MRFR Press Release/- Market research future published a Cooked research report on global Polyurethane market. The Global Polyurethane market is expected to grow with CAGR of 6.51% during the period to 2023-
Polyurethane Market Overview:
The global polyurethane market is increasing with the impulsive pace; mainly due to the burgeoning construction industry. According to a recent study report published by the Market Research Future, The global market of Polyurethane is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a stunning growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2017 – 2023).
Rapid increase in construction activities owing to the global construction market is expected to grow at a faster pace than world GDP over the next decade as Asian economies continue to industrialize and the US recovers from the sharp downturn during the global financial crisis is fuelling the polyurethane market in the forecast period.
BASF SE (Germany), The Dow Chemical Company (U.S.), Bayer AG (Germany), SEKISUI CHEMICAL CO.,LTD (Japan), Huntsman International LLC (U.S.), Rogers Corporation (U.S.), Tosoh Corporation (Japan), Reticel NV (Belgium), Woodbridge Foam Corporation (Canada), and Foamcraft, Inc. (U.S.) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Polyurethane Market.
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Industry/ Innovation/ Related News:
September 2017 – BASF SE (Germany), one of the key manufacturers of Polyurethane also having presence in Thailand, announced that one stop solution (Autofroth®) from the company makes polyurethane foam production at increased speed coupled with cost economizing the process. This helps the industries to speed up their processes and meet the global demands more rapidly. As Asia Pacific is the largest manufacturer of polyurethane materials and by this innovation it is anticipated to boost the market growth in the forecast period.
September 2017 – The Dow Chemical Company (U.S.), is the major manufacturer of polyurethane materials in the world, has announced its new product (VORASURF™) polyurethane additives will benefit consumer satisfaction and energy conserving markets to help meet growing demand for high-performance materials in bedding, footwear and spray foam. As the furniture industry is booming in the U.S. region and coupled with rising disposable incomes are the factors favouring the growth of polyurethane market over the forecast period.
September 2017 – The Dow Chemical Company (U.S.), is the major manufacturer of polyurethane materials in the world, a business unit of DowDuPont Materials Science Division, has announced a cooperation agreement with Germany-based plant manufacturer H&S Anlagentechnik to produce the market for recycled polyols manufactured from disposed mattresses. The polyols recycled through the process can be applied into a variety of polyurethane applications.
The move comes as the European bedding industry is assessing the impact of the European Commission’s 2015 Circular Economy Package, comprising new waste management targets for reuse, recycling and landfilling, strengthening provisions on waste prevention and extended producer responsibility. Also, this move creates a stronger competition between the key players resulting into innovation of better new products under the projection of changing environmental regualations.
Polyurethane Industry Regional Insights:
The market is classified and analyzed on the basis of various geographic segmentation which includes; Americas, Europe, Asia-Pacific, Middle East and Africa. Out of all, Asia Pacific Polyurethane market is dominating market over the forecasted period. Rapid industrializations, favorable government regulations and increase in per captia income will significantly grow the Polyurethane market in emerging economies such as China, India and Japan.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of key vendors.
U.S is dominating segment owing to key players in these regions has shifted their production in developing regions to trapped the competitive market. Automobile sector in these region is growing rapidly which led to rise in product segment in these regions. Manufacturers are adopting low cost technology along with lightweight materials like flexible foams in order to increase fuel efficiency.
North America and Europe region being prominent players in automobile and consumer appliances drive the insulators and sealants for energy efficiency in polyurethane market over the forecasted period.
Polyurethane Product Segment:
On basis of product, Polyurethanes are segmented into rigid foam, flexible foam, adhesives & sealants, coatings, elastomers and other products. Rigid foam is widely used in insulations to increase building energy efficiency. These key properties helping the rigid foam market to grow in coming years. Flexible foams are expected to dominate the product demand owing to easy insulation in electronic appliances and construction industry. Elastomers possess high flexibility and strong impact & shock resistance which widely used in high performance materials. Thus, it is being emerging as faster growing segment in end user industries. Innovation in coatings and development of bio based polyurethane is anticipated to drive the demand in developed regions.
Polyurethane Market End User Industry Analysis:
Construction market is dominating market owing to growing infrastructure activities, rapid industrialization and increase in government spending in emerging economies such as China and India. Moreover, increasing government spending to improve public infrastructure in order to increase tourism and trading is propelling the demand of polyurethane across the end user industry. Further, increase in consumer spending in interiors and furniture which is also consuming product in upholstery and other applications drives the polyurethane market growth. Rise in population has led to increase in usage of vehicles. Thus, automotive market witnessed a significant growth owing to increase in artistic appeal automobile body parts in vehicles. Metals used in vehicles to provide structural strength along increase the energy saving with fuel efficiency has driven the polyurethane market in this segment.
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- The global Polyurethane market is expected to reach USD 81,700.6 million by 2022
- Regionally, Asia-Pacific has the largest market of USD 28,111.2 million by 2022
- China accounted for the largest market share of 54.00% in 2014, with a market value of USD 9,710.6 Million is projected to grow at the highest CAGR of 6.94% during the forecast period. Japan was the second-largest market in 2014, valued at USD 4,495.7 Million in 2014; it is projected to grow at a CAGR of 6.69%.
- Construction segment accounted for the largest market share registering CAGR of 7.07% during the forecasted period.
- On basis of type segment, Rigid Foam holds the market share of 31% in 2015
- Polyurethane manufacturers
- Traders and distributors of Polyurethane
- Production Process industries
- Potential investors
- Raw material suppliers
- Nationalized laboratory