Publication Month: Aug 2021 | Report Code: TIPRE00003570 | No. of Pages: 235 | Category: Chemicals and Materials | Status: Published
Polyurethane is a thermosetting polymer which is composed of organic units joined by carbamate links and does not melt on heating. It is light in weight, resistant to corrosion, elastic in nature and possesses considerable strength. In most of the cases, PU is an alternative to paper, glass, and metals. High mechanical strength enables polyurethane to provide insulation and replace metals for automobile parts. The polyurethane market is anticipated to grow in the forecast period owing to an upsurge in demand for lightweight and durable materials from automotive, packaging, furniture, footwear, and other end-use industries. Moreover, demands for high-performance interior components further contributes to the polyurethane market growth. However, fluctuations in raw materials and economic downturn in developing countries affect products sales which hinder growth of the polyurethane market. On the other hand, adoption of bio-based polyurethane is likely to provide growth opportunities to the key players operating in the polyurethane market during the forecast period.
In 2020, Asia Pacific held the largest share in the polyurethane market. The growth of polyurethane market in APAC is primarily attributable to the presence of prominent market players. Era Polymers is known as an Australian-owned & operated company specializing particularly in the field of polyurethane chemistry. Being owned as well as operated by Industrial Chemists, the company has built an enviable reputation for outstanding product quality, including customer service. Companies such as Aekyung Petrochemical Co., Ltd produces customized blending products, so called polyurethane system, consist of main components of polyurethane such as polyester polyols, blowing agent, flame retardant, and catalysts. The company's polyurethane system-based rigid polyurethane foam has excellent insulation and flame-retardant qualities. The chemicals and manufacturing sectors amongst the fastest-growing industries with strong market potential for international companies. Increasing investment in the research & development activities to explore the applications of polymer material for various industries; besides, the development of eco-friendly thermoplastic polymer material is propelling the market growth.
The ongoing pandemic has been drastically altered the status of the plastic polymer industry and has negatively impacted the growth of the polyurethane market. The COVID-19 outbreak has further distorted operational efficiency also disrupted the value chains due to the sudden closure of national and international boundaries, creating revenue loss and damage. The disruptive value chain has had a negative impact on the raw material supply, which, in turn, is impacting the growth of the polyurethane market. However, as the economies are planning to revive their operations, the demand for polyurethane is presumed to rise globally. The packaging industry is a dynamically growing contributor to this demand since consumers are inclined toward ordering products online. Moreover, the previously postponed construction projects are anticipated to resume, which would further provide an opportunity for the polyurethane market players to regain normalcy. Since most of the people are confined to their homes amid the pandemic, re-designing and home improvement projects are expected to increase. Moreover, the furniture & interior segment is likely to bring growth opportunities for the market as polyurethane is highly used in making several furniture and products for interior design. The corporate sectors have also resumed their operations with the imposition of several safety measures such as ensuring limited direct contact with visitors, strengthening, and communicating proper hygiene practices, conducting complete sanitations, and eliminating personnel contact during shift changes.
The use of polyurethane material is suitable in several industries due to its ability to get molded in different forms. Its broad hardness range is known to be its most unique characteristic. Polyurethane further offers good abrasion resistance with toughness. Moreover, its durability and toughness is higher than most plastics. Owing to these properties, polyurethane is used in various industrial and commercial applications as well as in a wide range of consumer goods used in day-to-day life. It is used in various applications such as eraser and surfboards making; flexible foam in upholstered furniture; thermoplastic polyurethane or TPU used in medical devices and footwear; and coatings, adhesives, sealants, and elastomers used on floors & automotive interiors.
Flexible polyurethane foam helps in creating durable, comfortable, and supportive furniture. Therefore, polyurethane— mainly in the form of flexible foam—is widely utilized in home furniture, bedding, and carpet underlay. Bedding and furniture are the largest end-use markets for polyurethane. High demand for polyurethane in offices, building or remodeling homes, and other buildings is supported by its properties such as lightweight, durability, reliability, ease of installation, affordable, recyclable, and versatile nature. The wider application of polyurethane in buildings is insulation. Insulation is commonly required in cavity walls, around pipes, roofs, floors, and boilers. The use of polyurethane in construction is considered safe as it helps in diminishing carbon emissions that lead to global warming. Polyurethanes can dramatically maintain temperature to keep the environment warm in homes and offices in cold weather. During summer, they further play a crucial role in keeping buildings cool, reducing the need for air conditioning. Other than these, adhesives coatings along with other products are utilized in huge volumes in this application. Polyurethane is used in automotive applications in coatings and sealants. Polyurethane foam products support automobile designers and manufacturers to design seating that can be easily assembled, disassembled, and recycled. They have the highest performance designations over a wide range of firmness without attached weight. The automotive industry is known as another largest user of Reaction Injection Molding or RIM polyurethane parts. RIM mainly maximizes the shock absorption of a car’s bumper, fender, and spoiler, without adding weight or bulk. The lightweight of M polyurethane further gives cars a good gas mileage and offers engineers the freedom to create innovative designs for the car parts.
Based on product, the polyurethane market is segmented into rigid foam, flexible foam, coatings adhesives and sealants, elastomers, and others. The flexible foam segment led the polyurethane market with the highest market share in 2020. Flexible polyurethane foam is basically a polymer produced from the reaction of both polyols and isocyanates, a chemical process pioneered in 1937. These are mixed actively in high-intensity mixers in specific amounts along with other ingredients, and then foam reaction begins almost immediately. Flexible polyurethane foam is characterized by a cellular structure that allows for some degree of compression also resilience which provides a cushioning effect. Due to this property, it is a favored material in furniture, athletic equipment, packaging, footwear, bedding, automotive seating, and carpet cushion. It further plays a valuable role in soundproofing as well as filtration.
Based on application, the polyurethane market is segmented into furniture and interiors, construction, electronics and appliances, automotive, footwear, packaging, and others. The furniture and interiors segment led the Polyurethane market with the highest market share in 2020. Polyurethane in the form of flexible foam is the most popular material utilized in home furnishings, including furniture, bedding, and carpet underlay. As a cushioning material for upholstered furniture, flexible polyurethane foam acts to make furniture more durable, comfortable also supportive. Carved, embossed, also profiled surfaces in which a brush could leave drips, polyurethane works better. Also, it is useful for hiding superficial scratches, mainly in previously finished wood. Its thin film delivers moderate protection from abrasion. Polyurethane for furniture and interiors is available in gloss as well as satin sheens, also in oil-based & water-based oil-modified formulations. High-build or oil-based polyurethane is good for tabletops and other surfaces which are subject to abrasion. It further delivers maximum durability with just two coats.
|Market Size Value in||US$ 54,917.09 Million in 2021|
|Market Size Value by||US$ 1,02,916.80 Million by 2028|
|Growth rate||CAGR of 9.4% from 2020-2028|
|No. of Pages||235|
|No. of Tables||177|
|No. of Charts & Figures||92|
|Historical data available||Yes|
|Segments covered||Product and Application and Geography|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
Covestro AG; The Dow Chemical Company; BASF SE; Mitsui Chemicals, Inc.; and Huntsman Corporation are among the key market players. Major players in the Polyurethane market are focused on strategies such as mergers and acquisitions and product launch to increase the geographical presence and consumer base globally. For instance, FXI and Innocor partnered to create innovative foam solutions in 2019.
The List of Companies - Polyurethane Market