Escalating Adoption of High-Quality Polyurethane Coating and Adhesives, to Fuel Market Growth, States Fact.MR
FACT.MR
7 min read
FACT.MR
Rising Polyurethane Demand from Building & Construction Industry Likely to Fuel Demand for Polyurethane Market and Reach US$ 162.3 Billion by 2032; Fact.MR Research
United States, Rockville MD, June 07, 2022 (GLOBE NEWSWIRE) -- As per the recent published report by Fact.MR - a market research and competitive intelligence provider, the global polyurethane market is anticipated to hold valuation of USD 83.1 Billion in 2022, and expand at an impressive CAGR of 7.0% over the forecast period of 2022 to 2032 to exceed the valuation of USD 162.3 Billion by the end of 2032.
The polyurethane market had registered a yearly growth of 5.0% during 2017-2021. Fact.MR anticipates noteworthy potential in the market, due to the rising adoption of high-quality PU coatings and adhesives.
Polyurethane adhesives are not only flexible and durable but also have better bonding and good impact resistance. They are used in vehicle interiors to seal fuel tanks, bond windshields and other applications. The escalating demand for adhesives in different end-use industries is expected to be one major factor supporting market growth.
In addition to this, polyurethane coatings protect substrates from corrosion, abrasion, and weathering. As these coatings adhere to the base material, its application in multiple end-use industries of automotive, furniture, construction etc. is rising, thereby fueling market growth in coming years.
What Can Hamper Sales Growth of Polyurethane Suppliers?
“Presence of Substitutes to Hamper Progress of Polyurethane Manufacturers”
Polyurethane is used in several end-use industries for different applications. However, the presence of substitutes for polyurethane is likely to hamper market growth to some extent over the coming years.
For instance, there is a rising trend of using linseed oil instead of toxic products to treat wood in the furniture industry. In marine applications as well, there is rising usage of polysiloxane coatings based on isocyanates instead of polyurethane coatings, because of their weathering properties and suitable durability, making them a strong substitute for polyurethane coatings.
As such, these issues are likely to confine market growth by 0.5X during the forecast years of 2022-2032.
Key Segments Covered in the Polyurethane Industry Survey
Polyurethane Market by Product Type :
Rigid Foam
Flexible Foam
Coating
Elastomers
Adhesives and Sealants
Other Product Types
Polyurethane Market by Application :
Construction
Furniture & Interior
Automotive
Electronics and Appliances
Packaging
Footwear
Other Applications
Polyurethane Market by Region :
North America Polyurethane Market
Latin America Polyurethane Market
Europe Polyurethane Market
East Asia Polyurethane Market
South Asia & Oceania Polyurethane Market
MEA Polyurethane Market
Development of Polyurethane Market
Key players in polyurethane market are focusing on enhancing their brand presence in the market by making appropriate use of promotional strategies in order to promote their product and enhance their consumer base. Many promotional advertising strategies such as product launch, partnerships, collaborations, capacity expansion etc. are being undertaken by them to improve brand presence and generate additional revenue in coming future years
Leaders in the polyurethane market are focusing on capturing prominent market share by making use of robust distribution network and integrating their sales channel, which has enabled them to generate consistency in demand over the years.
The global polyurethane market is valued at USD 83.1 Billion in the year 2022 and is projected to grow at 7.0% CAGR to exceed the valuation of USD 162.3 Billion by the end of 2032
Global polyurethane market witnessed 5.0% CAGR for the period of 2017-2021
Under product type segment, rigid foam dominates the market by holding 30.9% of the overall polyurethane market share and is projected to rise at the rate of 8.3% CAGR during the forecast years, to hold 35.5% of the overall market share
The construction segment under application is valued at USD 22.7 Billion in the year 2022 and is projected to grow at the rate of 8.2% CAGR during the forecast years to be valued at USD 49.7 Billion by the end of 2032
Based on the region, the demand for polyurethane is expected to grow at a CAGR of 7.1% and 7.4% in East Asia and South Asia & Oceania region respectively over the forecast period
Together, North America and Europe is likely to represent over 59.8% of overall market share in 2022
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemicals and materials team at Fact.MR helps clients from across the globe with their unique business intelligence needs.
With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the chemicals and materials division across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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