The polyurethane global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Polyurethane Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The polyurethane market size has grown rapidly in recent years. It will grow from $89.92 billion in 2023 to $103.08 billion in 2024 at a compound annual growth rate (CAGR) of 14.6%. The growth in the historic period can be attributed to construction and insulation, automotive industry, furniture and bedding, coatings and adhesives.
The polyurethane market size is expected to see rapid growth in the next few years. It will grow to $171.11 billion in 2028 at a compound annual growth rate (CAGR) of 13.5%. The growth in the forecast period can be attributed to sustainability and green initiatives, energy efficiency in buildings, automotive light weighting, medical devices and healthcare. Major trends in the forecast period include bio-based polyurethanes, smart materials, customized formulations, 3d printing with polyurethanes.
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Scope Of Polyurethane Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Polyurethane Market Overview
Market Drivers –
The adoption of polyurethane in home furnishings is driving the polyurethane market. Furniture manufacturing companies are enhancing comfort, durability, health, and safety by using flexible polyurethane foam (FPF) as a cushioning material for upholstered furniture, bedding, and carpet underlay. Furthermore, with the introduction of an advanced manufacturing process, polyurethane foam provides more uniform, predictable, and durable end products. For instance, according to the American Chemistry Council, it is proven that FPF, when compressed by 90% for 22 hours, can recover more than 90% of its original height, which is more durable than any other form of furniture material. Moreover, completely cured polyurethane products are considered to be inert and safe and have been concurred with by the U.S. EPA (Environmental Protection Agency). The durability, comfort, and safety provided by polyurethane will continue to be the major reasons for its use in the furniture industry, thereby driving the demand for the polyurethane industry going forward.
Market Trends –
Demand for sustainable products from the construction, automotive, and footwear industries is witnessing a rising demand for the manufacturing of bio-based polyurethane (PU) with a rising awareness of environmental concerns worldwide. Bio-based polyurethanes (PU) are derived from biodegradable materials, constituting a rich source of precursors for the synthesis of polyols and isocyanates. These chemicals are readily available at a lower cost with less environmental impact and are highly biodegradable. In addition, with increasing commercialization and growing demand for flexible foam for car seats and headrests from major automotive OEMs, polyurethane manufacturers have shifted focus towards developing sustainable and environmentally friendly products of renewable materials. This will drive the use of bio-based polyurethane products in various industries, including construction, automotive, coating, and footwear. For instance, in September 2022, Covestro AG, a Germany-based high-performance polymers materials company launched polyether polyols. These polyols are utilized in various products, such as molded foams, flexible foams, adhesives and sealants, and elastomers. Rigid polyurethane foams, which are utilized for insulation in buildings, appliances, and transportation, are also made using these materials. These foams have great thermal insulating qualities.
The polyurethane market covered in this report is segmented –
1) By Product Type: Coatings, Adhesives and sealants, Flexible and rigid foams, Elastomers, Other Product Types
2) By Raw Material: MDI, TDI, Polyols
3) By End User Industry: Furniture, Construction, Electronics & Appliances, Automotive, Footwear, Other End Use Industries
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Regional Insights –
Asia-Pacific was the largest region in the polyurethane market in 2023. North America was the second-largest region in the global polyurethane market. The regions covered in the polyurethane market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Key Companies –
Major companies operating in the polyurethane market include Dow Chemical Company, BASF SE, Covestro AG, Huntsman Corporation, Eastman Chemical Company, Mitsui Chemicals Inc., DIC Corporation, Nippon Polyurethane Industry Corp. Ltd., Recticel S.A., Woodbridge Foam Corporation, RTP Company Inc., Lanxess AG, Lubrizol Corporation, Tosoh Corporation, DuPont de Nemours Inc., Perstorp AB, Manali Petrochemicals Ltd., Wanhua Chemical Group Co. Ltd., Rampf Holding GmbH & Co. KG, FXI Holdings Inc., Kuwait Polyurethane Industries WLL, Recticel SA, Rogers Corporation, Sheela Foam Ltd., INOAC Corporation, American Urethane Inc., TPC Inc., Weaver Industries Inc., FallLine Corporation, Uniflex Inc.
Table of Contents
1. Executive Summary
2. Polyurethane Market Report Structure
3. Polyurethane Market Trends And Strategies
4. Polyurethane Market – Macro Economic Scenario
5. Polyurethane Market Size And Growth
…..
27. Polyurethane Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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