Polyurethane Market Size to Hit US$ 162.3 Billion by 2032 | Fact.MR Report
FACT.MR
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FACT.MR
High adoption of Polyurethane in different end-use industries and high demand from bedding companies is expected to drive the growth of the market
Rockville , Aug. 28, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global polyurethane market is anticipated to rise at a CAGR of 7% during the forecast period and is expected to reach a value of US $162.3 Bn by the end of this period.
Polyurethane (PU) is a versatile and widely used polymer that belongs to the class of synthetic resins. It is formed through a chemical reaction between polyols (alcohol-based compounds with multiple hydroxyl groups) and diisocyanates (compounds with multiple isocyanate groups). This reaction creates a polymeric material with a wide range of properties, depending on the specific polyols, and additives used in the formulation. Polyurethane can exist in various forms, including foams, elastomers, coatings, adhesives, and rigid or flexible plastics.
The polyurethane market is driven by the versatility of the product. Polyurethane caters to industries ranging from construction and automotive to consumer goods. Its adaptability and customization options enable it to serve diverse applications, including insulation, structural components, comfort, and protection.
Key drivers include the demand from end-user sectors, the emphasis on energy efficiency, its role in lightweight for automobiles, and the ongoing innovation in polyurethane chemistry. Additionally, factors like sustainability efforts, evolving regulations, and global supply chain dynamics contribute to the market's growth and evolution.
Report Attributes
Details
Forecast Period
2022 - 2032
Value Projection (2032)
US$ 162.3 Billion
Growth Rate (2022-2032)
7 % CAGR
No. of Pages
170 pages
No. of Tables
98 Tables
No. of Figures
88 Figures
Key Takeaways
Polyurethane market is expected to witness a value of US $ 162.3 Bn by 2032 and the market is predicted to witness a CAGR of 7% during the forecast period.
North America market is expected to witness the largest market share of 33% and is projected to witness a CAGR of 7.4% during the forecast period. This is due to the high adoption of polyurethane in various industries such as construction and automotive.
Besides this, Asia Pacific occupies 28.1% of the global market share, and high market growth is driven by rising construction activities and rapid urbanization.
As per product type, rigid foam dominates and market and is expected to occupy 30.9% of the market share and is predicted to witness 8.3% CAGR during the forecast period.
Rising sustainability focus, expanding industrial sectors, and ongoing innovation are driving the polyurethane market's growth – As per FactMr’s expert
Key Companies Profiled in This report
Covestro AG
The Dow Chemical Company
Huntsman Corporation
Yantai Wanhua Polyurethanes Co. Ltd.
Foamcraft Inc.
Lanxess
Eurofoam Group
Tosoh Corporation
Future Foam, Inc.
Armacell
Saint Gobain S.A
Market Competition
The polyurethane market is characterized by intense competition among manufacturers and suppliers vying for a significant foothold in various industries. Established industry leaders continually invest in research and development to introduce innovative formulations and products that address evolving customer needs. These companies often leverage their strong distribution networks and brand recognition to maintain market dominance.
In 2021, Coverstro increased production capacity by establishing various plants in Shanghai. similarly, Huntsman Corporation opened a new plant in Taiwan with various polyurethane capabilities in 2022.
Key companies in the market should develop new, high-performance polyurethane formulations and should focus on offering a wide range of polyurethane products for various applications. Companies can also provide tailored solutions to meet specific customer needs.
Companies should establish a strong global presence with well-organized distribution networks. This allows companies to efficiently reach customers across different regions, meeting their demands promptly.
Moreover, companies should develop and promote eco-friendly polyurethane options, such as bio-based or recycled materials. Addressing sustainability concerns can attract environmentally conscious customers and align with industry trends.
Explore More Related Studies Published by Fact.MR Research:
Adhesives Market: The adhesives market worth is poised to reach US$ 102.6 Billion in 2032.
Polyurethane in Automotive Filter Market: The global polyurethane in automotive filters market is estimated at USD 791 Million in 2022 and is forecast to reach USD 1.2 Billion by 2032, growing with a CAGR of 4.5% from 2022 to 2032.
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