Polyurethane Market Size to Cross $102.92 Bn by 2028 at 9.4% CAGR with Flexible Foam Segment Driving Growth During 2020–2028 | The Insight Partners

The growth of the polyurethane market has been fueled by increasing governmental support for infrastructure development and the rising global use of polyurethane as an insulation material. In 2021, Asia Pacific accounted for the largest share of the global polyurethane market

Pune, India, July 12, 2023 (GLOBE NEWSWIRE) -- According to our new research study on “Polyurethane Market Size Report, Share, Demand, Growth Strategy, Industry Trends and Forecast to 2028 – COVID-19 Impact and Global Analysis – by Raw Material, Product, Application and Geography,” the Polyurethane market size is expected to grow from US$ 54.92 Billion in 2021 to US$ 102.92 Billion by 2028; it is estimated to register a CAGR of 9.4% from 2020 to 2028. includes the factors governing the market growth, revenue estimation and forecast, and market share analysis. It also entails the identification of significant market players and their key developments.

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Global Polyurethane Market: Competitive Landscape and Key Developments

The key players operating in the global Polyurethane market include Nippon Paper Industries Co Ltd, Borregaard ASA, Burgo Group SpA, Domsjo Fabriker AB, Sappi Ltd, Stora Enso Oyj, Suzano SA, The Dallas Group of America Inc, Tokyo Chemical Industry Co Ltd, West Fraser Timber Co Ltd, Tembec Inc, Domtar Corporation, and LignoTech Florida LLC. Players operating in the global Polyurethane market focus on providing high-quality products to fulfill customer demand. They are also focusing on strategies such as investments in research and development activities, and new product launches.

Polyurethane Market Report Scope, Segmentations, Regional & Country Scope:

Report CoverageDetails
Market Size Value inUSD 54.92 Billion in 2021
Market Size Value byUSD 102.92 Billion by 2028
Growth rateCAGR of 9.4% from 2020-2028
Forecast Period2020-2028
Base Year2020
No. of Pages235
No. of Tables177
No. of Charts & Figures92
Historical data availableYes
Segments coveredProduct, End-use Industry and Geography
Regional scopeNorth America; Europe; Asia Pacific; Latin America; MEA
Country scopeUS, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
Companies CoveredNippon Paper Industries Co Ltd, Borregaard ASA, Burgo Group SpA, Domsjo Fabriker AB, Sappi Ltd, Stora Enso Oyj, Suzano SA, The Dallas Group of America Inc, Tokyo Chemical Industry Co Ltd, West Fraser Timber Co Ltd, Tembec Inc, Domtar Corporation, and LignoTech Florida LLC

Polyurethane is a thermosetting polymer which is composed of organic units joined by carbamate links and does not melt on heating. It is light in weight, resistant to corrosion, elastic in nature and possesses considerable strength. In most of the cases, PU is an alternative to paper, glass, and metals. High mechanical strength enables polyurethane to provide insulation and replace metals for automobile parts. The polyurethane market is anticipated to grow in the forecast period owing to an upsurge in demand for lightweight and durable materials from automotive, packaging, furniture, footwear, and other end-user industries.

Polyurethane Market: Segmental Overview

Based on product, the polyurethane market has been segmented into rigid foam, flexible foam, coatings adhesives and sealants, elastomers, others. In 2021, the flexible foam segment dominated the market. Furthermore, the rigid foams segment is the fastest growing segment with the highest CAGR. Rigid Foams are used in insulation purpose in commercial as well as residential buildings. They are also extensively used in electronics and appliances. Rigid polyurethane foam is known as one of the most efficient, high performance insulation materials; also, it enables very effective energy savings along with the minimal occupation of space. Additionally, good mechanical properties along with excellent adhesion to other materials can open up a broad field of applications for rigid foam.

The polyurethane market is segmented into five main regions—North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. In 2021, Asia Pacific dominated the global polyurethane market. Asia Pacific polyurethane market growth is attributed to the presence of large manufacturing industries in a diverse sector, which chemical, textile, automotive, electronics, and other industries. Expansion of the construction and furniture sectors, along with the presence of major automotive OEMs, is a key driver that propels the demand for rigid foam in Asia Pacific. The government support to weatherize low-income households and meet transitioning standards for green buildings is anticipated to further drive the rigid polyurethane foam demand in insulation applications. These emerging countries are further witnessing an upsurge in urbanization and industrialization, which offers ample opportunities for the key market players in the polyurethane market.

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Impact of COVID-19 Pandemic on Polyurethane Market

At the outset of pandemic, a domestic lockdown imposed in the several countries globally, led to immediate decline in the economy, slowdown in the global demand for trade, expansion strategies and disruption in supply chain. Subsequently, these factors hampered the manufacturing, delivery schedules, and sales of various goods. Chemicals and materials industry announced slowdown of manufacturing operations and shutdown and projected a slump in the sales of polyurethane. In addition, trade restrictions imposed by countries in Europe, Asia Pacific, and North America disrupted the supply chain. All these factors hampered the progress of the chemicals & materials industry. The shortage of manpower and a temporary sales halt, caused due to lockdowns and government restrictions further negatively affected the market. Thus, major companies in the polyurethane market faced the hardest hit during initial phase of pandemic, due to sudden government restrictions on manufacturing of non-essential commodities.

In 2021, the global marketplace began recovering from the losses incurred in 2020 as governments of different countries announced relaxation in social restrictions. Manufacturers were permitted to operate at full capacities, which helped them overcome the demand–supply gap. Moreover, rising vaccination rates contributed to improvements in the overall conditions in different countries, which led to conducive environments for industrial and commercial progress. With economies reviving their operations, the demand for polyurethane started rising globally as construction, electronics, automotive, furniture, and chemicals industry resumed their operations in full capacity.

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