NEW YORK, Feb. 15, 2023 /PRNewswire/ -- Major players in the polyurethane market are The Dow Chemical Company, BASF SE, Covestro, Huntsman Corp, Eastman Chemical Co, Mitsui Chemicals, Inc, DIC Corp, Nippon Polyurethane Industry Corp Ltd, Recticel S.A, and Woodbridge Foam Corp.
Read the full report: https://www.reportlinker.com/p06281551/?utm_source=PRN
The global polyurethane market will grow from $77.6 billion in 2022 to $88.34 billion in 2023 at a compound annual growth rate (CAGR) of 13.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The polyurethane market is expected to grow from $143.8 billion in 2027 at a CAGR of 13.0%.
The polyurethane market consists of the sales of thermoplastic polyurethanes, polyurethane ionomers, binders, and waterborne polyurethane dispersions.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Polyurethane refers to a form of plastic polymer material that is used to produce modern, versatile, and safe consumer and industrial products that are environmentally friendly.Polyurethane is formed by reacting a polyol (an alcohol with more than two reactive hydroxyl groups per molecule) with a diisocyanate or a polymeric isocyanate in the presence of suitable catalysts and additives.
They are also widely used in medical devices such as pacemakers, artificial hearts, and other blood-contacting applications.
Asia Pacific was the largest region in the polyurethane market in 2022.North America was the second-largest region in the polyurethane market.
The regions covered in the polyurethane market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main product types of polyurethane are coatings, adhesives and sealants, flexible and rigid foams, elastomers, and other product types.An adhesive is a substance that is capable of holding materials together in a functional manner by a surface attachment that resists separation.
The raw materials are MDI, TDI, and polyols. The end-use industries are furniture, construction, electronics and appliances, automotive, footwear, and other end-use industries.
The adoption of polyurethane in home furnishings is driving the polyurethane market.Furniture manufacturing companies are enhancing comfort, durability, health, and safety by using flexible polyurethane foam (FPF) as a cushioning material for upholstered furniture, bedding, and carpet underlay.
Furthermore, with the introduction of an advanced manufacturing process, polyurethane foam provides more uniform, predictable, and durable end products.For instance, according to the American Chemistry Council, it is proven that FPF, when compressed by 90% for 22 hours, can recover more than 90% of its original height, which is more durable than any other form of furniture material.
Moreover, completely cured polyurethane products are considered to be inert and safe and have been concurred with by the U.S. EPA (Environmental Protection Agency). The durability, comfort, and safety provided by polyurethane will continue to be the major reasons for its use in the furniture industry, thereby driving the demand for the polyurethane industry going forward.
Polyurethane providers globally faced uncertain environmental regulations in the historic period.These regulations are to reduce the emission of toxic air pollutants from the flexible polyurethane foam industry and mandate the installation of add-on control equipment at manufacturers' sites.
For instance, the Environmental Protection Agency (EPA) issued a regulation to reduce the emission of the toxic air pollutant methylene chloride from the flexible polyurethane foam market.All the polyurethane manufacturers have to comply with this regulation and eliminate the use of methylene chloride for the production of molded foam and rebond foam.
Therefore, uncertain government regulations towards environmental protection restrain the growth of the polyurethane market.
Demand for sustainable products from the construction, automotive, and footwear industries is witnessing a rising demand for the manufacturing of bio-based polyurethane (PU) with a rising awareness of environmental concerns worldwide.Bio-based polyurethanes (PU) are derived from biodegradable materials, constituting a rich source of precursors for the synthesis of polyols and isocyanates.
These chemicals are readily available at a lower cost with less environmental impact and are highly biodegradable.In addition, with increasing commercialization and growing demand for flexible foam for car seats and headrests from major automotive OEMs, polyurethane manufacturers have shifted focus towards developing sustainable and environmentally friendly products of renewable materials.
This will drive the use of bio-based polyurethane products in various industries, including construction, automotive, coating, and footwear.In January 2020, BASF announced a single-digit million-euro investment in the potential expansion of water-based polyurethane dispersions at its Castellbisbal site in Spain.
The development will allow BASF to increase its production capacity by 30 percent.
In October 2020, Innovative Chemical Products (the ICP Group), a US-based chemical manufacturing company acquired Leeson Polyurethanes for an undisclosed sum.The acquisition added another portfolio to ICP Group and strengthens its solutions offered to customers.
Leeson Polyurethanes is a UK-based producer of polyurethane adhesives and coatings for various sectors and markets.
The countries covered in the polyurethane market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The polyurethane market research report is one of a series of new reports that provides polyurethane market statistics, including polyurethane industry global market size, regional shares, competitors with a polyurethane market share, detailed polyurethane market segments, market trends and opportunities, and any further data you may need to thrive in the polyurethane industry. This polyurethane market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06281551/?utm_source=PRN
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
Contact Clare: [email protected]
US: (339)-368-6001
Intl: +1 339-368-6001
SOURCE Reportlinker
![](https://rt.prnewswire.com/rt.gif?NewsItemId=NY14521&Transmission_Id=202302151200PR_NEWS_USPR_____NY14521&DateId=20230215)
Share this article