Polyurethane Sales to Exceed US$ 162.3 Bn by 2032 as Sales of Automobiles Continues to Rise
Burgeoning Construction Activities to Boost Polyurethane Sales at 8.2% CAGR by 2032
The latest study published by Fact.MR provide detailed insights into the global polyurethane market during the assessment period 2022-2032. This study uncovers key dynamics such as driven, restraints, and opportunities across 6 verticals. It also provide a sales forecast in market in term of product type and application for the coming decade.
NEW YORK, July 20, 2022 /PRNewswire/ -- The global polyurethane market is expected to total US$ 83.1 Bn by 2022, projecting growth at a robust CAGR of 7% during the forecast period 2022-2032.
Driven by the growing application across packaging, footwear, and furniture & interiors sectors, the demand for polyurethane is expected to exceed US$ 162 Bn by the end of 2032, as compared to the US$ 79.2 Bn registered in 2021.
Due to the rising disposable income of the global population and advent of advanced automotive vehicles, there is a substantial rise in sales of automobiles worldwide. For instance, according to a study by the International Energy Agency, approximately 88 million passenger cars were reported to be sold across the world in 2019.
Polyurethane is widely used in the manufacturing of seats, armrests, upholstery, and others in automotive vehicles. This is anticipated to augment the demand by 2X in the global polyurethane market over the forecast period.
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With growing inclination towards sustainable infrastructure development, a swift rise in construction activities is being witnessed, especially across emerging economies such as China, India, Brazil, Australia, and others.
Hence, adoption of polyurethane foam, on account of its strength-to-weight ratio, insulation properties, versatility, and durability is surging in construction sector. This is another factor projected to bolster the sales of polyurethane in the global market.
Key Takeaways:
- The U.S. is anticipated to continue dominating the market in North America, projecting growth at a CAGR of 7.4% during the forecast period.
- Germany is expected to emerge as a highly remunerative market, owing to the increasing production and sales of automotive vehicles.
- Sales of polyurethane are forecast to rise at a rapid pace in China, assisting the East Asia market to expand at a CAGR of 7.1% through 2032.
- India is estimated to account for a significant share in the South Asia & Oceania market, driven by the increasing construction activities in the country.
- Based on product type, the rigid foam is projected to remain the most sought-after in the market, accounting for 30.9% of the total polyurethane demand by 2022.
Growth Drivers:
- Increasing application of polyurethane across the electrical & electronic industry, owing to its excellent insulating properties, low cost, and temperature resistance, is facilitating the sales in the market.
- Rising adoption of polyurethane across furniture and interiors for the manufacturing of beds, pillows, covers, and others is accelerating the demand in the global market.
Restraints:
- Implementation of several stringent environmental regulations pertaining to the use of polyurethane, due to its non- biodegradability attribute, is restraining the growth in the market.
- Rising availability of polyurethane substitutes such as polysiloxane, shellac, varnish, tung oil, lacquer, and others are hindering the sales across the global market.
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Competitive Landscape:
Leading manufacturers of polyurethane are aiming at research and development (R&D) activities for launching new products to enhance their product portfolio and widen their consumer base. Besides this, others players are focusing on expanding their production capacity to expand their market share.
For instance,
- In 2022, Huntsman Corporation, an American multinational manufacturer announced launching a new production facility in Taiwan with downstream polyurethane capabilities and a polyol plant.
- In 2021, Coverstro, a German plastic manufacturing company announced its plan of increasing its production capacity by opening new thermoplastic polyurethane plants in Shanghai, China by 2023. This will assist the company to expand its revenue share across East Asia market.
Key Companies Profiled by Fact.MR
- Covestro AG
- The Dow Chemical Company
- Huntsman Corporation
- Yantai Wanhua Polyurethanes Co. Ltd.
- Foamcraft Inc.
- Lanxess
- Eurofoam Group
- Tosoh Corporation
- Future Foam, Inc.
- Armacell
- Saint Gobain S.A
More Valuable Insights on Polyurethane Market
In its latest study, Fact.MR reveal key governing factors influencing the sales in the global polyurethane market during the forecast period. The study offer compelling insights into key opportunities creating growth prospects in the polyurethane market through detailed segmentation as follows:
Polyurethane Market by Product Type:
- Rigid Foam
- Flexible Foam
- Coating
- Elastomers
- Adhesives and Sealants
- Other Product Types
Polyurethane Market by Application:
- Construction
- Furniture & Interior
- Automotive
- Electronics and Appliances
- Packaging
- Footwear
- Other Applications
Polyurethane Market by Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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Key Questions Covered in the Polyurethane Market Report
- What is the estimated revenue of the polyurethane market during the forecast period?
- Which are the challenges faced in the polyurethane market?
- Which region is estimated to exhibit fastest growth rate in the global polyurethane market during 2022-2032?
- What is the projected market valuation of the polyurethane market in 2022?
- Which are the factors driving the polyurethane during 2022-2032?
- What is the expected growth rate of the polyurethane market until 2032?
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