The global polyurethane (PU) market size was USD 55,205.9 million in 2018 and is projected to reach USD 87,635.8 million by 2026, exhibiting a CAGR of 6.0% during the forecast period.

Polyurethane (PU or PUR) is a polymer having links of isocyanate and polyols arranged in an alternate manner, which is formed by the reaction between isocyanate and polyols. It is available in two types, namely, thermosetting polymer and thermoplastic polymer. PU is a very versatile type of polymer that is available in various forms such as fibers, foams, surface coatings, and elastomers.

Polyurethane offers properties such as flexibility, hardness, abrasion resistance, electrical insulation, reduced weight, and performance under extreme weather conditions. Hence, it is widely used in the manufacturing of gaskets, elastomers, high-performance adhesives, surface coating, and synthetic fibers. The properties offered by PUR will increase its demand from various applications in construction, automotive, and packaging industries, which will drive the PU market substantially.

MARKET DRIVERS

“Rising Demand for Foams from Furniture Industry to Fuel the Market Growth"

Polyurethane is majorly used in the furniture industry for cushioning and bedding applications. Owing to its flexible nature, durability, and ability to provide comfort makes it suitable for use in the furniture industry. Demand for furniture is rising globally due to the changing lifestyle of people along with the growing population. This is expected to drive the PU market around the globe.

Rising housing sector in the construction industry will drive the demand for furniture use. In addition, growing demand for chairs and sofas from the commercial sector is expected to support the demand for furniture in the construction industry. These factors will act as drivers for the polyurethane market growth.

Different types of PU foams are used in the manufacturing of automotive seats and for insulation in refrigerator and other electronics. Additionally, the demand for polyurethane is also gaining momentum from construction applications as it is used in several forms such as coatings, sealants & adhesives, and elastomers. Widespread application of PUR in automotive, electronics, and construction industries along with the growth in these respective industries will boost the demand for PUR market globally.

SEGMENTATION

 By Product Type Analysis

“Flexible Foam Segment is Expected to Account for the Largest Share in the Market”

The polyurethane market is segmented into rigid foam, flexible foam, molded foam, elastomers, adhesives & sealants, coatings, and others, on the basis of form. Amongst these, flexible foam accounts for the largest market share owing to the increased use of this type of PU in furniture and bedding applications. Increasing use of flexible foam in specialty packaging for transportation of goods and sealing is increasing the demand for polyurethane.

Rigid foam is generally used in various electronics and appliances such as refrigerators and air-conditioners for thermal insulation. It is a closed and fine cell foam structure that makes it a vital and cost-effective material that is used to meet the required energy rating in the freezers as it resists heat transfer. The demand for rigid foam PUR is high owing to its properties such as abrasion and tear resistance, insulation from temperature and noise, and load-bearing capacity. These properties of rigid foam will support the growth of PU industry.

Molded polyurethane foam can be hammered or pressed into different shapes as per the end user’s requirements. This type of foam is used in various industries such as agriculture, military, and automotive. It is also used for medical purposes like short-term implants and a variety of injection-molded devices. The above factors are expected to raise the demand for molded foam type, according to the polyurethane market analysis.

Polyurethane elastomer has characteristics similar to that of rubber. The properties offered by these elastomers include high elasticity, abrasion resistance, tear resistance, and chemical resistance. These properties make it suitable for the use in footwear, construction application, wheels & tires, and machinery. The demand for polyurethane elastomer from automotive, construction, and footwear industries will be responsible for the growth of the market during the forecast period.

The adhesive type of polyurethane is durable, flexible, and has better bonding along with good impact resistance. This type of PUR is typically used in vehicle interiors to bond windshields, seal fuel tanks, and construction applications. High demand for adhesives from construction industry, as it can easily form a bond with different substrates, is expected to be one of the leading polyurethane market trends.

Polyurethane coatings protect the substrate from abrasion, corrosion, and weathering. These coatings adhere to a great extent to the base material. Increasing demand for polyurethane coatings from automotive, construction, and furniture industry will propel the polyurethane market. Others segment include polyurethane in fiber, film, and foil forms, which is anticipated to witness growth due to rising demand from textile, and sports applications.

By Application Analysis

“Furniture Segment is Anticipated to Exhibit a Significant CAGR During the Forecast Period”

This market is categorized into furniture, construction, electronics, automotive, packaging, footwear, and others, on the basis of application. Amongst these applications, the furniture segment is expected to remain dominant in terms of market value and volume during the forecast period. In furniture application, PU is mainly used for cushioning effect because it is available in the form of foam, provides support, and durability.

Polyurethane has witnessed high demand in the construction industry owing to properties such as flame retardancy, insulation effect, and heat protection. It is used as adhesives & sealants for insulation of walls and electronics items. Polyurethane is also used in the automotive industry for improving impact resistance in automobiles. The increased demand for PUR in construction and automotive applications will further boost the growth of the polyurethane market.

Growth in packaging and footwear segments is associated with the increased demand for polyurethane foam as adhesive tapes and sole of footwear. They provide shock and pressure resistance to footwear and supports in comfortable use of footwear. In addition, they are used as adhesives tapes and films in the packaging segment. Moreover, polyurethane is used in other applications including medical, sports goods, and textiles. The increased demand for varied applications can be attributed to the increased usage of polyurethane, which, in turn will drive the PUR market.

REGIONAL ANALYSIS

Asia-Pacific is expected to hold a major portion of the polyurethane market share in terms of revenue and volume and is projected to witness significant growth. Increasing demand for polyurethane for applications in the furniture and construction industries will contribute to the PUR market growth in this region. Furthermore, the use of polyurethane in automotive and transportation is another factor increasing the use of polyurethane owing to its high impact and shock resistance properties. China accounted for the largest share within the region in 2018 and is expected to remain largest in the PU market throughout the forecast period due to expanding construction industry. Hence, China is anticipated to drive the PUR market in Asia Pacific.

North America is expected to witness considerable growth in this market. The U.S. is one of the major consumers for PU in automotive and construction applications in North America, which will aid the PUR market growth. On the other hand, Europe will witness substantial growth for polyurethane owing to its increasing applications in the manufacturing of machinery and furniture. These will further help in increasing the value of this market.

In South America and the Middle East & Africa, increased demand for polyurethane for construction is one of the major factors influencing PU market size. Saudi Arabia and Brazil were the major contributors to this market’s growth. The use of polyurethane in numerous applications comprising furniture manufacturing and insulation of walls are the factors responsible for the PUR market demand in these regions.

KEY INDUSTRY PLAYERS

“Key Market Players to Strengthen Their Position in the by Offering Novel PU solutions”

The major producers of polyurethane are present in Asia-Pacific, resulting in a fragmented market. Some of the key market players include BASF, Covestro AG, Yantai Wanhua Polyurethanes Co., Ltd., Huntsman, and Mitsui Chemicals & SKC Polyurethanes Inc. BASF is one of the leading providers of chemicals, material, and industrial solutions. The company also offers expertise in several industries such as furniture, construction, electronics, automotive & transportation, packaging, footwear, paints & coatings, homecare & nutrition, and others. On the other hand, Covestro AG is among the leading suppliers of premium polymers. The company has major presence in Europe and used partnership strategy with organizations such as Alliance to End Plastic Waste and Circular Plastics Alliance to promote plastic recycling in Europe and increasing cognizance among people. Similarly, other key players in this market have developed strong regional presence, distribution channels, and product offerings, as per the polyurethane market research.

LIST OF KEY COMPANIES PROFILED:

• BASF


• The Dow Chemical Company


• Covestro AG


• Yantai Wanhua Polyurethanes Co. Ltd.


• Nitto Denko Corporation


• Huntsman


• Foamcraft, Inc.


• Mitsui Chemicals & SKC Polyurethanes Inc.


• Foampartner Group


• Lanxess


• Eurofoam Group


• Inoac Corporation


• Rogers Corporation


• Recticel


• Future Foam, Inc.


• Tosoh Corporation


• Armacell


• Fxi-Foamex Innovations


• Compagnie De Saint-Gobain S.A.


• Other Key Players

REPORT COVERAGE

A growing trend is observed in the penetration of the polyurethane market across various industries such as furniture, construction, and automotive & transportation. 

The polyurethane market report provides qualitative and quantitative insights and detailed analysis of market size & growth rate for all possible segments in the PU market. The polyurethane market is segmented by product type, application, and geography. Based on the product type, the PUR market is classified into rigid foam, flexible foam, molded foam, elastomers, adhesives & sealants, coatings, and others. By application, the market is divided into furniture, construction, electronics, automotive & transportation, packaging, footwear, and others. Geographically, the PU market has been analyzed across five major regions, which are North America, Europe, Asia Pacific, South America, and Middle East & Africa. These regions are further categorized into countries.

Along with this, the report provides an elaborative analysis of the global polyurethane market dynamics and competitive landscape. Various key insights presented in the report are the price trend analysis, recent industry developments in this market, the regulatory scenario in crucial countries, macro, and microeconomic factors, SWOT analysis, and key industry trends, competitive landscape and company profiles.

Report Scope & Segmentation

Key Industry Developments

• In June 2019, Huntsman Tecnoelastomeri launched a new engineering urethane elastomers that work under extreme conditions and require less energy to operate. These elastomers are customizable, high performance named TECNOTHANE VTER. This will aid the company to have a broad ranging product portfolio.


• In May 2019, BASF and Shanghai Harvest Insulation Engineering Co., Ltd (Harvest) together have developed an efficient polyurethane insulation solution for cryogenic & shipbuilding industries. These insulations will provide high insulation performance, stability and long-lasting service for ship owner. This will create market promotion opportunities for both companies.