100 billion Reason to Watch the Global Polyurethane Market in 2028: Ken Research
Driven by the Rising Demand for Strong and Lightweight Materials in the Construction, Electronics, and Automotive Sectors, the Global Polyurethane Market is forecasted to Cross US$100 Bn by 2028, says Ken Research Study.
GURUGRAM, India, June 26, 2023 /PRNewswire/ -- Polyurethane is made up of organic units connected by carbamate linkages and does not melt when heated. It is small in size, doesn't corrode easily, is elastic by nature, and has a lot of strength. PU is typically used in place of paper, glass, and metals. Polyurethane's high mechanical strength enables it to serve as insulation and as a substitute for metal in automotive parts. Polyurethane demand is anticipated to increase throughout the forecast period due to rising building insulation demand brought on by environmental concerns.
According to Ken Research estimates, the Global Polyurethane Market – which grew from around US$55 Bn in 2017 to nearly US$75 Bn in 2022 – is expected to grow further into a more than US$100 Bn opportunity by 2028.
Ken Research shares 3 key insights on this high opportunity market from its latest research study.
1. Rise In Demand for Sustainable Insulation and Its Material Properties
The Global Polyurethane Market is expected to witness steady growth during the forecast period, driven by the rising demand for strong, lightweight goods in the construction, electronics, and automotive sectors. Throughout the projection period, demand for polyurethane is also anticipated to increase with the surging demand for sustainable building insulation.
Moreover, polyurethane insulation is customizable. Storage apparatuses, such as specific refrigerators, where COVID-19 vaccine vials can be kept, are prepared using rigid polyurethane foams. These are deployed in the global shipment of vaccines as well.
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2. The Market Is Dominated by Rigid Foam, Which Accounts for More Than Half of The Revenue Share
Rigid polyurethane foams are high-performance closed-cell polymers which can be used in a variety of end-user industries, including transportation, packaging, industrial insulation, and appliances, thanks to their structural stability. It aids the creation of thermally insulating products by product designers. Because they offer superior mechanical strength, better heat resistance, and sound-insulating properties, rigid foams are well suited for difficult conditions and extreme weather.
Due to rapid industrialization, China, India, and Indonesia dominate the Asia Pacific (APAC) market for stiff PU foams. The growth of the furniture and construction industries, as well as the presence of significant automotive OEMs, drive the rigid foam market in APAC. It is anticipated that the government's assistance in weatherizing low-income homes and meeting transitional standards for green buildings will further propel the demand for stiff PU foam in insulation applications.
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3. Furniture Market Also Boosts the Demand for Polyurethane Products
Due to its excellent strength-to-weight ratio, insulating properties, durability, and adaptability, polyurethane is frequently utilized in building and construction applications. Oxford Economics estimates that between 2020 and 2030, worldwide construction production will increase by 42%, or US$4.5 trillion, reaching US$15.2 trillion from US$10.7 trillion in 2020.
Over the ten years leading up to 2030, construction will have an average annual growth of 3.6%, outpacing both manufacturing and services. In 2022, the furniture market is anticipated to generate almost US$500 billion in revenue. The market volume for Furniture is predicted to cross US$720 billion by 2025, with revenue forecast to expand at more than 13% CAGR from 2022 to 2025.
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Market Taxonomy
By Product
- Rigid Foam
- Flexible Foam
- Molded Foam
- Elastomers
- Adhesives & Sealants
- Coatings
- Others
By Raw Material
- Polyol
- Methylene Diphenyl Diisocyanate (MDI)
- Toluene Diisocyanate (TDI)
- Others
By End User
- Furniture & Interiors
- Mattresses/ Bedding
- Building and Construction
- Electronics and Appliances
- Automotive
- Footwear
- Packaging
- Others
By Geography
- North America (USA, Canada, Mexico)
- Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
- Asia Pacific (China, Japan, South Korea, India, Indonesia, Australia, Rest of Asia Pacific)
- LAMEA (Latin America, Middle East, Africa)
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The India adhesive market shall witness negative growth in FY'2021, due to lockdown measures, restriction on various businesses and ban on transportation in the initial phase. India adhesives market is anticipated to get back to normal by first quarter of 2021. Over the forecast period FY'2020-FY'2026F, the India adhesives market is further anticipated to showcase a CAGR of 7.6%. India industrial adhesives market is anticipated to grow at a CAGR of 7.8% during the forecast period FY'20 to FY'26. Growth in the end user industries such as packaging, automotive and other is anticipated to lead to the growth of the industrial adhesives market. With high potential in the industrial adhesive market and ease of manufacturing, the country shall witness the entry of global players in this segment. India consumer adhesives market is anticipated to grow at a CAGR of 7.4% during the forecast period FY'20 to FY'26. The consumer adhesive companies in India will continue to expand their dealer and distribution network to reach to a larger target market which would help them increase their market share.
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