The growth of the polyurethanes market is mainly attributed to its extensive applications in various construction and automotive industries.
Polyurethanes market The size is expected to reach US $ 90.6 billion by 2026, after increasing at a CAGR of 5.9% in 2021-2026. The growth of the polyurethanes market is mainly attributed to its extensive applications in various construction and automotive industries. Polyurethanes are commercially available in a variety of forms, ranging from lightweight flexible or stiff foams to tough, stiff and tough elastomers. This allows their use in a wide variety of consumer and industrial applications such as thermal insulation of buildings, refrigerators, household furniture, automobile seats, shoe soles. In addition, the growing demand for polyurethane in spandex is expected to boost the polyurethane industry. In addition, it is estimated that increased government investment in the upcoming growth of the construction industry over the next few years will lead to an upsurge in the polyurethane industry during the forecast period.
Impact of Covid-19
The current COVID-19 pandemic has impacted many end user industries around the world. Due to the pandemic situation, several companies in all regions have had to shut down their production facilities and services as countries have adopted partial or absolute lockdown policies to deal with the pandemic. In addition, companies around the world have also suspended or postponed large M&A firms in 2020. In addition, the COVID-19 pandemic has also affected crude oil prices, drilling and well production activities. , as well as the oil and gas supply chain. The decline in production activities has further negatively impacted the prices of polyurethanes in the short and medium term.
Polyurethanes Market Segment Analysis – By Product Type
Flexible foam held the largest share of the polyurethane market in 2020. Polyurethane plastics are available in different forms with different uses for countless number of applications. It has its maximum use of flexible foam material with 34% market share widely used in mattresses, cushions, car seats and others. Furniture and bedding, including carpet pad, accounted for nearly 18% of total polyurethane consumption in the United States. It is the largest flexible polyurethane foam (FPF) end-use market, accounting for 79% of all flexible polyurethane foam consumption in inventory. These foams are used to create the soft cores of sofas and other upholstered home furniture, commercial / institutional furniture such as office chairs and sofas, and seating for theaters and stadiums. Flexible foams are well suited for this purpose because of their elasticity, durability, comfort, support and other favorable properties. High resilience flexible polyurethane foams are also widely used in bedding as the trend towards thicker and firmer mattresses grows. It is estimated that the increasing demand for flexible foam due to its attractive properties will drive the growth of the market.
Polyurethanes Market Segment Analysis – By End Use Industry
The building and construction segment (as insulation) held the largest share with 41% of the polyurethanes market in 2020 and is expected to grow at a CAGR of 5.43% during the forecast period 2021-2026 . The rigid and spray polyurethane foam business plays a major role in the building and construction industry. Real estate developers and consumers are increasingly looking for building solutions that offer long-term stability and energy savings, due to the growing number of energy-efficient building rules. Rigid foam has unique insulating properties that make it suitable for both new construction and the renovation of existing structures. Insulation is generally required in cavity walls, towers, floors, pipes and boilers. Polyurethane is also a cost effective, sustainable and environmentally friendly way to reduce greenhouse gas emissions. Thus, the increasing application of polyurethanes in building and construction industry would further boost the market growth during the forecast period.
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Polyurethanes Market Segment Analysis – By Geography
The Asia-Pacific region dominated the Polyurethanes market in terms of revenue with a share of 43% in 2020 and is expected to dominate the market during the forecast period (2021-2026). With large industrial capacity, high purchasing power and very advanced infrastructure, countries such as China, India and Japan tend to become a potential market for polyurethanes during the forecast period. The automotive industry is one of the biggest and most important industries in APAC countries. According to the India Brand Equity Foundation, India was the fourth largest automotive market in 2018, with revenue increasing 8.3% year-on-year to 3.99 million units. It was also the eighth largest manufacturer of commercial vehicles in 2018. Thus, the increasing demand for polyurethanes in various end-use industries in this region will further drive the market growth during the forecast period.
Driving force behind the polyurethanes market
Growing demand for hosiery, athletic wear and athletic wear will drive a growing need for polyurethanes (Spandex)
Consumers continue to change their lifestyles and purchasing habits. Baby boomers, the oldest of whom are now approaching early retirement, motivated by health awareness and self-interest, are turning to an increasingly relaxed lifestyle supplemented with exercise to tone their bodies. Another major factor that is expected to fuel the growth of the spandex market during the forecast period is the increasing demand for use in sportswear and sportswear. In addition, growing demand from the healthcare industry especially for use in diapers, compression stockings, and surgical tubing is expected to drive the growth of the spandex market throughout the forecast period.
Challenges of the polyurethanes market
Fluctuating commodity prices
Higher raw material prices for isocyanates have resulted in squeezing margins for polyurethane manufacturers, as most have not been able to raise the prices of their finished products quickly enough to match the upward movement in prices. costs of isocyanates. MDI and TDI are key isocyanates used as raw materials for polyurethane elastomers. These compounds are highly toxic and therefore the polyurethane industry is highly regulated and highly dependent on the dynamics of crude oil. Benzene and toluene are the key raw materials for methyl di-p-phenylene isocyanate (MDI) and toluene di-isocyanate (TDI). Thus, fluctuations in crude oil have a direct impact on the price of isocyanates and generally of all petrochemicals.
Polyurethane market landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the polyurethanes market. The main players in the polyurethanes market are BASF SE, Chemtura Corporation (Lanxess AG.), Tosoh Corporation, KURARAY CO., LTD., WANHUA CHEMICAL GROUP CO., LTD., Era Polymers Pty Ltd, Lubrizol, The Dow Chemical Company, COVESTRO AG and Huntsman Corporation, among others.
Acquisition / Product launches
In July 2020, Yutong Bus Co., Ltd. (Yutong), the world’s largest bus manufacturer, has worked with BASF SE to develop improved polyurethane (PU) seats for high-end new energy buses.
In September 2019, Huntsman Corporation opened a new polyurethane systems factory in Dubai. The goal of the construction of the facility is to build Huntsman’s downstream capabilities in the Middle East and North Africa by increasing its ability to create polyurethane systems and polyester polyols for customers across the region. .
Key points to remember
The Asia-Pacific region has dominated the polyurethane market due to the growing production of automobiles and the government’s growing focus on building and construction growth.
The growing preference for cast polyurethane polyurethane elastomers for use in shoe soles, boots and other athletic footwear in the footwear industry is expected to drive the market growth.
The increasing use of flexible polyurethane foam in the upholstery segment on a very large scale in furniture, bedding, rugs, as they are more durable, lightweight, comfortable and also supportive, will increase the demand for polyurethane in the years to come.
In addition, fluctuating prices of raw materials such as methyl di-p-phenylene isocyanate (MDI) and toluene di-isocyanate (TDI) are believed to hamper the growth of the market.
A. APAC Polyurethanes Market
B. UV stabilizers for the polyurethane market
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