Hyderabad, Aug. 11, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled “Middle East & Africa Polyurethane Market Report (2023-2028),” the market is estimated at USD 2.43 billion in 2023. It is expected to register a CAGR of 5.10% during the forecast period.
Polyurethane is a plastic polymer material utilized in producing modern, versatile, and safe consumer and industrial products that are environment friendly. Polyurethane is formed by reacting a polyol with a diisocyanate or a polymeric isocyanate in the presence of suitable catalysts and additives. Cumulative demand from the building and construction industry and growing requirements for thermal insulation from the electronics and appliances industry are some of the major factors driving the growth of the market.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 2.43 billion |
| Market Size (2028) | USD 3.12 billion |
| CAGR (2023-2028) | 5.10% |
| Study Period | 2018-2028 |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape, and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Increased demand from the building and construction industry. |
| Expanding requirements for thermal insulation from the electronics and appliances industry |
Who are the Top Companies in the Middle East & Africa Polyurethane Market?
The market is highly consolidated in nature. The noteworthy players in the Middle East & Africa polyurethane market are:
- BASF SE
- BCI Holding SA
- Covestro AG
- Dow
- Huntsman International LLC
- Kuwait Polyurethane Industries W.L.L.
- LANXESS
- Mitsui Chemicals Inc.
- Perfect Rubber
- Wanhua Chemical Group Co. Ltd
Other Reports That Might Be of Your Interest:
- Polyurethane (PU) Film Market Report - The polyurethane (PU) film market is projected to register a CAGR of over 6.5% over the next five years.
- Spray Polyurethane Foam Market Report - Over the next five years, the spray polyurethane foam market is expected to grow at a CAGR of over 5%.
Key Highlights from the Middle East & Africa Polyurethane Market Report:
Growing Demand from the Building and Construction Industry
- Polyurethane is extensively used in the building and construction industry. It is used to make high-performance products that are strong but lightweight, perform well, and are durable and versatile.
- The building and construction industry is the biggest consumer of rigid polyurethane foam. There are various benefits of using rigid polyurethane foam insulation, involving its energy efficiency, high performance, versatility, thermal/mechanical performance, and environment-friendly nature.
Saudi Arabia to Dominate the Market
- Saudi Arabia maintains the largest share in the Middle East & African polyurethane market. The demand for polyurethane is projected to rise throughout the forecast period due to rising investments and construction, furniture, and electronics activities in the country.
- The Saudi Arabian construction market is anticipated to witness significant growth and offer lucrative potential due to its Vision 2030, NTP 2020, and numerous ongoing reforms to diversify away from oil. Vision 2030, NTP 2020, the private sector investment boost, and the ongoing reforms are anticipated to be the growth drivers for the Saudi polyurethane market from the country's construction industry.
What are the Latest Developments in the Middle East & Africa Polyurethane Market?
- In February 2022, BASF SE and NEVEON teamed up on mattress recycling. BASF established a wet chemical recycling process for mattresses made of polyurethane, enabling the creation of new beds using alternative polyurethane materials.
- In January 2022, Saudi Aramco awarded a contract worth USD 2.23 billion to Abu Dhabi’s National Petroleum Construction Company (NPCC) for two packages in the Zuluf Offshore Field.
Mordor Intelligence has Segmented the Middle East & Africa Polyurethane Market Based on Application, End-user Industry, and Geography:
- By Application (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Foams
- Rigid Foam
- Flexible Foam
- Coatings
- Adhesives and Sealants
- Elastomers
- Other Applications
- Foams
- By End-user Industry (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Furniture and Interiors
- Building and Construction
- Electronics and Appliances
- Automotive
- Footwear
- Packaging
- Other End-user Industries
- By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Saudi Arabia
- United Arab Emirates
- South Africa
- Egypt
- Kuwait
- Qatar
- Morocco
- Rest of Middle East & Africa
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Middle East & Africa Polyurethane Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the industry’s competitive landscape.
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