The global polyurethane market size is expected to reach USD 105.2 billion by 2025, according to a new report by Grand View Research, Inc., registering a 7.0% CAGR during the forecast period.Rising awareness regarding resource conservation and optimum manufacturing processes and low labor costs in developing countries are factors estimated to fuel overall market demand through 2025.
Growing demand for bio-based polyurethane (PU) as well as demand for innovation and sustainability are key factors driving the industry. Rising government interferences in order to reduce greenhouse gas (GHG) emissions are also estimated to have a positive impact on overall market growth.
Developed countries such as U.S., Canada, Germany, and U.K. have reduced carbon dioxide emissions over the past few years owing to increasing environmental concerns. The U.S. EPA and National Highway Traffic Safety Administration have issued regulations under the Energy Policy and Conservation Act to enhance fuel efficiency of vehicles and reduce carbon emissions.
Prominent players are incorporating bio-based PU to reduce reliance on conventional petrochemical derived PU and reduce the risks associated with it. Geographically, Asia Pacific emerged as a leading regional PU market in 2018 whereas Europe and North America are estimated to exhibit moderate growth over the forecast period.
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https://www.grandviewresearch.com/industry-analysis/polyurethane-pu-market
Further key findings from the report suggest:
- By product, the flexible foam segment accounted for the largest revenue share of 26.6% in 2018 owing to rising use as a cushioning material for furniture, bedding and mattresses, seating, and other soft products in several end-use industries
- The elastomers segment is estimated to grow at the fastest pace over the forecast period owing to introduction of PU elastomers with intrinsic, self-healing properties that restore product appearance despite any damage. These are estimated to revolutionize the industry and boost segment share
- Based on application, the construction sector accounted for the largest polyurethane market share in 2018 and is estimated to exhibit a revenue-based CAGR of 6.8% in the upcoming period owing to rapid industrialization in developing countries and its excellent insulation properties
- The automotive sector is estimated to register steady growth over the forecast period owing to high mechanical strength, durability, and lightweight properties to reduce vehicle weight
- Companies such as BASF and Shepherd Chemical Company have introduced novel products, technologies, and applications for PU, which is expected to revolutionize the industry over the forecast period.
Grand View Research has segmented the polyurethane market on the basis of product, application, and region:
Polyurethane Product Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
- Rigid Foam
- Flexible Foam
- Coatings
- Adhesives & Sealants
- Elastomers
- Others
Polyurethane Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
- Furniture
- Construction
- Electronics & Appliances
- Automotive
- Footwear
- Packaging
- Others
Polyurethane Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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