December 13, 2019
According to the research report titled ‘Polyurethanes (PU) Market Size By Product (Rigid Foam, Flexible Foam, Coatings, Adhesives & Sealants, Elastomers), By Application (Furniture and Interiors, Construction, Electronics & Appliances, Automotive, Footwear, Packaging), Industry Outlook Report, Regional Analysis, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026’, available with Market Study Report LLC, the global polyurethanes (PU) market is presumed to be worth USD 93 billion by the year 2026.
Shifting preferences towards the use of lightweight polymers in industrial applications is the major factor driving the growth of polyurethanes market. Polyurethane (PU) products offer high flexibility, impact resistance, high load bearing capacity, and effective bonding properties. Thus, rising adoption of premium quality plastic materials to develop tables, beds, and chairs since they are inexpensive is contributing towards PU market growth.
Rising infrastructure development, in consort with growing preference for thermal insulation in homes are aiding PU industry outlook. Numerous initiatives taken by government to energy-efficient light-weight vehicles, coupled with surging need of sustainable plastic to reduce global carbon footprint is augmenting the demand for eco-friendly polymers across the globe.
Based on product type, polyurethanes market is categorized into flexible foam, rigid foam, elastomers, coatings, and adhesives & sealants. Speaking of application spectrum, the market is classified into electronics & appliances, construction, footwear, automotive, furniture & interiors, and packaging.
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Considering geographical landscape, the report cites that Asia-Pacific polyurethanes market is projected to grow significantly over the analysis period, owing to shifting preference for sustainable and recyclable packaging solutions. While, surging demand of high-performance and lightweight adhesives & sealants used in the production of fuel-efficient vehicles is driving the Europe PU market.
The prominent companies operating in polyurethanes market are Nippon Polyurethane Corp., Huntsman Corp., BASF, Bayer Material Sciences (Covestro), DowDuPont, Inc., Recticel SA, and Woodbridge Foam Corp., and Mitsui Chemicals.
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