Pune, India, July 07, 2023 (GLOBE NEWSWIRE) -- The polyurethane market growth was valued at USD 82.93 billion in 2022 and is projected to reach a valuation of USD 87.10 billion in 2023. The market is expected to reach USD 123.10 billion by 2030 with a CAGR of 4.4% during the forecast period. Polyurethane (PU or PUR) is a polymer that connects the links of isocyanate and polyols sequenced in an alternate manner. It is used widely used in manufacturing gaskets, elastomers, high-performance adhesives, surface coating, and synthetic fibers. Increasing demand for foams in the furniture industry is set to propel market growth. Fortune Business Insights™ shares this information in its report titled “Global Polyurethane Market, 2023-2030.”
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List of Key Players Profiled in the Report:
- BASF SE (Germany)
- The Dow Chemical Company (U.S.)
- Covestro AG (Germany)
- Yantai Wanhua Polyurethanes Co., Ltd. (China)
- Huntsman (U.S.)
- Foamcraft, Inc. (U.S.)
- Mitsui Chemicals & SKC Polyurethanes Inc. (South Korea)
- Lanxess (Germany)
- Eurofoam Group (Austria)
- Inoac Corporation (Japan)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 4.4% |
| 2030 Value Projection | USD 123.10 Billion |
| Market Size in 2022 | USD 82.93 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 320 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
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| polyurethane market Growth Drivers | Flexible Foam Segment to Dominate Due to Bedding and Furniture Applications |
| Increasing Applications in Construction and Furniture Industries to Drive Market Growth in Asia Pacific |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/polyurethane-pu-market-101801
COVID-19 Impact:
Low Demand from End-Use Industries Due to COVID-19 Affected Market Growth Negatively
The COVID-19 impact led to shortage of raw materials and limited access to the production sites. Pause in manufacturing activities led to hindrances in the production of raw materials. Low demand from the end-use industries due to COVID-19 is likely to have a negative impact on the growth of the market during the forecast period. Absence of consumers led to negative market growth.
Segments
Flexible Foam Segment to Dominate Due to Bedding and Furniture Applications
On the basis of product type, the market is divided into rigid foam, flexible foam, molded foam, coatings, elastomers, adhesives & sealants, and others. The flexible foam segment dominated in 2022 due to increased use of the product in bedding and furniture applications. Rigid foam is set to have considerable growth due to application in electronics and home appliances such as refrigerators and air-conditioners.
Furniture Segment to Lead Due to Applications of the Product
On the basis of application, the market is classified into construction, electronics, automotive, packaging, footwear, furniture, and others. The furniture segment is set to hold the largest share due to applications of the product in creating cushioning effect that offers support and durability. The growth in packaging and footwear applications is linked to the high adoption of the product in adhesive tapes and the sole of the footwear.
By region, the market is studied across North America, Asia Pacific, South America, Europe, and the Middle East & Africa.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
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Drivers and Restraints
Increasing Demand for the Foam in the Furniture Industry to Drive Market Growth
Increasing demand for the foam in the furniture industry is anticipated to drive the polyurethane market growth. The product is used in the furniture industry for bedding and cushioning due to its features such as durability, flexible nature, and ability to provide comfort. There is high demand from the construction industry due to growth of the housing sector.
However, there is presence of numerous substitutes in the market will hamper market growth.
Regional Insights
Increasing Applications in Construction and Furniture Industries to Drive Market Growth in Asia Pacific
Asia Pacific is set to lead the global polyurethane market share due to increasing demand for applications in the furniture and construction industries. The market reached the valuation of USD 37.79 billion in 2022 as China accounted for the largest share in the market.
The North America market is driven by the demand in the U.S. The country uses this material in automotive and construction applications.
Competitive Landscape
BASF is one of the Leading Providers for Chemicals, Material, and Industrial Solutions
Key producers of PUR are present in Asia Pacific with BASF, Covestro AG, Yantai Wanhua Polyurethanes Co., Ltd., Huntsman, and Mitsui Chemicals & SKC Polyurethanes Inc. as its key market players. BASF is one of the leading providers for chemicals, material, and industrial solutions. The company offers its expertise in industries such as furniture, construction, electronics, automotive & transportation, packaging, footwear, paints & coatings, and homecare & nutrition.
Key Industry Development
- February 2023- Huntsman announced to launch new PU coating product in the European Coatings Show (ECS) with the aim to establish a key presence in the PU business segment.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Regions
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights on Impact of COVID-19 on Global Polyurethane Market
- Supply Chain Analysis & Challenges due to Covid-19
- Steps taken By Government / Companies to Overcome this Impact
- Potential Challenges and Opportunities due to COVID-19 Outbreak
- Global Polyurethane Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- By Product Type (Value, Volume)
- Rigid Foam
- Flexible Foam
- Molded Foam
- Elastomers
- Adhesives & Sealants
- Coatings
- Others
- By Application (Value, Volume)
- Furniture
- Construction
- Electronics
- Automotive & Transportation
- Packaging
- Footwear
- Others
- By Region (Value, Volume)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- North America Polyurethane Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- By Product Type (Value, Volume)
- Rigid Foam
- Flexible Foam
- Molded Foam
- Elastomers
- Adhesives & Sealants
- Coatings
- Others
- By Application (Value, Volume)
- Furniture
- Construction
- Electronics
- Automotive & Transportation
- Packaging
- Footwear
- Others
- By Country (Value, Volume)
- U.S
- By Application(Value, Volume)
- Furniture
- Construction
- Electronics
- Automotive & Transportation
- Packaging
- Footwear
- Others
- By Application(Value, Volume)
- U.S
TOC Continued...!
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