Polyurethane Market
Polyurethane Market Forecasts to 2030 - Global Analysis By Product (Foam, Coatings, Adhesives, Sealants, Elastomers, Thermoplastic Polyurethane (TPU) and Other Products), Raw Material, Formulation, Application and By Geography
According to Stratistics MRC, the Global Polyurethane Market is accounted for $80.25 billion in 2024 and is expected to reach $132.91 billion by 2030 growing at a CAGR of 6.4% during the forecast period. Polyurethane is a versatile polymer composed of organic units joined by carbamate (urethane) links. It is formed through the reaction of diisocyanates with polyols, creating a material that can be rigid or flexible, depending on its formulation. Its adaptability allows for customization in hardness, density, and resilience, making it a popular choice in applications ranging from automotive components to consumer goods.
According to OICA, China is the world's largest adhesives manufacturer and exporter, dominating worldwide in 2022.
Market Dynamics:
Driver:
Rapid industrialization and urbanization in emerging economies
As urban areas expand, there is a heightened need for construction materials, including polyurethane for insulation and coatings, enhancing energy efficiency in buildings. The booming automotive industry in these regions drives the demand for lightweight polyurethane components, contributing to improved vehicle performance. Additionally, rising disposable incomes lead to greater consumption of consumer goods, furniture, and appliances that utilize polyurethane. This combined effect of industrial growth and urban development fosters a dynamic environment for polyurethane market expansion.
Restraint:
Volatile raw material prices
Volatile raw material prices in the polyurethane primarily stem from fluctuations in the supply and demand dynamics of key components, such as isocyanates and polyols, which are derived from petrochemical sources. Factors like geopolitical tensions, natural disasters, and changes in oil prices can lead to significant price swings. These fluctuations hamper market growth by increasing production costs for manufacturers, making it challenging to maintain competitive pricing.
Opportunity:
Rising demand for lightweight materials in automotive sector
Manufacturers often strive to enhance fuel efficiency and reduce carbon emissions; polyurethane's lightweight properties make it an ideal choice for various automotive applications. Used in components like seating, insulation, and structural parts, polyurethane contributes to weight reduction without compromising strength or performance. Additionally, its versatility allows for customization in density and rigidity, meeting the specific needs of modern vehicles. This shift towards lightweight materials not only supports regulatory compliance but also enhances overall vehicle performance, driving increased adoption of polyurethane in the automotive industry.
Threat:
Emergence of alternative materials
The emergence of alternative materials, such as thermoplastics, bio-based resins, and natural fibers offers viable substitutes with specific advantages, such as lower environmental impact or improved performance characteristics. These alternatives often cater to the same applications as polyurethane, making it challenging for polyurethane products to compete. This shift can result in decreased market share and sales for polyurethane, limiting its growth potential in various industries.
Covid-19 Impact
The covid-19 pandemic significantly impacted the polyurethane market, causing disruptions in supply chains, manufacturing delays, and fluctuations in demand. While construction and automotive sectors faced downturns, the demand for medical applications, such as protective gear and cushioning materials, surged. Increased focus on hygiene and safety boosted the need for antimicrobial polyurethane products. As economies recover, the market is expected to rebound, with a shift toward sustainable and eco-friendly polyurethane solutions to meet changing consumer preferences and regulatory requirements.
The foam segment is expected to be the largest during the forecast period
The foam segment is predicted to secure the largest market share throughout the forecast period. Polyurethane foam is a versatile material made by combining polyols and isocyanates, resulting in a lightweight and resilient product. The foam exhibits excellent insulation properties, enhancing energy efficiency in buildings and appliances. It also offers superior comfort and durability, making it ideal for furniture, mattresses, and automotive seating. Its adaptability and performance characteristics make polyurethane foam a popular choice across various industries.
The packaging segment is expected to have the highest CAGR during the forecast period
The packaging segment is anticipated to witness the highest CAGR during the forecast period due to its durability, flexibility, and lightweight properties. It is commonly used in protective packaging, such as foam inserts and cushioning materials, to safeguard fragile items during transit. It enhances barrier properties, providing protection against moisture, oxygen, and contaminants, which is crucial for food and pharmaceutical packaging. Its ability to be tailored for specific applications makes polyurethane a preferred choice in the packaging industry, promoting sustainability and reducing material waste.
Region with largest share:
Asia Pacific is expected to register the largest market share during the forecast period driven by rising demand from various sectors, including construction, automotive, furniture, and electronics. Key countries like China, India, and Japan are leading the market due to rapid urbanization, infrastructure development, and a booming automotive industry. The region's expanding middle class and rising disposable incomes further fuel demand for flexible and rigid polyurethane products, making it a vital area for market expansion.
Region with highest CAGR:
North America is projected to witness the highest CAGR over the forecast period propelled by robust demand in the construction, automotive, and furniture industries. The United States and Canada are key contributors, with increasing infrastructure projects. Moreover, the automotive sector's shift and growing consumer preferences for eco-friendly products are also leading to innovations in bio-based polyurethanes. As a result, the region is poised for continued growth and investment in polyurethane applications.
Key players in the market
Some of the key players profiled in the Polyurethane Market include BASF SE, Dow Inc., Covestro AG, Huntsman Corporation, Mitsui Chemicals, Inc., Bayer MaterialScience, INOAC Corporation, Polygroup, Sika AG, Evonik Industries AG, KCC Corporation, Armstrong Flooring Inc., Tosoh Corporation, Foamtech Corporation, Recticel, RAMPF Holding GmbH & Co. KG and Woodbridge.
Key Developments:
In September 2024, Woodbridge announced that it has received the 2024 Polyurethane Innovation Award for its TrimVisible™ BIO product. This innovative automotive seating foam combines biogenic carbon from forest residue with polyurethane chemistry, aimed at reducing the global warming potential of seating materials.
In May 2024, Dow Inc. announced a new adhesive and gap filler production line at its Polyurethanes Systems House located in Ahlen, Germany. This strategic expansion is expected to significantly increase the capacity of their VORATRON™ product line, which focuses on providing advanced solutions for the assembly of electric vehicle (EV) batteries.
Products Covered:
• Foam
• Coatings
• Adhesives
• Sealants
• Elastomers
• Thermoplastic Polyurethane (TPU)
• Other Products
Raw Materials Covered:
• Polyols
• Diisocyanates
• Blowing Agents
• Catalysts
• Additives
• Other Raw Materials
Formulations Covered:
• Water-based Polyurethane
• Solvent-based Polyurethane
• Oil-based Polyurethane
Applications Covered:
• Furniture & Bedding
• Building & Construction
• Automotive
• Electronics & Appliances
• Footwear
• Packaging
• Textiles & Apparel
• Sports & Leisure
• Other Applications
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Application Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Polyurethane Market, By Product
5.1 Introduction
5.2 Foam
5.3 Coatings
5.4 Adhesives
5.5 Sealants
5.6 Elastomers
5.7 Thermoplastic Polyurethane (TPU)
5.8 Other Products
6 Global Polyurethane Market, By Raw Material
6.1 Introduction
6.2 Polyols
6.3 Diisocyanates
6.4 Blowing Agents
6.5 Catalysts
6.6 Additives
6.7 Other Raw Materials
7 Global Polyurethane Market, By Formulation
7.1 Introduction
7.2 Water-based Polyurethane
7.3 Solvent-based Polyurethane
7.4 Oil-based Polyurethane
8 Global Polyurethane Market, By Application
8.1 Introduction
8.2 Furniture & Bedding
8.3 Building & Construction
8.4 Automotive
8.5 Electronics & Appliances
8.6 Footwear
8.7 Packaging
8.8 Textiles & Apparel
8.9 Sports & Leisure
8.10 Other Applications
9 Global Polyurethane Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 BASF SE
11.2 Dow Inc.
11.3 Covestro AG
11.4 Huntsman Corporation
11.5 Mitsui Chemicals, Inc.
11.6 Bayer MaterialScience
11.7 INOAC Corporation
11.8 Polygroup
11.9 Sika AG
11.10 Evonik Industries AG
11.11 KCC Corporation
11.12 Armstrong Flooring Inc.
11.13 Tosoh Corporation
11.14 Foamtech Corporation
11.15 Recticel
11.16 RAMPF Holding GmbH & Co. KG
11.17 Woodbridge
List of Tables
1 Global Polyurethane Market Outlook, By Region (2022-2030) ($MN)
2 Global Polyurethane Market Outlook, By Product (2022-2030) ($MN)
3 Global Polyurethane Market Outlook, By Foam (2022-2030) ($MN)
4 Global Polyurethane Market Outlook, By Coatings (2022-2030) ($MN)
5 Global Polyurethane Market Outlook, By Adhesives (2022-2030) ($MN)
6 Global Polyurethane Market Outlook, By Sealants (2022-2030) ($MN)
7 Global Polyurethane Market Outlook, By Elastomers (2022-2030) ($MN)
8 Global Polyurethane Market Outlook, By Thermoplastic Polyurethane (TPU) (2022-2030) ($MN)
9 Global Polyurethane Market Outlook, By Other Products (2022-2030) ($MN)
10 Global Polyurethane Market Outlook, By Raw Material (2022-2030) ($MN)
11 Global Polyurethane Market Outlook, By Polyols (2022-2030) ($MN)
12 Global Polyurethane Market Outlook, By Diisocyanates (2022-2030) ($MN)
13 Global Polyurethane Market Outlook, By Blowing Agents (2022-2030) ($MN)
14 Global Polyurethane Market Outlook, By Catalysts (2022-2030) ($MN)
15 Global Polyurethane Market Outlook, By Additives (2022-2030) ($MN)
16 Global Polyurethane Market Outlook, By Other Raw Materials (2022-2030) ($MN)
17 Global Polyurethane Market Outlook, By Formulation (2022-2030) ($MN)
18 Global Polyurethane Market Outlook, By Water-based Polyurethane (2022-2030) ($MN)
19 Global Polyurethane Market Outlook, By Solvent-based Polyurethane (2022-2030) ($MN)
20 Global Polyurethane Market Outlook, By Oil-based Polyurethane (2022-2030) ($MN)
21 Global Polyurethane Market Outlook, By Application (2022-2030) ($MN)
22 Global Polyurethane Market Outlook, By Furniture & Bedding (2022-2030) ($MN)
23 Global Polyurethane Market Outlook, By Building & Construction (2022-2030) ($MN)
24 Global Polyurethane Market Outlook, By Automotive (2022-2030) ($MN)
25 Global Polyurethane Market Outlook, By Electronics & Appliances (2022-2030) ($MN)
26 Global Polyurethane Market Outlook, By Footwear (2022-2030) ($MN)
27 Global Polyurethane Market Outlook, By Packaging (2022-2030) ($MN)
28 Global Polyurethane Market Outlook, By Textiles & Apparel (2022-2030) ($MN)
29 Global Polyurethane Market Outlook, By Sports & Leisure (2022-2030) ($MN)
30 Global Polyurethane Market Outlook, By Other Applications
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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