Global Polyurethane Catalyst Market Report and Forecast 2024-2032

Global Polyurethane Catalyst Market Outlook

The global polyurethane catalyst market size reached a value of approximately USD 1.78 billion in 2023. The market is expected to grow at a CAGR of 7.01% between 2024 and 2032, reaching a value of around USD 3.28 billion by 2032.

Key Trends in the Market

Polyurethane is a plastic polymer that is used to produce modern, adaptable, safe, and secure consumer and industrial products that are environmentally friendly. To produce polyurethane, a diisocyanate or a polymeric isocyanate is mixed with a polyol, an alcohol containing more than two reactive hydroxyl groups per molecule, in the presence of the proper catalysts and additives. The formation of polyurethane is aided by polyurethane catalysts.

• Construction activities are boosting the demand for rigid foam made with polyurethane, which is expected to significantly help the polyurethane catalysts market. Throughout the forecast period, there is expected to be an increase in the usage of polyurethane in building projects, which will drive the application of polyurethane catalyst for the development of rigid foam.

• Due to the rise in automotive production, the polyurethane catalyst market share is anticipated to grow significantly during the forecast period. Polyurethane is utilised in seat coverings of automobiles since it shields leather from UV rays and extreme heat,. Moreover, increased automobile manufacturing is driving up the demand for polyurethane catalysts as a result of rising need for lightweight vehicles.

• In the upcoming years, the market will benefit greatly from the continuous development of eco-friendly, non-toxic polyurethane catalysts, particularly catalysts with low emission rates. The growing awareness regarding sustainability and environmental protection is extending into the production processes of materials such as polyurethane, resulting in an increased demand for eco-friendly polyurethane catalysts.

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Global Polyurethane Catalyst Market Analysis

Based on product type, the market is divided into organic metal catalyst, and amine catalyst, among others. On the basis of application, the market is segmented into adhesive and sealant, coating, elastomer, and foam, among others. The regional markets for polyurethane catalyst are divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model, along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global polyurethane catalyst market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.

• BASF SE

• Covestro AG

• Kao Corporation

• Huntsman International LLC.

• Suzhou Wedo Chemicals Co., Ltd.

• Tosoh Corporation

• Evonik Industries AG

• Albemarle Corporation

• Wanhua Chemical Group Co., Ltd.

• Others

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Market Share by Application

According to the polyurethane catalyst market research, foam is a significant application of polyurethane catalysts in the market. Polyurethane foams are high-performance closed-cell plastics that are used in industries like transportation, packaging, industrial insulations, and appliances due to their structural stability, which helps producers create thermally insulating products. Due to its superior mechanical strength, thermal resistance, and sound insulation capabilities, rigid foams are particularly well suited for harsh locations and adverse weather. The demand for rigid PU foam in insulation applications is expected to increase as a result of the efforts of various government in weatherising low-income homes and meeting transitional standards for green buildings. Products that employ flexible foam as a cushioning material include furniture, mattresses, carpet cushions, fibres, and textiles.

Market Share by Region

Asia Pacific occupied a sizable share of the polyurethane catalyst market and is expected to witness steady growth in the forecast period. The regional market is being driven by the expansion of key end-use sectors such automobile, electronics and appliance, packaging, furniture and interior design, and construction. The region is distinguished by large pools of reasonably skilled labour and easy access to land. China and India in particular are likely to benefit from a change in the production landscape towards emerging economies over the course of the forecast period. The region is home to a number of quickly growing companies, including those in the construction, automotive, and electronics sectors, which presents attractive growth potential for the polyurethane catalyst market value.

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Competitive Landscape

Covestro AG, founded in 2015, is a leading manufacturer of cutting-edge, high-performance polymers throughout the world, with its headquarters in Leverkusen, Germany. The company incorporates its inventive discoveries into its product line which includes polyurethanes, polycarbonates, coating, adhesive, speciality raw materials, and thermoplastic polyurethane elastomers, so as to help meet the needs of a wide range of end users.

Huntsman International LLC., with headquarters in Texas in the United States, produces unique organic chemical products. The company, which was founded in 1970, has separate divisions for polyurethanes, advanced materials, and textile effects, and performance goods. The polyurethanes product division includes thermoplastic polyurethane, methylene diphenyl diisocyanate, polyols, and other products associated with polyurethane.

Evonik Industries AG, headquartered in Essen, Germany and founded in 2007, is one of the top manufacturers of specialised chemicals worldwide. Its range of offerings includes surfactants, additives, polymers, and resins. Products made by the company are used in a variety of industries, including plastics and rubber, agriculture, construction, electrical and electronics, renewable energy, automotive, paints and coatings, paper and printing, metal and oil products, food and animal feed, consumer and personal care goods, and pharmaceuticals.

Other market players include BASF SE, Kao Corporation, Suzhou Wedo Chemicals Co., Ltd., Tosoh Corporation, Albemarle Corporation, and Wanhua Chemical Group Co., Ltd., among others.

Key Highlights of the Report