Polyurethane Market - Forecast(2021 - 2026)

Report Code: CMR 66597 Report Format: PDF + Excel (Delivery in 48 Hrs)

Polyurethane Market Overview

Polyurethane Market is forecast to reach $53.8 billion by 2026, after growing at a CAGR of 5.2% during 2021-2026. A diverse range of polyester polyols enables formulators to create high-quality polyurethanes. The growing demand in the automobile, construction and electronics industries for lightweight and durable goods is projected to stimulate the global market growth of polyurethane. Increasing demand for flexible foams owing to its durable, light, supportive, and comfortable properties in growing end-use industry is expected to drive the market growth. The rising production and sales of automotive in various regions has further raised the demand for polyurethane coatings, and is estimated to lead the growth of the market in upcoming years. Furthermore, the expanded use of innovative polyurethane (PU) processing processes with advanced features is anticipated to create new opportunities for the growth of the global polyurethane industry in the forecast era.

Impact of Covid-19

The COVID-19 pandemic and the resulting government-ordered lockdowns have led to a profound recession impacting virtually every region of the world in 2020; the already slowing construction markets were especially hard hit, impacting consumption and production of raw materials, and thus, declining the demand for polyurethane.

Report Coverage

The: “Polyurethane Market Report – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the polyurethane market.
By Raw Material: Polyol, MDI, TDI, and Others.
By Product Type: Foams (Rigid Foams and Flexible Foams), Coating, Adhesive & Sealants, Binders, Elastomers, and Others.
By Application: Automotive, Building and Construction, Medical, Electronic Appliances, Furniture & Interiors, Footwear, and Others.
By Geography: North America (U.S, Canada, and Mexico), Europe (U.K., Germany, France, Italy, Netherland, Spain, Russia, Belgium, and Rest of Europe), APAC (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of Asia Pacific), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and RoW (Middle East and Africa).

Key Takeaways

  • The Asia pacific region dominated the polyurethane market owing to the increasing demand for lightweight materials as well as rising use of bio-based materials from growing building & construction industry in this region.
  • The increasing urbanization and living standards changes for communities as well as the increasing use of polyurethane in construction and its high conformity capability, its unique mechanical and insulating characteristics and chemical and heat resistance are the driving factors behind the polyurethane market.
  • However, the demand over the forecast period is expected to be impacted by stringent environmental policies due to poisonous gasses emitted by burning of fossil fuels and fluctuating raw material prices.


Figure: Asia Pacific Polyurethane Market Revenue, 2020-2026 (US$ Billion)

Polyurethane Market
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Polyurethane Market Segment Analysis - By Raw Material

Polyol is widely used raw material in the polyurethane market. The vast array of isocyanate-reacting polyols contributes to a wide variety of polyurethane fabrics, which range from cushioning and insulation to coatings, garments and electronics. The properties of the PU depend on the molecular mass (MW) of the starting polyol and the degree of cross-linking in addition to structural components. While highly branched polyols produce solid PU with good heat and resistance to chemical, less branched polyols offer polyurethane with good flexibility (at low temperature) and low chemical resistance. Low-MW polyols likewise produce rigid PU, and long-chain high-MW polyols produce flexible PU products. Also, the rising use of polyester polyols owing to its better abrasion resistance and tensile and tear strength, and excellent resistance to oils and fuels, compared to polyether-based polyurethanes is estimated to raise the demand for polyurethane market.

Polyurethane Market Segment Analysis - By Product Type

Foams held the largest share in the polyurethane market. The benefit of polymeric foams compared with counterparts materials can be seen almost anywhere. Polyurethane foams are likely the key category of polymer foams, as they provide excellent thermal and sound insulators along with structural and comfort materials due to their low density and thermal conductivity, along with their fascinating mechanical properties. As polyurethane foams technology for processing is developed as comparison to foam derived from other polymers, PUFs are equivalent to 50 percent of global PU intake. PUFs are usually classified as flexible and rigid foams. Hence, due to the factors mentioned above, the foam segment is expected to dominate the polyurethane market during the forecast period.

Polyurethane Market Segment Analysis - By Application

Building and construction sector held the largest share in the polyurethane market in 2020 and is projected to grow at a CAGR of 6% during the forecast period 2021-2026. Polyurethane is the most important application in buildings. In the building and construction industry, the rigid and spray polyurethane foam is by far the main producer. With a growing array of energy-efficient building codes, building developers and consumers are increasingly moving towards building solutions that offer long-term reliability and energy savings. The rigid foam has special insulating features that make it suitable both for walls and roofs for new homes and to renovate existing buildings. In cavity walls, towers, floors, pipes and boilers, insulation is typically needed. Polyurethane is a cost-effective, robust, and healthy way to decrease global warming emissions. In cold weather homes and workplaces, polyurethanes will significantly minimize the heat loss. During the summer, buildings are kept cool and the demand for air conditioning is minimized. Therefore, with the rising building and construction activities the demand for polyurethane market is expected to grow in the forecast period.

Polyurethane Market Segment Analysis - Geography

The Asia Pacific region held the largest share with 39% in polyurethane market in 2020. Globally, the demand for polyurethane is dominated by Asia-Pacific due to higher consumption of polyurethane in China, India, and Japan among other countries. Asia-Pacific is also expected to be the fastest growing region due to growing furniture and construction industry combined with increasing consumption of polyurethane from automotive industry in the region, especially in China and India which are also amongst largest regional consumers of polyurethane. India was the fourth largest automobile market with revenue rising 8.3 percent year-on-year to 3.99 million units, according to the India Brand Equity foundation in 2018. In 2018, it was also the seventh largest commercial vehicle producer. Thus, the demand for the polyurethane market is therefore anticipated to increase in the forecast period because of these properties.

Polyurethane Market Drivers

Increasing Use of Polyurethane in the Automotive Industry

Polyurethane has a wide variety of automotive and transportation uses. Comfort, safety, lightweight and durability coupled with design freedom are the advantages of using polyurethane. Polyurethane foam products help automotive builders and suppliers build seats that can be installed, removed and recycled quickly. With a wide spectrum of firmness without extra weight, they have the best performance requirements. Reaction Injection Molded (RIM) polyurethane components are the largest users of the automobile market. Without weight or mass attachment RIM maximizes the shock absorption of the car's fender, bumper and spoiler. RIM polyurethane's lightweight offers greater gas mileage for automobiles and gives innovative designs to engineers. Also, the increasing use of polyurethane coatings in automotive bodies and parts with the rising production of automotive is estimated to raise the market growth. Thus, due to the above mentioned factors the demand for polyurethane market is also anticipated to rise over the forecast period.

Increasing Applications of Polyurethane in Bedding and Furniture Sector

One of the major uses of polyurethane lies in bedding & furniture applications. Polyurethane is one of the most common fabrics for home furnishings, such as mobilizing, linen and underlying carpets, in the shape of flexible foam. Flexible polyurethane foam makes the furniture more durable, convenient and compatible as a coated material for polished furniture. The lightweight polyurethane foam is recyclable; it is recycled with different techniques for disposing of waste sources and retrieving the material's worth. Rising usage of polyurethane in bedding, furniture upholstery, and interior products, owing to its advanced durability and flexibility properties are some of the factors anticipated to drive the market growth over the forecast period.

Polyurethane Market Challenges

Volatility in Crude Oil Prices

Polyurethane is mainly synthesized from petroleum-derived feedstocks such as MDI and TDI. These compounds are derived from benzene, a crude oil derivative. The demand for crude oil is highly concentrated and oligopolistic in nature. The supply of crude oil has also been a crucial factor in restricting demand expansion. Owing to the supply-demand divide, there has been an oscillation of crude oil markets. This has resulted in price volatility for its derivatives. Factors include political unrest in the Middle East region and the embargo on Iran has contributed to a slowdown in the production of crude oil that has impacted petrochemical prices. As a result, the price instability of raw materials has been a devasting factor hindering the demand growth of polyurethane market.

Polyurethane Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the polyurethane market. Major players in the polyurethane market are BASF SE, The Dow Chemical Company, Huntsman Corp., Covestro, Eastman Chemical Co.; Mitsui Chemicals, Nippon PU Industry Corp. Ltd., Lubrizol Corp, Recticel S.A., Woodbridge Foam Corp., RTP Company, DIC Corp, among others.

Acquisitions/Technology Launches

  • In March 2018, In March 2018, Huntsman Corporation acquired Demilec, a distributor and manufacturer of spray polyurethane foam (SPF) insulation systems for commercial and residential applications and to expand and integrate Demilec into polyurethanes business and deliver improved energy efficient solutions for various applications.

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1. Polyurethane Market - Market Overview
    1.1 Definitions and Scope
2. Polyurethane Market- Executive Summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key Trends by Raw Material Type
    2.3 Key Trends by Product Type
    2.4 Key Trends by Application
    2.5 Key Trends by Geography
3. Polyurethane Market - Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Polyurethane Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Polyurethane Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Polyurethane Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Polyurethane Market -Strategic analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Polyurethane Market – By Raw Material Type (Market Size -$Million)
    8.1 Polyol
    8.2 MDI
    8.3 TDI
    8.4 Others
9. Polyurethane Market – By Product Type (Market Size -$Million)
    9.1 Foams
        9.1.1 Rigid Foam
        9.1.2 Flexible Foam
    9.2 Coating
    9.3 Adhesive & sealants
    9.4 Binders
    9.5 Elastomers
    9.6 Others
10. Polyurethane Market – By Application (Market Size -$Million)
    10.1 Automotive
        10.1.1 Exteriors
            10.1.1.1 Windshields
            10.1.1.2 Headlights
            10.1.1.3 Others
        10.1.2 Interiors
            10.1.2.1 Seats
            10.1.2.2 Armrests
            10.1.2.3 Headrests
            10.1.2.4 Others
    10.2 Building and Construction
        10.2.1 Insulation
        10.2.2 Bonding
        10.2.3 Others
    10.3 Medical
        10.3.1 Surgical drapes
        10.3.2 Hospital Bedding
        10.3.3 Wound dressing
        10.3.4 Injection molded device
        10.3.5 Others
    10.4 Electronic Appliances
        10.4.1 Refrigerator
        10.4.2 Air Conditioner
        10.4.3 Computers
        10.4.4 Others
    10.5 Furniture & Interiors
        10.5.1 Upholstery
        10.5.2 Bedding
        10.5.3 Others
    10.6 Footwear
        10.6.1 Soles
        10.6.2 Others
    10.7 Others
11. Polyurethane Market - By Geography (Market Size -$Million)
    11.1 North America
        11.1.1 U.S.
        11.1.2 Canada
        11.1.3 Mexico
    11.2 Europe
        11.2.1 U.K
        11.2.2 Germany
        11.2.3 France
        11.2.4 Italy
        11.2.5 Netherland
        11.2.6 Spain
        11.2.7 Russia
        11.2.8 Belgium
        11.2.9 Rest of Europe
    11.3 Asia Pacific
        11.3.1 China
        11.3.2 Japan
        11.3.3 India
        11.3.4 South Korea
        11.3.5 Australia and New Zealand
        11.3.6 Indonesia
        11.3.7 Taiwan
        11.3.8 Malaysia
        11.3.9 Rest of Asia Pacific
    11.4 South America
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Colombia
        11.4.4 Chile
        11.4.5 Rest of South America
    11.5 ROW
        11.5.1 Middle East
            11.5.1.1 Saudi Arabia
            11.5.1.2 UAE
            11.5.1.3 Israel
            11.5.1.4 Rest of Middle East
        11.5.2 Africa
            11.5.2.1 South Africa
            11.5.2.2 Nigeria
            11.5.2.3 Rest of South Africa
12. Polyurethane Market - Entropy
    12.1 New Product Launches
    12.2 M&A’s, Collaborations, JVs and Partnerships
13. Polyurethane Market - Market Share Analysis Premium
    13.1 Market Share at Global Level - Major companies
    13.2 Market Share by Key Region - Major companies
    13.3 Market Share by Key Country - Major companies
    13.4 Market Share by Key Application - Major companies
    13.5 Market Share by Key Product Type/Product category- Major companies
14. Polyurethane Market - Key Company List by Country Premium Premium
15. Polyurethane Market Company Analysis- Business Overview, Product Portfolio, Financials, and Developments
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"

LIST OF TABLES

1.Global MARKET SEGMENTATION Market 2019-2024 ($M)
2.Global COMPETITIVE LANDSCAPE Market 2019-2024 ($M)
2.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2019-2024 ($M) - Global Industry Research
3.Global MARKET SEGMENTATION Market 2019-2024 (Volume/Units)
4.Global COMPETITIVE LANDSCAPE Market 2019-2024 (Volume/Units)
4.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2019-2024 (Volume/Units) - Global Industry Research
5.North America MARKET SEGMENTATION Market 2019-2024 ($M)
6.North America COMPETITIVE LANDSCAPE Market 2019-2024 ($M)
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2019-2024 ($M) - Regional Industry Research
7.South America MARKET SEGMENTATION Market 2019-2024 ($M)
8.South America COMPETITIVE LANDSCAPE Market 2019-2024 ($M)
8.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2019-2024 ($M) - Regional Industry Research
9.Europe MARKET SEGMENTATION Market 2019-2024 ($M)
10.Europe COMPETITIVE LANDSCAPE Market 2019-2024 ($M)
10.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2019-2024 ($M) - Regional Industry Research
11.APAC MARKET SEGMENTATION Market 2019-2024 ($M)
12.APAC COMPETITIVE LANDSCAPE Market 2019-2024 ($M)
12.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2019-2024 ($M) - Regional Industry Research
13.MENA MARKET SEGMENTATION Market 2019-2024 ($M)
14.MENA COMPETITIVE LANDSCAPE Market 2019-2024 ($M)
14.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2019-2024 ($M) - Regional Industry Research

LIST OF FIGURES

1.US Polyurethane Market Revenue, 2019-2024 ($M)
2.Canada Polyurethane Market Revenue, 2019-2024 ($M)
3.Mexico Polyurethane Market Revenue, 2019-2024 ($M)
4.Brazil Polyurethane Market Revenue, 2019-2024 ($M)
5.Argentina Polyurethane Market Revenue, 2019-2024 ($M)
6.Peru Polyurethane Market Revenue, 2019-2024 ($M)
7.Colombia Polyurethane Market Revenue, 2019-2024 ($M)
8.Chile Polyurethane Market Revenue, 2019-2024 ($M)
9.Rest of South America Polyurethane Market Revenue, 2019-2024 ($M)
10.UK Polyurethane Market Revenue, 2019-2024 ($M)
11.Germany Polyurethane Market Revenue, 2019-2024 ($M)
12.France Polyurethane Market Revenue, 2019-2024 ($M)
13.Italy Polyurethane Market Revenue, 2019-2024 ($M)
14.Spain Polyurethane Market Revenue, 2019-2024 ($M)
15.Rest of Europe Polyurethane Market Revenue, 2019-2024 ($M)
16.China Polyurethane Market Revenue, 2019-2024 ($M)
17.India Polyurethane Market Revenue, 2019-2024 ($M)
18.Japan Polyurethane Market Revenue, 2019-2024 ($M)
19.South Korea Polyurethane Market Revenue, 2019-2024 ($M)
20.South Africa Polyurethane Market Revenue, 2019-2024 ($M)
21.North America Polyurethane By Application
22.South America Polyurethane By Application
23.Europe Polyurethane By Application
24.APAC Polyurethane By Application
25.MENA Polyurethane By Application