New York, Sept. 15, 2021 (GLOBE NEWSWIRE) — Polyurethane Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Polyurethane Market Information – By Product (Rigid Foam, Flexible Foam, Coatings, Adhesives & Sealants, Elastomers, Others), By End-User Industry (Construction, Furniture, Automotive, Electronics appliances, Footwear, Packaging, Others) – Forecast till 2028” the market is projected to be worth USD 101.29 billion by 2028, registering a CAGR of 5.11% during the forecast period (2021 – 2028), The market was valued at USD 68.76 billion in 2021.
Market Competitive Landscape:
List of the prominent market leaders in the polyurethane market profiled include:
- Covestro AG
- BASF SE
- Huntsman International LLC
- Dow Inc.
- Mitsui & Co. Plastics Ltd
- Tosoh Corporation
- RTP Company
- Mitsubishi Chemical Corporation
- Eastman Chemical Company
- DIC Corporation
- The Lubrizol Corporation
- Recticel NV/SA
- RAMPF Holding GmbH & Co. KG
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Polyurethanes are a type of thermosetting polymers that do not meltdown when exposed to heat. They are also called PU or PUR and are composed of organic units combined with carbonate. It is an element of the polymer family but is quite different from all other forms of plastic polymers available in the market. The polyurethane chemistry enables products to be molded into any shape and improves consumer and industrial products by adding convenience and comfort.
Market USP Covered
The global polyurethane market has recorded praiseworthy growth over the past few years. Polyurethane products have a broad range of applications in the number of consumer goods, but the refrigeration industry is the application to record the highest demand. The rise in demand for refrigerators across the globe is one of the primary aspects causing boosts in the market growth. The rising adoption of polyurethane products in automotive interiors, adhesives, and elastomers used on floors, sealants, footwear, coatings, and medical devices also catalyzes market growth.
Another factor encouraging the growth of the polyurethane market is the rising adoption of advanced technologies to develop polyurethane with multiple applications and excellent properties. Furthermore, polyurethane’s impressive physical properties and versatility also boost demand across several end-user industries. Increasing preference for bio-based materials across several industries is likely to offer lucrative opportunities in the forecasted period.
The polyurethane market has to face certain challenges as well that is anticipated to hamper the market growth. The plausible threat from acid-epoxy coatings as substitutes and rising environmental concerns are primary market restraints.
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Many vital end-use industries in the polyurethane market, such as automotive, electronics, construction, furniture, and many others, have been majorly impacted by the COVID-19 outbreak. The pandemic has lowered the workforce across production units, causing a reduction in the production of polyurethane. The novel coronavirus has also threatened the market firms with weaker supply chains, debts, revenue losses, and more. The pandemic has also made compelled leading manufacturers to maintain efficient communication and obey strict safety norms.
The polyurethane market is bifurcated into numerous segments on the basis of types, end-user, and regions. Based on type, the classification is done as coatings, adhesives & sealants, rigid foam, elastomers, flexible foam, and more. The flexible foam segment managed to lead the global market with a maximum market share of 31% in the global market in 2015. It is mainly due to its offerings like robust stability to structures in electronic appliances and construction. Following that, rigid foam also accounts for a significant market share.
Some of the major end-user industries listed in the polyurethane market report include footwear, packaging, automotive, electronics appliances, construction, furniture, and others. Among all, the construction industry is leading the market globally with the largest market share. The major aspect causing this is the supportive government funding in infrastructure development across various countries. Along with that, the rise in spending on interiors and furniture also acts as a catalyst for the segment’s growth.
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The global polyurethane market is divided into a number of regions like The Middle East and Africa, Europe, Asia-Pacific, North America, and Latin America. The APAC market has managed to hold the top position in the global market. This is mainly attributed to the continuous surge in polymer consumption and escalating product demand in the automotive industry. Several international companies are moving their production units to fast-developing countries like China and India. The factor driving this is the supportive government policies and initiatives across these countries.
Various schemes in the European region provide financial incentives to end-users, which are adopting eco-friendly products considered a major factor responsible for the boosted demand for polyurethanes in Europe. The growth of the European market is being propelled by a rising preference for polyurethane in the furniture industry alongside the growing trend of bio-polyurethanes. The North American polyurethane market has come to rise as one of the best performers on global level. This is mainly attributed to the government’s increasing focus on energy efficiency and households’ increasingly adopting thermal insulation supported by federal funding.
Segmentation of Market covered in the research:
Polyurethane Market Information – By Product (Rigid Foam, Flexible Foam, Coatings, Adhesives & Sealants, Elastomers, Others), By End-User Industry (Construction, Furniture, Automotive, Electronics appliances, Footwear, Packaging, Others) – Forecast till 2028
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Source: EIN Presswire