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Polyurethane Market – OverviewEscalating demand of high performance and lightweight interior components in automobiles is projected to fuel the market’s expansion. Market reports linked to the chemicals and materials sector made available by Market Research Future along with published reports on other sectors have been recently published along with a report on this industry. The Polyurethane Market is anticipated to progress with a CAGR of 6.51 percent approximately while achieving revues worth USD 81,700.6 million by the end of the forecast period.
Intensifying demand for thermal insulation in buildings, refrigerators, household furniture, shoes, packaging plastics etc. is also boosting the growth of the market in the forecast period. As rigid foam is extensively used in insulations in construction industry, its demand is expected to grow at an accelerated pace in the duration of the forecast period. Heating and cooling applications are one of the major application areas for polyurethanes, as they help in drastically reducing energy costs. Moreover, varying consumer preferences are expected to emerge as a key force driving the market in the forecast period.
Industry Segments
The Polyurethane Market is segmented on the basis of Types, Regions and End Users. On the basis of types, the Polyurethane Market is segmented into coatings, flexible foam, rigid foam, adhesives & sealants, elastomers, others. The flexible foam is the foremost product segment due to the structural stability required in construction and electronic appliances. The segmentation on the basis of end user industry comprises of furniture, automotive, construction, footwear, electronics appliances, packaging and others. The construction industry is the leading end user industry in Polyurethane Market.
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Detailed Regional Analysis
The region wise analysis of the Polyurethane Market includes regions such as APAC, Europe, Middle East, Africa, Americas and rest of the world. The Asia Pacific region has a major market share in the Polyurethane Market globally followed by the European and North American region. China is the principal producer and consumer of Polyurethane due to easy availability of raw materials, skilled labor, and relaxed government regulations.
Countries such as India are the rising markets for Polyurethane owing to the favorable government regulations along with the “Make in India” campaign which has been launched recently to promote the manufacturing activities in country.
Key players in the automobile and construction industry are using low cost technology along with lightweight material for production. Hence, Polyurethane Market is projected to witness sustainable growth over the forecasted period. The North American and European regions are the top players in the market. The applications in consumer appliances and automobile are anticipated to boost demand for the insulators and sealants over the forecasted period. Intensifying government initiatives for Green Building in Europe and North America is also anticipated to boost the Polyurethane Market’s growth.
Global Competitive Analysis
The market is very well defined in terms of segments relating to the products as well as the end users that are a part of the market. The market attractiveness and competitors’ dynamics are greatly enhanced by the strategies that are being employed by market players. The market shows a great deal of potential for developing at an expedited pace. The product offering of the market has diversified tremendously as compared to the past few years, thereby making the market more lucrative for current and new contenders. The enhanced financial liquidity of the competitors in the market has increased thereby proving new opportunities for growth of the market. The long term sustainability of the market is however greatly dependent on the tactics and the strategic roadmaps that are employed by market players.
The top competitors in the Polyurethane Market globally are DIC Corporation (JAPAN), BASF SE (Germany), The Dow Chemical Company (U.S), Tosoh Corporation (Japan), Covestro AG (Germany), Huntsman Corporation (U.S), and Eastman Chemical Company (U.S.) to name a few.
Industry Updates
June 2018 Dow Polyurethanes is scouting for systems houses that are symbiotic with its strategy in higher added value markets segments. Officials of the company have gone through a strategic review and are keenly on the lookout for out potential mergers and acquisitions. Dow is aims to develop its system businesses at a rate around 8 and 10 percent. The company is looking forward to make acquisitions across an assortment of segments, such as polyurethane adhesives, coatings, sealants and elastomers (CASE), along with composites and rigids. The particular areas of interest consist of protective coatings for truck floors, technical insulation for pipes, and adhesives.
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