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The global polyurethane market size was USD 56.45 billion in 2020. The market is projected to grow from USD 57.34 billion in 2021 to USD 81.74 billion in 2028 at a CAGR of 5.1% during the 2021-2028 period.
This information is provided by Fortune Business Insights™, in its report, titled, “Polyurethane Market Size, Share & COVID-19 Impact Analysis, By Product Type (Rigid Foam, Flexible Foam, Molded Foam, Elastomers, Adhesives & Sealants, Coatings, and Others), By Application (Furniture, Construction, Electronics, Automotive & Transportation, Packaging, Footwear, and Others), and Regional Forecast, 2021-2028.”
According to our research experts, the growth of the market is accredited to the fact that it is widely used in manufacturing gaskets, elastomers, high-performance adhesives, surface coating, and synthetic fibers.
Raw Material Scarcity and Restricted Access to Production Units to Hinder Growth
There is a definite suspension to industrial activities, triggering interference in the production of raw materials across the world owing to the COVID- 19 pandemic. Therefore, it is affecting this market and other equivalent activities in the application segment.
A number of isocyanates and polyols orders were annulled and suspended, which led to production halts. Moreover, declined demand from the end-use industries owing to the coronavirus disease is estimated to have an adverse influence on the polyurethane market growth during the mentioned period.
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Recticel Successfully Acquires FoamPartner
Recticel proclaimed that it has engaged into concluding settlements with Swiss Conzzeta AG to procure total business of FoamPartner in cash for an enterprise cost of CHF 270 million, of which CHF 20 million of the cost is to be paid by January 2022.
FoamPartner is a global supplier of high value-added technical foam solutions in the Mobility, Industrial Specialties as well as Living & Care markets. There is a substantial complementarity and interaction advantage with Recticel, stated the company.
Rising Acceptance of Higher Quality PU Coating and Adhesives in Construction Industry
PU adhesives are robust, flexible, and have enhanced bonding combined with worthy impact resistance. This kind of product is usually utilized in vehicle interiors to connect windshields, seal fuel tanks, as well as in building and construction uses. Additionally, huge demand for adhesives from the construction industry is anticipated to be one of the dominating market growth factors.
Crucial Players to Fortify Their Positions by Offering Novel PU Solutions
The major manufacturers of PU exist in Asia Pacific, leading in a branched market. BASF is one of the main suppliers of chemicals, material, and industrial solutions. The company also offers proficiency in numerous industries such as footwear, paints & coatings, furniture, electronics, automotive & transportation, construction, packaging, as well as homecare & nutrition.
List of Key Players Covered in the Report
The furniture segment is anticipated to record fastest growth rate during the forecast period.
Asia Pacific is predicted to hold a major polyurethane market share in terms of revenue as well as volume and is expected to display substantial growth.
Table of Segmentation
Value (USD Billion); Volume (Million Ton)
By Product Type, By Application, and By Geography
By Product Type