According to our latest market study on “Polyurethane Market Forecast to 2028 – COVID-19 Impact and Analysis – by Raw Material (Polyols, MDI, TDI, Others), by Product (Rigid Foam, Flexible Foam, Coatings, Adhesives, Sealants & Binders, Elastomers, Others) and Application (Furniture and Interiors, Construction, Electronics and Appliances, Automotive, Footwear, Packaging, and Others),” the market was valued at US$ 54,917.09 million in 2021 and is projected to reach US$ 1,02,916.80 million by 2028; it is expected to grow at a CAGR of 9.4% from 2020 to 2028. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
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Polyurethane is a thermosetting polymer that is composed of organic units joined by carbamate links and does not melt on heating. It is light in weight, resistant to corrosion, elastic in nature and possesses considerable strength. In most of the cases, PU is an alternative to paper, glass, and metals. High mechanical strength enables polyurethane to provide insulation and replace metals for automobile parts. The polyurethane market is anticipated to grow in the forecast period owing to an upsurge in demand for lightweight and durable materials from automotive, packaging, furniture, footwear, and other end-user industries. Moreover, demands for high-performance interior components further contributes to the polyurethane market growth. However, fluctuations in raw materials and economic downturn in developing countries affect products sales which hinder growth of the polyurethane market. On the other hand, adoption of bio-based polyurethane is likely to provide growth opportunities to the key players operating in the polyurethane market during the forecast period.
Covestro AG; The Dow Chemical Company; BASF SE; Mitsui Chemicals, Inc.; Huntsman Corporation; FXI; Lubrizol Corporation; DIC Corporation; Recticel NV; and Tosoh Corporation are among the well-established players operating in the global Polyurethane market.
Impact of COVID-19 Pandemic on Polyurethane Market
The ongoing pandemic has been drastically altered the status of the plastic polymer industry and has negatively impacted the growth of the polyurethane market. The COVID-19 outbreak has further distorted operational efficiency also disrupted the value chains due to the sudden closure of national and international boundaries, creating revenue loss and damage. The disruptive value chain has had a negative impact on the raw material supply, which, in turn, is impacting the growth of the polyurethane market.
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The report includes the segmentation of the global polyurethane market as follows:
Polyurethane Market, by Raw Material
- Polyol
- MDI
- TDI
- Others
Polyurethane Market, by Product
- Rigid Foam
- Flexible Foam
- Coatings
- Adhesives
- Sealants & Binders
- Elastomers
- Others
Polyurethane Market, by Application
- Furniture and Interiors
- Construction
- Electronics and Appliances
- Automotive
- Footwear
- Packaging
- Others
Polyurethane Market, by Geography
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Russia
- Netherlands
- Rest of Europe
- Asia Pacific (APAC)
- Australia
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Turkey
- Rest of Middle East &Africa
- South America
- Brazil
- Argentina
- Rest of South America
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