Polyurethane (PU) Market size is expected to reach US$77.27 bln by 2023; according to a research report published by Global Market Insights, Inc.
Increasing energy conservation importance owing to rising costs and growing concerns regarding GHG emissions have been major factors driving global polyurethane market size. Government support to boost infrastructure in India, Brazil, and Mexico should promote PU market growth in construction application.
APAC, driven by India & China PU market size, dominated the regional industry demand and may generate over USD 33.5 billion revenue by 2023. Electronics & appliances application in APAC may observe highest gains over the forecast timeframe. Increasing importance for encapsulation of electronic components such as circuits and sensors is a major factor driving PU demand in electronics & appliances segment.
Flexible polyurethane foam market size was dominant and industry expects gains at 4.7% CAGR by 2023. Increasing disposable income and changing lifestyle in BRICS nations has led to furniture industry growth and accounts to increasing flexible foam application in mattresses and automotive seating. The automotive industry has been experiencing a significant change over the years and has observed a trend towards automobile weight reduction in order to improve fuel efficiency and curb emissions. Polyurethane, along with other plastics, is a vital part of the new trend as it is capable of providing substantial weight reduction.
Moreover, rubber components are increasingly being replaced by polymers in automobile applications which may provide boost to thermoplastic elastomers market size, including thermoplastic polyurethanes. Strong application outlook in automobiles such as seating, engine encapsulation, exterior panels, instrument panels, and cables & wires as an alternative to metals should drive PU market size.