Polyurethane CAGR Of 5.8% During 2017 – 2023

Polyurethane, a Sustainable Material, to Witness a CAGR of 5.8% during 2017 – 2023

01-Feb-18

The global polyurethane (PU) market is expected to grow at a CAGR of 5.8% during 2017 – 2023 to reach USD 63.30 Billion by 2023. As per the report prepared by Energias Market Research Pvt. Ltd. factors propelling the growth of the polyurethane market include growth of automotive and construction industries in emerging economies and high demand for polyurethane in refrigeration application. Additionally, growing demand for lightweight, high-performance composites in automotive applications and demand for recyclable products are further boosting the growth of the global polyurethane market. The report segments the polyurethane market by Raw Material (Toluene Diisocyanate, Methylene Diphenyl Diisocyanate, Polyols, and Others), by Product Type (Rigid Foam, Flexible Foam, Adhesives & Sealants, Coatings, Elastomers, and Others), by Application (Automotive, Construction, Electronics and Appliances, Furniture and Interior, Footwear, Packaging, and Others) and by Region (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The report studies the global polyurethane market over the forecast period (2017-2023).

Polyurethanes are the polymeric materials forming a family of polymers which are essentially different from most other plastics. Polyurethanes are produced by the exothermic reactions between alcohols having two or more reactive hydroxyl (-OH) groups per molecule and isocyanates that have more than one reactive isocyanate group (-NCO) per molecules. Polyurethane products are tougher, stronger, and more durable than those made with conventional elastomers and plastics. Properties such as abrasion resistance, cut & tear resistance, oil & solvent resistance, high load-bearing capacity and superior bonding ability, enable polyurethanes to outperform metals, woods, rubber, and plastics in various applications. Polyurethane can be used on standard equipment, and the tools and molds required by this material are generally inexpensive. Polyurethane can withstand environmental factors, including heat, moisture, radiation, and sunlight. By incorporating flame retardants in the formulation, polyurethane can resist fire as well.

Key Findings of the Global Polyurethane Market

On the basis of raw material, Methylene Diphenyl Diisocyanate (MDI) was holding the largest share of polyurethane market, in 2016 and is anticipated to dominate the market, throughout the forecast period. The foams made from MDI are rigid and provides good thermal insulation, which is widely used in refrigerators, freezers, and construction
Polyols segment of polyurethane raw material is expected to be the fastest-growing segment of the global polyurethane market. Increasing demand from automotive and furniture industries are driving the growth of the aforementioned segment
On the basis of product type, flexible polyurethane foam was dominating the global polyurethane market, in 2016 and is expected to remain the largest market, over the forecast period. Rising demand from construction, automotive and furniture industries are the factors boosting the demand for flexible polyurethane foams
On the basis of application, furniture and interiors was the largest segment of the global polyurethane market, in 2016. Increasing development of modern homes and offices is driving the growth of the aforementioned segment
Geographically, Asia-Pacific was holding the largest market share for polyurethane, in 2016 and is anticipated to dominate the market, throughout the forecast period. High demand from various industries such as automotive, electronics, packaging, and footwear are driving the growth of Asia-Pacific’s polyurethane market
Key players in the polyurethane market are Covestro AG, BASF SE, DowDuPont, Woodbridge Foam Corporation, Mitsui Chemicals Inc., Huntsman Corporation, Chemtura Corporation, Wanhua Chemical Group Co., Ltd., Nippon Polyurethane Industry Corp Ltd., Manali Petrochemicals Ltd., Tosoh Corporation, among others

Polyurethane- Benefitting Automobile Industry

When evaluating the environmental performance of a passenger car, its total environmental impact must be considered throughout the whole life-cycle. As per the studies, more than 80 percent of the life-cycle energy of a car is derived from fuel consumption. Automobile manufacturers, therefore, must focus to reduce fuel consumption and to lower emissions. Polyurethanes contribute to achieving this goal, as they have relatively low energy consumption during the production process, hence saving natural resources. Additionally, using light-weight polyurethanes, results in significant reductions in fuel consumption and emissions, contributing towards reduced global warming. As per the calculation by APME (Association of Plastics Manufacturers in Europe), 100 kg of plastics in a modern car has replaced 200-300 kg of conventional materials, decreasing fuel consumption by 750 liters over a 150,000 km life-span. Governments of various countries are focusing on reducing environmental pollution, creating a pressure on automobile manufacturers to produce fuel-efficient vehicles, hence, creating a demand for polyurethanes in automotive applications.

Polyurethane Market- Regional Insight

Asia-Pacific was holding the largest share of the polyurethane market, in terms of value and volume, in 2016 and is anticipated to lead the market, throughout the forecast period. Rapid industrialization, and urbanization are fostering the demand for polyurethanes in the region. The major demand for polyurethanes comes from emerging construction, automobile, electrical, packaging, and footwear industries. China was the leading market for polyurethanes in Asia-Pacific owing to increasing demand for residential buildings, and improving lifestyle of the population. However, in India polyurethane market is expected to witness a significant growth in near future attributed to high investments in automotive, electronics, packaging, and construction sectors. Europe was the second largest market for polyurethanes. Polyurethane market in Europe is mainly driven by growing investments in construction activities across the U.K. and Germany. Additionally, recovery of the automobile industry in countries such as Germany, France, Spain, and Italy is further expected to drive the growth of the polyurethane market in Europe.

Source : GLOBE NEWSWIRE