The Global Polyurethane Market has recently been analyzed and explored by Fortune Business Insights™ in their latest market research report. The team of dedicated analysts and researchers has gone to great lengths to provide a comprehensive overview of both current and future scenarios pertaining to the Polyurethane Market. As a result, this report is packed with valuable insights that will be highly advantageous for industry players looking to maintain a competitive edge.
The report also highlights limiting factors and regional industrial presence that may impact market growth trends beyond the forecast period of 2032. The market research aims to gain a complete understanding of the industry's potential and provide information that will help companies to make informed decisions. The Polyurethane Market Report is an impressive 100+ page document that includes a comprehensive table of contents, a list of figures, tables and graphs, as well as a comprehensive analysis.
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Forecast Growth Projected:
According to Fortune Business Insights the global polyurethane market size was valued at USD 87.10 billion in 2023 and is projected to grow from USD 91.49 billion in 2024 to USD 135.08 billion by 2032, exhibiting a CAGR of 4.4% during the forecast period.
List of the Key Players in the Polyurethane Market:
- BASF SE (Germany)
- The Dow Chemical Company (U.S.)
- Covestro AG (Germany)
- Yantai Wanhua Polyurethanes Co., Ltd. (China)
- Huntsman (U.S.)
- Foamcraft, Inc. (U.S.)
- Mitsui Chemicals & SKC Polyurethanes Inc. (South Korea)
- Lanxess (Germany)
- Eurofoam Group (Austria)
- Inoac Corporation (Japan)
Segment-
Furniture Segment to Dominate Stoked by Usage of PU Foam for Cushioning Effect
Based on application, the electronics segment held 11.5% in terms of polyurethane market share in 2019. The furniture segment is anticipated to dominate throughout the forthcoming years because of the extensive usage of PU foam for getting the cushioning effect in furniture. It provides high durability and support.
Regional Analysis-
High Demand from Furniture & Construction Industries to Favor Growth in Asia Pacific
Geographically, in 2019, Asia Pacific earned revenue of USD 26.23 billion. The region is set to hold a major portion of the market fueled by the increasing demand from the construction and furniture industries. North America would showcase a considerable growth on account of the high demand for automotive applications in the U.S.
Drivers & Restraints-
Increasing Demand for Furniture Worldwide to Aid Growth
Polyurethane is mainly used in the furniture industry for bedding and cushioning applications. This is because it is capable of providing comfort, durability, and flexibility. Besides, the rapidly changing lifestyles of people and the increasing population are further boosting the demand for furniture across the globe. However, the availability of substitutes of PU may hinder the polyurethane market growth in the coming years. Polysiloxane coatings, for instance, are nowadays replacing PU coatings in marine applications because of their suitable weathering and durability properties.
Competitive Landscape-
Key Companies Aim to Expand Their Portfolios to Cater to High Demand
The major companies present in the market are located in Asia Pacific. Most of them are focusing on expanding their product portfolios by developing new PU solutions. Some of the others are trying to cater to the rising demand from various sectors. Below are two of the latest industry developments:
- September 2023- Huntsman developed the first liquid thermoplastic polyurethane (LTPU) for the footwear industry. The product enables the high-speed manufacturing of athleisure and sports footwear compared to thermoplastic polyurethane. The purpose of the product development is to maximize the revenue from the plastic segment.
- February 2023- Huntsman announced the launch of a new polyurethane coating product in the European Coatings Show (ECS). The launch aims to establish a key presence in the polyurethane business segment.
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