Global Polyurethane Market Scope by Raw Material (Toluene Diisocyanate, Polyols, Methylene Diphenyl Diisocyanate, Others), by Product Type (Coatings, Rigid Foam, Adhesives & Sealants, Flexible Foam, Elastomers, Others), by Applications (Bedding & Furniture, Appliances & White Goods, Automotive & Transportation, Building & Construction, Footwear, Others), and by Region - Global Forecasts 2017 to 2027

Date : Jun 2021

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Report ID : 712

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Category : Chemicals & Materials

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Report Format:  PDF EXCEL PPT WORD

The Global Polyurethane Market was valued at US$ 53.94 Bn in 2020 is Expected to Reach US$ 77.60 Bn by 2027, with a Growing CAGR of 5.3% During the Forecast Period (2020-2027).

Polyurethane is modern, and versatile plastic material that exists in various forms and can be tailored to be either rigid or flexible according to its applications. Polyurethane is used across various applications owing to its high abrasion resistance, oil resistance, lightweight, noise reduction ability, flexibility, and low-temperature resistance among various other features. The new trends in the polyurethane market such as the requirement of lightweight material in the aerospace industry are boosting the industry demand. Polyurethane is widely used for consumer goods owing to its versatility and flexibility. The accelerating rise of the automotive industry and rising consumer expenditure on consumer goods are increasing the polyurethane market growth.

Polyurethane Market

In addition to this, the demand for polyurethane in the footwear and textile application segment is driven by the growing population coupled with the increased disposable incomes from developing countries. Furthermore, the rise in demand for sustainable products from the end-users is encouraging polyurethane manufacturers to innovate their products. The manufacturers are focused on the development of ‘green’ polyols to meet the rising consumer demand. However, these products are highly priced and thus are yet not widely popular among the end-users.

The polyurethane market is forecasted to witness developments concerning the manufacturing process and its operations. The 3D printing technology has huge capabilities of limiting the costs of manufacturers owing to its low initial investments. The technology will be highly beneficial especially for small manufacturers for the production of conventional polyurethane parts. The use of 3D technology would enable the manufacturers to quickly adapt to the high demand and consumer expectations further proliferating the polyurethane market size.

The Global Polyurethane Industry Segmentation:

By Raw Material

  • Toluene Diisocyanate
  • Polyols
  • Methylene Diphenyl Diisocyanate
  • Others

By Product Type

  • Coatings
  • Rigid Foam
  • Adhesives & Sealants
  • Flexible Foam
  • Elastomers
  • Others

By Application

  • Bedding & Furniture
  • Appliances & White Goods
  • Automotive & Transportation
  • Building & Construction
  • Footwear
  • Others

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Based on the product type, in 2020, rigid foam polyurethane accounted for a market share of 33.5% in the polyurethane market

Rigid foam polyurethane has high energy efficiency, high performance, and high thermal and mechanical performance among other features. Rigid foam polyurethane has one of the highest insulating R-values per inch compared to all the other products available commercially. This makes it an excellent product for use as an insulating material with thinner walls and lower profile roofs while increasing space utilization, maximizing efficiency, and reducing operating costs. According to the U.S. Department of Energy, heating and cooling costs accounts for 50% to 70% of the energy usage in American homes. Thus, rigid foam polyurethane is increasingly used to reduce costs, lower noise levels in commercial properties and homes, and maintain uniform temperatures.

Rigid foam polyurethane is one of the leading materials used for insulation in hot water heaters, freezers, vending machines, and refrigerators. The material is well suited for insulation applications owing to its ease of application, dimensional stability, and low volatile organic compound emissions. Rigid foam polyurethane also has wide application in packaging industry to create tight, and impact resistant cushion for protection of fragile items. The wide usage of rigid foam polyurethane across various applications is boosting the polyurethane market demand.

Based on the application, the building & construction application segment is growing at the fastest rate, whereas the bedding & furniture segment accounted for the largest market share in 2020

Building and construction represent a market for a diverse portfolio of polyurethane and polyiso products. Roof and wall insulation, gap fillers, and insulated panels for the space around windows and doors are the largest applications of polyurethane foam in the building and construction application. Polyisocyanurate laminate boardstock is one of the most popular insulations used in conventional roofs. Furthermore, the building and construction industry players are increasingly looking for environment-friendly and sustainable product options to comply with government regulations. Rigid foam polyurethane provides environmental benefits such as reduction in the need of construction material, increased energy efficiency, and reduced project weight and thus is highly popular in the building and construction application.

Based on regions, the Asia Pacific region dominated the polyurethane industry demand with North America experiencing a significant growth rate

The Asia Pacific region is witnessing a high growth rate in the polyurethane market forecast owing to the rising domestic demand, availability of low-cost raw materials, and increasing consumer income levels. The country is also one of the largest consumers of polyurethane products and has an excellent manufacturing base supported by the availability of low-cost labor and government initiatives to support local manufacturing in the region. In 2020, the total production of polyurethane products in the region was approximately 13.1 million tonnes witnessing a rise of 1.1% compared to 2019. The slow growth is attributed to the ongoing pandemic that hampered the polyurethane industry growth both from the demand and supply side.

In the Asia Pacific region, China accounted for over 65% of the total polyurethane production in 2020 followed by countries such as South Korea, India, and Japan. In the region, elastomer polyurethane products accounted for approximately 34.6% of the market share in 2020, whereas flexible foam polyurethane witnessed a steep decline in terms of production. Flexible foam polyurethane is primarily used in automotive and furniture manufacturing and both these industries were impacted by the coronavirus pandemic hindering the polyurethane market size.

Company Profiles and Competitive Intelligence

The key players operating in the market are:

  • BASF SE
  • Dow Inc.
  • Tosoh Corporation
  • Huntsman International LLC
  • DIC Corporation
  • Eastman Chemical Company
  • Covestro AG
  • Wanhua
  • LANXESS
  • Cargill, Incorporated
  • Shell
  • Manali Petrochemicals Limited
  • Woodbridge
  • Mitsui Chemicals and SKC Polyurethanes Inc.     
  • Recticel NV/SA
  • RTP Company
  • RAMPF Group
  • Carpenter Co.
  • BCI Holding S.A.
  • INOAC CORPORATION
  • Kuwait Polyurethane Industries W.L.L
  • Kemipex
  • Rogers Corporation

The report also provides in-depth analysis of polyurethane market dynamics such as Drivers and Restrains.

Drivers

  • Rising demand for lightweight material from automotive, aerospace and building and construction application to drive the polyurethane market growth
  • Low-cost, easy availability, flexibility and other versatile features of polyurethane ensuring wider application range  

Restraints

  • Polyurethane have potential health effects such as allergic reactions hindering the market growth

COVID-19 Impact on the Polyurethane Market Analysis

The COVID-19 has considerably declined the production of polyurethane as a result of factory closures, supply chain issues, unavailability of raw materials and labors among others. The end-use industries such as automotive, furniture and construction markets witnessed a sharp decline in demand as consumers’ allocated funds to essential goods. However, the adhesives and sealants performed rather better, primarily owing to a positive performance of flexible packaging adhesives. The increasing demand for packaged food and medicines increased the demand for flexible packaging adhesives thus raising the polyurethane market demand as sealants and adhesives.

The report also provides in-depth analysis of key trends in Polyurethane market

Sr. No. Trends Impact
1 The market demand for polyurethane adhesives in flexible packaging is witnessing a strong growth trends due to accelerating demand for packaged food and medicines Positive
2 Increasing need for low cost and lightweight construction material to reduce the overall cost  Positive
3 The economic slow-down resulted in declining demand for polyurethane from the end-user application segments Negative

The report also provides in-depth analysis of recent news developments and investments

  1. In August 2020, Lanxess launched ‘Adiprene Green’ a line of methylene diphenyl diisocyanate polyether prepolymers with biobased content. The new products is a greener polyurethane that reduced the CO2 impact by 20-30% compared to the prepolymers. The new product has applications in nonpneumatic tires, roll covers and wheels.
  2. In January 2020, BASF SE invested in the expansion of polyurethane dispersion business to increase the production capacity by 30% for water-based polyurethane dispersion in Spain, Europe. The expansion was focused on meeting the rising demand for high-quality polyurethane dispersion in the region.

The unique insights provided by this report also includes the following:

  • In-depth value chain analysis
  • Opportunity mapping
  • Sector snapshot
  • Key Players Positioning Matrix
  • Regulatory scenario
  • Strategies Adopted-Benchmarking Heat Map
  • Market trends
  • Covid-19 impact analysis
  • Product comparison
  • Pre & Post COVID 19 impact on Polyurethane Market Forecast
  • Competitive Landscape

Frequently Asked Questions (FAQs)

Who are the key players in the polyurethane industry?

A few key players in the polyurethane industry includes, but not limited to: BASF SE, Dow Inc., Tosoh Corporation, Huntsman International LLC, DIC Corporation, Eastman Chemical Company, Covestro AG, Wanhua, LANXESS, and Cargill, Incorporated

What is the share of Asia Pacific in global polyurethane market?

In Asia Pacific, polyurethane market accounted for 42.3% share in the base year 2020

What is the estimated polyurethane market growth?

The polyurethane market is estimated to grow at a compound annual growth rate (CAGR) of 5.3% during 2020-2027

How big the global polyurethane market size?

The global polyurethane market was valued at US$ 53.94 Bn in 2020 and is anticipated to reach US$ 77.60 Bn by 2027.

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  1. INTRODUCTION
    1. Product Outline
    2. What is Polyurethane
    3. Different types of Polyurethane
    4. Sector Snapshot : Polyurethane
    5. Polyurethane  comparison with other substitutes
    6. Polyurethane  and its advantages
    7. Analysis of Polyurethane  Ecosystem / Value Chain
    8. Supply Chain Analysis
    9. Covid -19 Impact
    10. Market Dynamics
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Threats
    11. Technology Overview
  2. Technology and Regulatory Landscape for Polyurethane 
    1. Regulations and Standards
  3. Polyurethane  Market by Raw Material
    1. Toluene Diisocyanate
    2. Polyols
    3. Methylene Diphenyl Diisocyanate
    4. Others
  4. Polyurethane  Market by Product Type
    1. Coatings
    2. Rigid Foam
    3.  Adhesives & Sealants
    4. Flexible Foam
    5. Elastomers
    6. Others
  5. Polyurethane  Market by Applications
    1. Bedding & Furniture
    2. Appliances & White Goods
    3. Automotive & Transportation
    4. Building & Construction
    5. Footwear
    6. Others
  6. Regional Analysis
    1. North America
      1. US
      2. Canada
    2. Europe
      1. Germany
      2. UK
      3. France
      4. Italy
      5. Spain
      6. Rest Of Europe
    3. Asia Pacific
      1. China
      2. India
      3. Japan
      4. Rest Of Asia Pacific
    4. Latin America
      1. Mexico
      2. Brazil
      3. Argentina
      4. Rest of Latin America
    5. Middle East and Africa
      1. GCC
      2. Rest of Middle East & Africa
  7. Key Strategic Insights
    1. Key Trend Analysis
    2. Opportunity Mapping
    3. Pain Point Analysis
    4. Key Strategic Insights
    5. Strategies Adopted-Benchmarking Heat Map
    6. PEST Analysis
    7. Regional Lifecycle
    8. Developed vs. Developing Economies, 2020 vs 2027
  8. Competitive Scenario
    1. Competitive Strategies of Key Players
      1. Mergers and Acquisitions
      2. Investments
      3. Joint Ventures
      4. New Product launches
    2. Strength of product portfolio
    3. Ranking of Key Players
    4. Presence of players by Geographies
  9. KEY GLOBAL PLAYERS
  1. BASF SE
  2. Dow Inc.
  3. Tosoh Corporation
  4. Huntsman International LLC
  5. DIC Corporation
  6. Eastman Chemical Company
  7. Covestro AG
  8. Wanhua
  9. LANXESS
  10. Cargill, Incorporated

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