Polyurethane Market Size, Share, Growth & Forecast 2031

Report Description

The polyurethane market size is anticipated to register a significant CAGR of 5% during the forecast period, 2021–2028. Growth of the market is attributed to increasing demand from the bedding, carpet, and cushioning industry.

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Polyurethane (also known as PUR or PU) is a polymer made up of organic units linked together by carbamate (urethane) linkages. Majority of polyurethanes are thermosetting polymers that do not melt when heated. When exposed to heat, polyurethanes are thermosetting polymers that do not melt. Polyurethanes are used to make high-resilience foam upholstery, rigid foam insulation panels, microcellular foam seals and gaskets, spray foam, durable elastomeric wheels and tyers (such as roller coaster, escalator, shopping cart, elevator, and skateboard wheels), automotive suspension bushings, electrical potting compounds, high-performance adhesives, and sprayed foam. It is a flexible, contemporary, and safe plastic polymer material that is widely utilized for a variety of purposes today. They are widely utilized in the production of environmentally friendly consumer and industrial products.

The Covid-19 pandemic affected the demand and supply of polyurethane market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.

Market Trends, Drivers, Restraints, and Opportunities

• Changing lifestyle with increased disposable income is estimated to fuel the market during the forecast period.
•  Increasing demand from the bedding, carpet, and cushioning industry is key factor propelling the market.
• Competition from fiber glass and polystyrene foam is projected to hinder the market growth.
• Growing environmental concerns act as major challenge that can restrict the market growth in the coming years.
• Rising demand for bio-based polyurethane is expected to create lucrative opportunities for the market players.

Scope of the Report

The report on the polyurethane market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

The foam segment is expected to hold a major market share

On the basis of applications, the polyurethane market is divided into foams, coatings, adhesives and sealants, elastomers, and other applications. The foam segment is anticipated to represent the key market share during the forecast period. Foam is a common material found in home furnishings such as furniture, mattresses, and carpet underlay. Flexible polyurethane foam serves as a cushioning material for upholstered furniture, making it more durable, pleasant, and supportive.

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The building and construction industry segment is expected to grow at a rapid pace

On the basis of end-user industry, the polyurethane market is segregated into furniture and interiors, building and construction, electronics and appliances, automotive, footwear, packaging, and other end-user industries. The building and construction industry segment is expected to hold a major market share during the forecast period. Polyurethane is widely utilized in building and construction applications due to its high strength-to-weight ratio, insulating qualities, durability, and flexibility. Advantages of rigid polyurethane foam insulation include energy efficiency, high performance, flexibility, thermal performance, and environmental friendliness. Rigid polyurethane foams are commonly used for wall and roof insulation, insulated panels, and a variety of other applications.

Spray polyurethanes, along with other insulating foams such as EPS, XPS, and others, are essential options for enhancing a home's energy efficiency. Spray foam insulation, when correctly installed, may also provide moisture protection.

As a result, the likelihood of dangerous molds, mildews, and other fungi growing on walls is reduced. Insulation is frequently used for noise reduction in addition to temperature and moisture management.

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Asia Pacific is expected to dominate the market

On the basis of regions, the polyurethane market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Asia Pacific is anticipated to expand at a high CAGR during the forecast period. Polyurethane consumption is expanding in the area as a result of rising building activity and fast urbanization in nations like China and India.

In 2019, China's building activity increased. However, when compared to the construction sector's average growth over the last 10 years, which has been around 11%, this increase is significantly low.

On the other side, China's infrastructure spending has recently increased, with major expansion in the transportation and social sectors. The government has authorized new subway projects totaling CNY 200 billion to support economic growth. China is the world's major consumer electronics manufacturing base, and it competes fiercely with upstream producers such as South Korea, Singapore, and Taiwan.

The electronics market in India has grown in demand, growing from USD 145 billion in 2016 to USD 215 billion in 2019. Exports of electronic goods totaled USD 5.05 billion during April to October 2020. India and China's expanding electronics and appliance markets help Asia-Pacific develop rapidly.

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