The market is further experiencing high growth due to the increasing adoption of polyurethane in the construction sector. Various polyurethane products are widely used in the construction industry as sealants, adhesives, insulation, and components in building structures. Polyurethane’s good insulating performance drives its demand in both residential and commercial construction projects.
Which Region Dominates Polyurethane Market Globally?
Asia Pacific held the largest share of the global polyurethane market in 2023, driven by rising industrial and economic growth, which has fueled demand for polyurethane across various sectors, including construction, automotive, electronics, and furniture, in leading nations within the region. The surge in construction activities in countries like China and India, coupled with a growing emphasis on energy-efficient solutions, has significantly boosted the adoption of polyurethane in insulation materials, coatings, and adhesives.
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Segmental Overview:
Polyurethane Market – Product Type Based Outlook:
- Rigid PU Foam
- Flexible PU Foam
- PU Coatings
- PU Adhesives & Sealants
- PU Elastomers
Polyurethane Market – Application Based Outlook:
- Automotive
- Appliances
- Construction
- Electronics
- Furnishing
- Footwear
- Packaging
- Others
Polyurethane Market – Regional Outlook:
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Vietnam
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
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