Polyurethane Market Regional Outlook Opportunity Assessment, forecast till 2027
Market Overview:
The scope of our recent study on the “Polyurethane Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product (Rigid Foam, Flexible Foam, Coatings Adhesives and Sealants, Elastomers, Others), Application (Furniture and Interiors, Construction, Electronics and Appliances, Automotive, Footwear, Packaging, Others),” includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.
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The Polyurethane market was valued at US$ 50,379.59 million in 2020 and is projected to reach US$ 1,03,456.26 million by 2028; it is expected to grow at a CAGR of 9.8% from 2020 to 2028. Polyurethane is a thermosetting polymer which is composed of organic units joined by carbamate links and does not melt on heating. It is light in weight, resistant to corrosion, elastic in nature and possesses considerable strength. In most of the cases, PU is an alternative to paper, glass, and metals. High mechanical strength enables polyurethane to provide insulation and replace metals for automobile parts. The polyurethane market is anticipated to grow in the forecast period owing to an upsurge in demand for lightweight and durable materials from automotive, packaging, furniture, footwear, and other end-user industries. Moreover, demands for high-performance interior components further contributes to the polyurethane market growth. However, fluctuations in raw materials and economic downturn in developing countries affect products sales which hinder growth of the polyurethane market. On the other hand, adoption of bio-based polyurethane is likely to provide growth opportunities to the key players operating in the polyurethane market during the forecast period.
Based on product, the polyurethane market is segmented into rigid foam, flexible foam, coatings adhesives and sealants, elastomers, and others. The flexible foam segment led the polyurethane market with the highest market share in 2020. Flexible polyurethane foam is basically a polymer produced from the reaction of both polyols and isocyanates, a chemical process pioneered in 1937. These are mixed actively in high-intensity mixers in specific amounts along with other ingredients, and then foam reaction begins almost immediately. 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.
The global polyurethane market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), Middle East &Africa (MEA), and South America (SAM). In 2020, Asia Pacific contributed to the largest share in the global market. The Asia Pacific manufacturing sector is highly adopting innovation accelerators which include advanced technologies & processes. Over the past decades, the manufacturing companies are spending of the region has grown significantly and is further anticipated to grow at the highest estimated growth rate. Asia Pacific market for rigid polyurethane foams is dominated by China, India, and Indonesia on account of the rapid industrialization in these countries. Expansion of the construction and furniture sectors, along with the presence of major automotive OEMs, is a key driver that propels the demand for rigid foam in APAC. The government support to weatherize low-income households and meet transitioning standards for green buildings is anticipated to further drive the rigid polyurethane foam demand in insulation applications.
Impact of COVID-19 Pandemic on Polyurethane Market
The ongoing pandemic has been drastically altered the status of the plastic polymer industry and has negatively impacted the growth of the polyurethane market. The COVID-19 outbreak has further distorted operational efficiency also disrupted the value chains due to the sudden closure of national and international boundaries, creating revenue loss and damage. The disruptive value chain has had a negative impact on the raw material supply, which, in turn, is impacting the growth of the polyurethane market. However, as the economies are planning to revive their operations, the demand for polyurethane is presumed to rise globally. The packaging industry is a dynamically growing contributor to this demand since consumers are inclined toward ordering products online. Moreover, the previously postponed construction projects are anticipated to resume, which would further provide an opportunity for the polyurethane market players to regain normalcy. Since most of the people are confined to their homes amid the pandemic, re-designing and home improvement projects are expected to increase. Moreover, the furniture & interior segment is likely to bring growth opportunities for the market as polyurethane is highly used in making several furniture and products for interior design. The corporate sectors have also resumed their operations with the imposition of several safety measures such as ensuring limited direct contact with visitors, strengthening, and communicating proper hygiene practices, conducting complete sanitations, and eliminating personnel contact during shift changes.
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Polyurethane Market Breakdown –by region
Polyurethane Market, by Product
Rigid Foam
Flexible Foam
Coatings Adhesives and Sealants
Elastomers
Others
Polyurethane Market, by Application
Furniture and Interiors
Construction
Electronics and Appliances
Automotive
Footwear
Packaging
Others
Polyurethane Market, by Geography
North America
US
Canada
Mexico
Europe
Germany
France
UK
Italy
Russia
Rest of Europe
Asia Pacific (APAC)
Australia
China
India
Japan
South Korea
Rest of Asia Pacific
Middle East &Africa (MEA)
South Africa
Saudi Arabia
UAE
Rest of Middle East &Africa
South America
Brazil
Argentina
Rest of South America
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