Waterborne Polyurethane Market - Forecast(2023 - 2028)

Report Code: CMR 37008 Report Format: PDF + Excel

Waterborne Polyurethane Market Overview

The Waterborne Polyurethane Market size is forecasted to reach US$2.2 billion by 2027, after growing at a CAGR of 5.3% during the forecast period 2022-2027. Waterborne polyurethane, which is made from hexamethylene diisocyanate, polystyrene, carbamate and other chemicals, is produced by dispersing polyurethane polymer resins in water. Waterborne polyurethane is frequently used for low volatile organic compounds (VOC), water-based paints & coatings, adhesives and ink binders that are safe for the environment. The growth of the building & construction activities are primarily propelling the Waterborne Polyurethane Market growth. However, in 2020, the shortage of raw materials, restrictions on the labor movement and other restrictions due to the Covid-19 pandemic negatively impacted the growth of the Waterborne Polyurethane industry. In 2021, the surge in the production activities, due to economic stimulus packages, ease of Covid-related regulations and other factors aided the market growth. Moreover, the bolstering transport industry will boost the demand for Waterborne Polyurethane. This, in turn, will accelerate the expansion of the Waterborne Polyurethane Market size in the coming years.

Report Coverage 

The "Waterborne Polyurethane Market ReportForecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Waterborne Polyurethane Market. 

By Product Type: Anionic PUDs, Cationic PUDs, Non-Ionic PUDs, Single-Component Polyurethane, Two-component Polyurethane, Urethane-modified and Others.
By Finishing: Gloss, Semi-gloss and Mat
By Application: Paints and Coating, Adhesive and Sealants, Elastomers, Ink Binders, Foam (Rigid and Flexible), Synthetic Fiber and Others 
By End-Use Industry: Building & construction (Residential, Commercial, Industrial and Infrastructure), Transport (Automotive (Passenger Vehicles (PV), Light Commercial Vehicles (LCV) and Heavy Commercial Vehicles (HCV)), Aerospace (Commercial, Military and Others), Marine (Passenger, Cargo and Others) and Locomotive), Furniture, Electronics and Electrical (Televisions, Smartphones, Computers, Wires and Others), Packaging (Cans, Drums, Tubes and Others), Textile and Others 
By Geography: North America (USA, Canada and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and Rest of South America), Rest of the World (Middle East (Saudi Arabia, UAE, Israel and Rest of Middle East) and Africa (South Africa, Nigeria and Rest of Africa)) 

Key Takeaways 

  • Asia-Pacific dominated the Waterborne Polyurethane Market, owing to the growth of the building & construction activities in the region. For instance, according to the International Trade Administration (ITA), South Korea's construction industry was valued at US$164 billion in 2020, up 15.5% from 2019. 
  • The growth of the transport industry is accelerating the demand for composite materials coatings to ensure superior protection from temperature, corrosion and more. This factor is driving the Waterborne Polyurethane industry growth. 
  • Moreover, the surging government regulations for low VOC content in coatings and other products are accelerating the Waterborne Polyurethane Market growth. 
  • Nevertheless, the volatility in the raw material prices of Waterborne Polyurethane may restrict the Waterborne Polyurethane during the forecast period of 2022-2027.

Figure: Asia-Pacific Waterborne Polyurethane Market Revenue, 2021-2027 (US$ Billion)

Waterborne Polyurethane Market

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Waterborne Polyurethane Market Segment Analysis – By Application 

The paints and coating segment held the largest Waterborne Polyurethane Market share in 2021 and is forecasted to grow at a CAGR of 5.4% during the forecast period 2022-2027. Waterborne polyurethane formulations are employed in paints and coatings to ensure superior flexibility and reduce moisture and solar radiation absorption. This enables high environmental resilience and fewer solvent emissions. Also, in Waterborne Polyurethane, the hydrophobic/hydrophilic balance is used because it offers good conditions for concentration at the polymeric particle's surface area during the dispersed stage. This property ensures the superior appearance and higher durability of paints and coatings. Thus, Waterborne Polyurethane coatings with excellent transparency, solvent resistanceand hardness have found widespread application in furniture, leatherand other industries. This, in turn, is leading to the Waterborne Polyurethane Market growth. 

Waterborne Polyurethane Market Segment Analysis – By End-Use Industry 

The building and construction segment held the largest Waterborne Polyurethane Market share in 2021 and is forecasted to grow at a CAGR of 5.7% during the forecast period 2022-2027. Waterborne polyurethane has several advantages, including temperature curing, superior adhesion, high strength and other advantages that ensure superior durability. Thus, owing to these benefits, it is frequently used in building and construction applications such as flooring, roofing and more. The surging demand for affordable housing, increasing demand for commercial spaceand other factors are vital for the growth of the building and construction activities. For instance, in Q3 of 2021, the development of various offices started in Germany, which included Markisches Zentrum Redevelopment (completion year Q4 2023), Minden Headquarters Building (completion year Q3 2024), Kolbenhoefe Mixed-Use Complex (completion year Q4 2023) and others. Moreover, according to the United States Census Bureau, in 2021, the total new residential construction projects started in the USA was 1,610 thousand units, an increase of 16.7% over 2020. Hence, the growth of the building and construction industry is propelling the demand for waterborne polyurethane-based paints & coatings, adhesions and more. As a result, accelerating the Waterborne Polyurethane Market growth.

Waterborne Polyurethane Market Segment Analysis – By Geography 

Asia-Pacific is the dominating region as it held the largest Waterborne Polyurethane Market share in 2021 up to 41%. The growth of the building & construction activities, transportand other industries are driving the economic growth of the Asia-Pacific region. The key variables such as rising retail store building construction, rising commercial centers and more such variables are creating an opportunity for the construction industry growth in Asia-Pacific. For instance, in August 2021, New Zealand's Auckland Airport announced plans to develop 100 retail stores. The new retail area would entail the construction of a 23,000-square-meter-plus outlet center on undeveloped property near the airport's north-eastern boundary. Moreover, as of May 2022, the construction of the 466 trillion Indonesian rupiahs ($32.3 billion). Indonesia's new capital is in progress. The capital city's construction will be complete by the end of 2024. The construction activities include the construction of offices, residential apartments, shopping centers and more. Also, according to Invest India, there is a total of 115 future construction projects which are under the planning phase in India and the value of these projects is about US$11.63 million. These projects include the construction of hotels & office buildings, shopping complex and more. Therefore, the growth of the building and construction industry is propelling the demand for waterborne polyurethane to enhance adhesion and sealants. This, in turn, is accelerating Waterborne Polyurethane Market size growth. 

Waterborne Polyurethane Market Drivers 

Growth of the Transport Industry 

The critical benefits of waterborne polyurethane include Chemical resistance, high elongation, UV resistance, low-temperature flexibility and more. These advantages result in enhancing the durability of the coatings. Thus, owing to these benefits, it is often deployed in the coating of transport vehicles elastomers, sealants and more. The factors such as the increasing adoption of passenger cars, the booming transport production and other factors are accelerating the growth of the transport industry. For instance, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2021, the global automotive production was 80,145,988 units, an increase of 2% over 2020. Moreover, according to airbus the widebody aircraft production in the year 2018 was 96 units and in 2019, it was 153 units, an increase of 59.4%. Thus, the growth of the transport industry is accelerating the demand for waterborne polyurethane, thereby, driving the market growth. 

Surging Adoption of Sustainable Products

Waterborne polyurethane (PU) is growing rapidly, owing to environmental legislation. For instance, the Clean Air Act and advancements in technology that have made them a feasible substitute for solvent-based analogs. Waterborne polyurethane is versatile and environmentally friendly coating material that comes in a variety of hardness and solid content levels. Moreover, their zero to low volatile organic content makes it easier to formulate them into a compliant coating for a wide range of substrates. Therefore, waterborne polyurethane adaptability and a wide range of superior properties, such as abrasion resistance, impact strengthand low-temperature flexibility, are driving forces behind their ever-increasing use in a variety of applications. As a result, the Waterborne Polyurethane Market is expanding. 

Waterborne Polyurethane Market Challenges 

Volatility in Raw Materials Prices 

Polystyrene and other materials are utilized as raw ingredients in the manufacturing of Waterborne Polyurethane. The majority of these materials are crude oil-based derivatives that are susceptible to commodity price volatility. Moreover, the ongoing Russia-Ukraine war has highly impacted crude oil prices. For instance, according to the World Bank, Brent crude oil prices are expected to average $100 per barrel in 2022, the highest level since 2013and a more than 40% increase over 2021. This causes ethylene carbonate raw material costs to fluctuate. Thus, the fluctuations in the prices of the raw materials may restrict the growth of the waterborne polyurethane industry during the projected forecast period. 

Waterborne Polyurethane Industry Outlook

Technology launches, acquisitions and increased R&D activities are key strategies adopted by players in the Waterborne Polyurethane Market. The top companies in Waterborne Polyurethane Market are: 

  1. Dow 
  2. Bayer Materialscience 
  3. Axalta Coating Systems 
  4. Henkel 
  5. PPG Industries 
  6. BASF 
  7. H.B. Fuller 
  8. RPM International 
  9. 3M 
  10. Sherwin-Williams 

Recent Developments 

  • In January 2021, Allnex launched DAOTAN 7061/35WA, a waterborne polyurethane dispersion for the automotive OEM and vehicle refinish coating markets. The 7061 is a versatile and high-performance product that can be utilized across multiple application areas, including waterborne automotive and refinish basecoats, automotive interior & exterior primers and general industrial applications. 
  • In January 2020, BASF, a leader in the manufacture of waterborne polyurethane, increased the capacity of water-based polyurethane dispersions by 30% in Europe. The primary goal of this development was to better serve its clients and address the escalating demand for water-based polyurethane dispersions. 
  • In June 2019, DSM collaborated with TLF (Germany), an international business that provides specialty chemicals to the leather and allied sectors. This agreement covers both the supply and the R&D of cutting-edge, environmentally friendly technologies for aqueous polyurethane dispersions. DSM and TFL are furthering the value of sustainable leather finishes and bolstering their market positions by collaborating at various stages along the value chain. 

Report Code: CMR 8532

Report Code: CMR 89072

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1. Waterborne Polyurethane Market- Overview
    1.1 Definitions and Scope
2. Waterborne Polyurethane Market- Executive Summary
    2.1 Key Trends by Product Type
    2.2 Key Trends by Finishing
    2.3 Key Trends by Application
    2.4 Key Trends by End-Use Industry
    2.5 Key Trends by Geography
3. Waterborne 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. Waterborne 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. Waterborne 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. Waterborne 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. Waterborne 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. Waterborne Polyurethane Market-By Product Type (Market Size –US$ Million/Billion)
    8.1 Anionic PUDs
    8.2 Cationic PUDs
    8.3 Non-Ionic PUDs
    8.4 Single-Component Polyurethane
    8.5 Two-component Polyurethane
    8.6 Urethane-modified
    8.7 Others
9. Waterborne Polyurethane Market-By Finishing (Market Size –US$ Million/Billion)
    9.1 Gloss
    9.2 Semi-gloss
    9.3 Mat
10. Waterborne Polyurethane Market-By Application (Market Size –US$ Million/Billion)
    10.1 Paints and Coating
    10.2 Adhesive and Sealants
    10.3 Elastomer
    10.4 Ink Binders
    10.5 Foam
    10.5.1 Rigid
    10.5.2 Flexible
    10.6 Synthetic Fiber
    10.7 Others
11. Waterborne Polyurethane Market-By End-Use Industry (Market Size -US$ Million/Billion)
    11.1 Building & construction
        11.1.1 Residential
        11.1.2 Commercial
        11.1.3 Industrial
        11.1.4 Infrastructure
    11.2 Transport
        11.2.1 Automotive
   Passenger Vehicles (PV)
   Light Commercial Vehicles (LCV)
   Heavy Commercial Vehicles (HCV)
        11.2.2 Aerospace
        11.2.3 Marine
            11.2.4 Locomotive
    11.3 Furniture
    11.4 Electronics and Electricals
        11.4.1 Televisions
        11.4.2 Smartphones
        11.4.3 Computers
        11.4.4 Wires
        11.4.5 Others
    11.5 Packaging
        11.5.1 Cans
        11.5.2 Drums
        11.5.3 Tubes
        11.5.4 Others
    11.6 Textile
    11.7 Others
12. Waterborne Polyurethane Market-By Geography (Market Size -US$ Million/Billion)
    12.1 North America
        12.1.1 USA
        12.1.2 Canada
        12.1.3 Mexico
    12.2 Europe
        12.2.1 UK
        12.2.2 Germany
        12.2.3 France
        12.2.4 Italy
        12.2.5 Netherlands
        12.2.6 Spain
        12.2.7 Russia
        12.2.8 Belgium
        12.2.9 Rest of Europe
    12.3 Asia-Pacific
        12.3.1 China
        12.3.2 Japan
        12.3.3 India
        12.3.4 South Korea
        12.3.5 Australia and New Zealand
        12.3.6 Indonesia
        12.3.7 Taiwan
        12.3.8 Malaysia
        12.3.9 Rest of APAC
    12.4 South America
        12.4.1 Brazil
        12.4.2 Argentina
        12.4.3 Colombia
        12.4.4 Chile
        12.4.5 Rest of South America
    12.5 Rest of the World
        12.5.1 Middle East
   Saudi Arabia
   Rest of Middle East
        12.5.2 Africa
   South Africa
   Rest of Africa
13. Waterborne Polyurethane Market– Entropy
    13.1 New Product Launches
    13.2 M&As, Collaborations, JVs and Partnerships
14. Waterborne Polyurethane Market–Industry / Segment Competition landscape Premium Premium
    14.1 Company Benchmarking Matrix – Major Companies
    14.2 Market Share at Global Level - Major companies
    14.3 Market Share by Key Region - Major companies
    14.4 Market Share by Key Country - Major companies
    14.5 Market Share by Key Application Industry - Major companies
    14.6 Market Share by Key Product Type/Product category- Major companies
15. Waterborne Polyurethane Market– Key Company List by Country Premium Premium
16. Waterborne Polyurethane Market Company Analysis - Business Overview, Product Portfolio, Financials and Developments
    16.1 Company 1
    16.2 Company 2
    16.3 Company 3
    16.4 Company 4
    16.5 Company 5
    16.6 Company 6
    16.7 Company 7
    16.8 Company 8
    16.9 Company 9
    16.10 Company 10
* "Financials would be provided to private companies on best-efforts basis."



1.US Waterborne Polyurethane Market Revenue, 2019-2024 ($M)
2.Canada Waterborne Polyurethane Market Revenue, 2019-2024 ($M)
3.Mexico Waterborne Polyurethane Market Revenue, 2019-2024 ($M)
4.Brazil Waterborne Polyurethane Market Revenue, 2019-2024 ($M)
5.Argentina Waterborne Polyurethane Market Revenue, 2019-2024 ($M)
6.Peru Waterborne Polyurethane Market Revenue, 2019-2024 ($M)
7.Colombia Waterborne Polyurethane Market Revenue, 2019-2024 ($M)
8.Chile Waterborne Polyurethane Market Revenue, 2019-2024 ($M)
9.Rest of South America Waterborne Polyurethane Market Revenue, 2019-2024 ($M)
10.UK Waterborne Polyurethane Market Revenue, 2019-2024 ($M)
11.Germany Waterborne Polyurethane Market Revenue, 2019-2024 ($M)
12.France Waterborne Polyurethane Market Revenue, 2019-2024 ($M)
13.Italy Waterborne Polyurethane Market Revenue, 2019-2024 ($M)
14.Spain Waterborne Polyurethane Market Revenue, 2019-2024 ($M)
15.Rest of Europe Waterborne Polyurethane Market Revenue, 2019-2024 ($M)
16.China Waterborne Polyurethane Market Revenue, 2019-2024 ($M)
17.India Waterborne Polyurethane Market Revenue, 2019-2024 ($M)
18.Japan Waterborne Polyurethane Market Revenue, 2019-2024 ($M)
19.South Korea Waterborne Polyurethane Market Revenue, 2019-2024 ($M)
20.South Africa Waterborne Polyurethane Market Revenue, 2019-2024 ($M)
21.North America Waterborne Polyurethane By Application
22.South America Waterborne Polyurethane By Application
23.Europe Waterborne Polyurethane By Application
24.APAC Waterborne Polyurethane By Application
25.MENA Waterborne Polyurethane By Application
26.The DOW Chemical Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Bayer Materialscience Llc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Axalta Coating Systems Llc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Henkel AG & Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.PPG Industries Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.BASF S.E., Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.H.B. Fuller, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.RPM International Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.The 3m Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.The Sherwin-Williams Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)