The global polyurethane (PU) market size is projected to reach USD 87,635.8 million by 2026 on account of escalating demand for PUR in the automotive industry. According to a new Fortune Business Insights™ report, titled “Polyurethane Market Size, Share & Industry 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, 2019-2026”, the market value stood at USD 55,205.9 million in 2018 and is expected to display a CAGR of 6.0% from 2019 to 2026.
Flourishing Furniture Industry to Fuel the Adoption of PU
Polyurethane is a multifaceted and multi-purpose polymer. For example, it is flexible, provides electrical insulation, and reduces weight. These properties are driving its popularity in the furniture industry and making it one of the leading polyurethane market trends. Most importantly, this polymer is being increasingly demanded in the furniture industry for bedding and cushioning purposes. Rising number of urban areas have spurred construction activities, which is pushing up the demand for PUR, the polyurethane market analysis points out. Moreover, its multi-utility nature has also created high demand for PU in the commercial sector where furniture items such as sofas and tables are extensively utilized.
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- By Product: Based on product, the PU market is segregated into rigid foam, flexible foam, molded foam, elastomers, adhesives & sealants, coatings, and others. Here, the flexible foam segment is expected to hold the largest share as this type of PUR is experiencing rising popularity in furniture and bedding applications. This, coupled with increasing employment of flexible foam in high-end packaging for transport operations, will fuel the growth of this segment. The rigid foam segment will showcase steady growth owing to its high demand in the refrigeration and air-conditioning industries. The other segments are also expected to grow at a decent pace during the forecast period.
- By Application: In terms of application, the market is segmented into furniture, construction, electronics, automotive, packaging, footwear, and others. Here, the furniture segment is anticipated to hold lion’s share in the market, according to the polyurethane market research. In furniture, PUR is used in its foam form for cushioning purposes as it ensures durability and flexibility. While the electronics segment will account for a modest 11.6% share, the construction segment will soar owing to the high demand for PU in buildings due to its properties of heat protection and insulation. The other segments are also anticipated to register healthy growth till 2026.
- By Region: Geographically, the market categorized into North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. In this case, Asia-Pacific is poised to lead the polyurethane market share on account of growing demand for PUR in the automotive, transport, construction, and furniture industries in the region. The market in the region will be mainly driven by the rapid urbanization in China. North America generated USD 13,504.7 million in revenue in 2018 and is poised to showcase an impressive growth trajectory in the stipulated period.
Novel Solutions Offered by Major Companies to Make the Competition Vibrant
Key players are coming up with innovative products to cater to the evolving needs of consumers. New and emerging players are looking to mark their presence in the market through frequent product launches and diversification their service offerings.
The polyurethane market report profiles the following prominent players:
- Yantai Wanhua Polyurethanes Co., Ltd.
- Compagnie De Saint-Gobain S.A.
- The Dow Chemical Company
- Mitsui Chemicals & SKC Polyurethanes Inc.
- Eurofoam Group
- Tosoh Corporation
- Rogers Corporation
- Fxi-Foamex Innovations
- Nitto Denko Corporation
- Covestro AG
- Other Players
Key Industry Developments:
- June 2019: A uniquely engineered urethane elastomer was launched by Huntsman Tecnoelastomeri which is designed to operate using low energy and work efficiently in extreme conditions.
- May 2019: Shanghai Harvest Insulation Engineering Co., Ltd and BASF SE collaborated to develop and introduce an innovative polyurethane insulation solution specifically for shipbuilding and cryogenic industries.
The Global Polyurethane Market is Segmented in the Following Manner:
Value (USD Million) and Volume (KT)
By Product Type
- Rigid Foam
- Flexible Foam
- Molded Foam
- Adhesives & Sealants
- Automotive & Transportation
- North America (U.S., Canada, and Mexico)
- Europe (Germany, France, UK, Italy, Spain, and Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Southeast Asia, and Rest of Asia Pacific)
- South America (Brazil, Argentina, and Rest of Latin America)
- Middle East & Africa (Saudi Arabia, South Africa, and Rest of Middle East & Africa)