Global Polyurethane Market Report and Forecast 2024-2032

Global Polyurethane Market Outlook

The global polyurethane market size reached a value of over USD 62.07 billion in 2023. During the forecast period of between 2024 and 2032, the market is expected to grow at a CAGR of 4.70%.

Key Trends in the Market

Polyurethane, also known as polymeric material, is created from a multitude of starting elements and is categorised as a polymer rather than a specific substance. They are thermosetting polymers, which means that they do not melt in the presence of heat. Due to its easy accessibility, low cost, simplicity of use, and recyclability, it is employed in a variety of applications that improve the comfort and environmental friendliness of daily lives.

• Polyurethane is widely employed in the building and construction industry for commercial, industrial, and residential applications due to its insulating qualities, versatility, durability, and strength-to-weight ratio. The polyurethane market demand is anticipated to increase throughout the forecast period due to rising building insulation demand brought on by environmental concerns. However, the rising demand for acid-epoxy coatings could limit market expansion.

• A wide variety of consumer goods used in daily life include polyurethane materials. For instance, hard foam for casing in walls and roofing, TPU for medical equipment and footwear, and flexible foam for upholstered furniture are some of the examples of polyurethane-based products. Additionally, it is also used on floors and automotive interiors, in coatings, sealants, adhesives.

• As a result of improved building material performance, there is a higher need for effective insulating materials to regulate air conditioning, ventilation, heating and reduce the amount of energy lost due to inadequate insulation. The introduction of extremely effective insulating materials like polyurethane foam leads to huge energy savings.

Global Polyurethane Market Analysis

Based on product type, the market is divided into rigid foam, flexible foam, coatings, adhesives, sealants, and elastomers (CASE), and thermoplastic polyurethane, among others. The market on the basis of end use can be segmented into furniture, construction, electronics, automotive and transportation, packaging, and footwear, among others. The regional markets for polyurethane can be 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 market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.  

• Dow Inc.

• Covestro AG

• Huntsman Corporation

• BASF SE

• DIC Corporation

• RAMPF Holding GmbH & Co. KG

• Others

Market Share by End Use

The demand for polyurethane in the construction sector is anticipated to expand significantly throughout the forecast period due to the superior thermal insulation, light weight, chemical inertness, and bacterial and pest resistance of polyurethane foam. The growth of the construction industry is also being fuelled by the expanding government initiatives like smart cities along with rising infrastructure spending, thus aiding the polyurethane market growth. Furthermore, the need for polyurethane is predicted to increase as green buildings become more and more popular around the world, fuelling the expansion of the construction industry.

Over the projection period, the automotive sector is expected to expand at a considerable CAGR. There are several environmentally friendly uses for polyurethane in the automotive sector. Utilising polyurethane offers advantages, including safety, comfort, lightness, and design flexibility. Products made of polyurethane assist automakers and designers in creating the seating they desire for their vehicles. Seating made of polyurethane is simple to assemble, remove, and recycle. Polyurethane supports improved performance requirements and a wide range of stiffness without sacrificing quality or adding weight.

Market Share by Region

The Asia Pacific region is predicted to lead the polyurethane market due to increasing use of polyurethane in major end-use sectors such as construction, automotive, furniture and interior, electronics and appliance, and packaging. A vast pool of inexpensive, skilled labour and easy access to land are the key characteristics of the Asia Pacific region. Over the course of the forecast period, the further growth of the manufacturing sectors in emerging economies, such as China and India, is anticipated to positively impact market growth for polyurethane. 

Additionally, the Asia Pacific region is home to a number of quickly developing industries like construction, automotive, and electronics that present lucrative growth prospects for polyurethane manufacturers. The expansion of the regional market can also be linked to an increase in construction activity and the rapid urbanisation of emerging nations like, thereby aiding the polyurethane market in the Asia Pacific. 

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Competitive Landscape

Dow Inc., with its headquarters in Michigan in the United States, is one of the top producers of chemicals, plastics, synthetic fibres, and agricultural products worldwide. The company provides a variety of goods and services for customers in the packaging, infrastructure, mobility, and consumer care areas.

Covestro AG is the leading manufacturer of cutting-edge, high-performance polymers throughout the world, with its headquarters in Germany. Products in a wide range of markets are improved by its inventive discoveries in polyurethanes, polycarbonates, coatings, adhesives, speciality raw materials, and thermoplastic polyurethane elastomers. 

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

Other market players include BASF SE, DIC Corporation, and RAMPF Holding GmbH & Co. KG, among others.

Key Highlights of the Report

Polyurethane Market Report Snapshots

Polyurethane Market Size

Polyurethane Market Analysis

Polyurethane Market Share

Polyurethane Companies