Polyurethane Market Report, Size, Growth & Analysis 2028

Polyurethane Market Size and Forecasts (2020 - 2028), Global and Regional Growth Opportunity Analysis

Publication Month : Aug 2021

  • Report Code : TIPRE00003570
  • Category : Chemicals and Materials
  • Status : Published
  • No. of Pages : 235
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[Research Report] The Polyurethane market was valued at US$ 54,917.09 million in 2021 and is projected to reach US$ 1,02,916.80 million by 2028; it is expected to grow at a CAGR of 9.4% from 2020 to 2028.

MARKET ANALYSIS

Polyurethane is a material synthesized by copolymerizing an isocyanate and a polyhydric alcohol. Polyurethane composites and blends have wider applications in electronics and optoelectronics. The uses of polyurethane are broad ranged, including sensors, electrolytes, actuators, EMI shielding for supercapacitors and batteries, electrostatic dissipation, also shape memory applications. The potential market for printed electronics is huge. PU and its composites-based adhesives have discovered applications in flexible and printed electronics. Polyurethane potting compounds are particularly formulated by developers to meet a diverse range of physical, thermal as well as electrical properties. They can protect electronics by providing excellent insulating and adhesive properties, exceptional flexible foam, water, and temperature resistance.

GROWTH DRIVERS AND CHALLENGES

The rising government support for infrastructure development and growing use of polyurethane as insulation material across the globe has aided the market growth of industrial polyurethane products. Governments of various countries across the world are focusing on the nation's infrastructure development. Infrastructure advancement comprises projects related to roads, ports, railways, and airports; projects in agriculture and renewable energy; and industrial and social infrastructure. According to TATA Capital, Budget 2020 also presented a thrust to infrastructure development to encourage spending in roads, railways, airports, highways, and ports infrastructure projects. Allocating more than US$ 1.25 trillion for infra projects, the Indian Government identified over 6,500 projects under the National Infrastructure Pipeline (NIP) to build a $5 trillion economy by 2025. Such activities are supporting the construction sector, mainly in developing countries, and would create ample opportunities for the polyurethane market in coming years. Volatility of prices of raw material used in polyurethane manufacturing pose a challenge to the polyurethane market.  Manufacturers make polyurethane foam mainly by reacting polyols and diisocyanates, and both these products are derived from crude oil. Hence, the volatility of crude oil prices eventually affects polyurethane production cost. International crude oil prices witnessed uncertainty in 2020, and it is continuing in 2021 also. Both crude oil demand and prices fell sharply in the starting months of the year 2020 due to lockdowns and travel restrictions in various countries across the world. Oil prices also crashed to such an extent that the price for WTI crude and the benchmark for US crude oil had turned negative in April 2020.

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Polyurethane Market: Strategic Insights

polyurethane-market
Market Size Value inUS$ 54,917.09 Million in 2021
Market Size Value byUS$ 1,02,916.80 Million by 2028
Growth rateCAGR of 9.4% from 2020-2028
Forecast Period2020-2028
Base Year2020
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REPORT SEGMENTATION AND SCOPE

The "Global Polyurethane Market Analysis to 2030" is a specialized and in-depth study with a major focus on the global market trends and growth opportunities. The report aims to provide an overview of the global market with detailed market segmentation by raw material, product, application, and geography. The global polyurethane market has been witnessing high growth over the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the consumption of polyurethane worldwide along with their demand in major regions and countries. In addition, the report provides the qualitative assessment of various factors affecting the polyurethane market performance in major regions and countries. The report also includes a comprehensive analysis of the leading players in the polyurethane market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative opportunities that would, in turn, aid in identifying the major revenue pockets.

Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global polyurethane market, which helps understand the entire supply chain and various factors affecting the market growth.

 

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SEGMENTAL ANALYSIS

The global polyurethane market is segmented on the basis of raw material, product and application. Based on raw material, the polyurethane market is segmented as, polyol, MDI, TDI, and others. On the basis of product, the market is classified as, rigid foam, flexible foam, coatings, adhesives, sealants & binders, elastomers, and others. The polyurethane market is categorized on the basis of application into furniture and interiors, construction, electronics & appliances, automotive, footwear, packaging, and others. Based on raw material, polyols accounted for significant share. Polyols are organic compounds with multiple hydroxyl groups. They are amongst key raw materials used in the production of polyurethanes. Methylene diphenyl diisocyanate (MDI) is an aromatic compound used in the production of polyurethane. It is reacted with polyols to form polyurethane. Toluene diisocyanate (TDI) is a chemical compound which is transparent pale yellow or colourless liquid. It is used to make flexible polyurethane foams that are largely utilized in applications such as beds and furniture, carpet underlay, and packaging materials. Raw materials used for the production of polyurethanes other than polyols and diisocynates are stabilizers and additives. Based on product, the flexible foam accounted for highest market share. 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. Rigid polyurethane foam is known as one of the most efficient, high performance insulation materials; also, it enables very effective energy savings along with the minimal occupation of space.

Polyurethane Market, Raw Material, 2022 and 2030

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REGIONAL ANALYSIS

The report provides a detailed overview of the global polyurethane market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. Asia Pacific accounted for a significant share of the market and valued at more than US$ 9,500 million in 2022. Emerging countries of Asia Pacific are further witnessing an upsurge in urbanization and industrialization, which offers ample opportunities for the key market players in the polyurethane market. Countries like Australia, Japan, India, China, South Korea, Singapore, Taiwan, and Indonesia have large manufacturing industries in a diverse sector, which chemical, textile, automotive, electronics, and other industries. The manufacturing sector in these countries has experienced a huge shift over the years. North America valued at more US$ 3,500 million in 2022. The polyurethane market in this region is growing owing to its increasing demand from the furniture and interiors, construction, electronics and appliances, automotive, footwear, packaging, and other industries located in North America.

INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES

The report provides a detailed overview of the global polyurethane market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America.

In 2021, Covestro successfully completed acquisition of Resins & Functional Materials business from DSM.

In 2020, Huntsman Corporation announced that it has branded its world leading spray polyurethane foam (SPF) Business as Huntsman Building Solutions (HBS). HBS is a global platform within Huntsman's Polyurethanes division.

IMPACT OF COVID/IMPACT OF GEOPOLITICAL SCENARIO/IMPACT OF RECESSION

The report provides a detailed overview of the global polyurethane market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. Industries such as construction, automotive, electronics, and furniture have been the major consumers of polyurethane. In 2020, these industries had to slow down their operations due to disruptions in the value chain caused by the shutdown of national and international boundaries. Moreover, lockdowns imposed by different countries hampered the ability of industries to maintain inventory levels in the same year. The shortage of manpower resulted in the deceleration of polyurethane production and distribution operations. Additionally, government restrictions and other COVID-19 precautions reduced the production capacities of stakeholders in the polyurethane ecosystem. In 2021, the global marketplace began recovering from the losses incurred in 2020 as governments of different countries announced relaxations in social restrictions. Moreover, the previously postponed construction projects are anticipated to resume, which would further provide an opportunity for the polyurethane market players to regain normalcy. Expansion in production capacities in the chemicals & materials industry in different regions of the world resulted in a rise in demand for polyurethane in 2021.

COMPETITIVE LANDSCAPE AND KEY COMPANIES

Some of the key players and top polyurethane manufacturers, operating in the polyurethane market include, Covestro AG, FXI, Huntsman Corporation, Lubrizol Corporation, Mitsui Chemicals Inc, BASF SE, The Dow Chemical Company, DIC Corporation, Recticel NV, and Tosoh Corporation, among others.

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Product and Application and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Netherlands, RoAPAC, Russian Federation, Saudi Arabia, South Africa, South Korea, Turkey, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


Based on application, which segment emerged as the fastest in the global market?

The electronics and appliances segment held the largest share of the market during the forecast period. Non-foam polyurethanes also called potting compounds, are frequently utilized in the electrical & electronics industries to encapsulate, seal & insulate fragile microelectronic components, pressure-sensitive underwater cables, and printed circuit boards. Polyurethane potting compounds are particularly formulated by developers to meet a diverse range of thermal, physical, and electrical properties. They can protect electronics by providing excellent dielectric as well as adhesive properties, exceptional solvent, water, and extreme temperature resistance. Polyurethanes are important in major appliances that consumers utilize every day.

Based on application, which segment accounted for the largest share in the global market?

In 2021, furniture and interiors accounted for the largest share of the global polyurethane market. 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.

Based on product, why flexible foam segment accounted for the largest share in the global market?

The flexible foam segment held the largest share of the market during the forecast period. 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

Can you list some of the major players operating in the global polyurethane market?

The key players operating in the polyurethane market are Covestro AG, The Dow Chemical Company, BASF SE, Mitsui Chemicals, Inc., and Huntsman Corporation.

Based on raw material, which segment accounted for the largest share in the global market?

The polyols segment held the largest share of the market during the forecast period. Polyols are organic compounds with multiple hydroxyl groups. They are amongst key raw materials used in the production of polyurethanes. Polyurethanes are made by reacting a polyol with a diisocyanate or a polymeric isocyanate in the presence of appropriate catalysts and additives. A wide range of polyols are used to produce polyurethanes that meet the requirements of different applications including cushioning and insulation, coatings, apparel, and electronics.

Which region held the largest share of the global polyurethane market in 2021?

In 2021, Asia Pacific accounted for the largest share of the global polyurethane market. The region also held the largest CAGR during the forecast period. The polyurethane market in the region comprises several economies such as China, India, Japan, South Korea, Australia, and Rest of APAC. These countries are witnessing an upsurge due to growth in urbanization, increasing manufacturing industries coupled with growing industrialization which offers ample opportunities for key market players in the polyurethane market.

The List of Companies - Polyurethane Market

  1. Covestro AG
  2. FXI
  3. Huntsman Corporation
  4. Lubrizol Corporation
  5. Mitsui Chemicals, Inc.
  6. BASF SE
  7. The Dow Chemical Company
  8. DIC CORPORATION
  9. Recticel NV
  10. Tosoh Corporation

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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