Report On Global Polyurethane Market 2022 By Regions, Manufacturers, Type And Application, Forecast To 2026
Polyurethane is essentially delivered from a wide scope of beginning materials which is the reason they are delegated a polymer rather than an unmistakable compound. It exists in both unbending and adaptable structure and is utilized in a wide assortment of uses which makes our lives more agreeable and harmless to the ecosystem as far as variables like simple accessibility, minimal expense, simple use, and recyclability.
The variables, for example, expanding utilization of polyurethane in refrigeration applications and adaptive padding resuscitated the sheet material portions are the main driver energizing up the market development rate. Furthermore, the various applications given by the adaptable froth are they are utilized in upholstered furniture, inflexible froth for protection in dividers and rooftops, TPU utilized in clinical gadgets and footwear, to coatings, cements, sealants, and elastomers utilized on floors and auto insides, the adaptability give by the polyurethane will additionally cut the way for the development of market.
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ChemIntel360’s global Polyurethane market study is a 210+ slide report containing in-depth analysis on historical and forecasted spending and consumption patterns in the sector. We offer granular value and volume data from a global, regional, applications, and end-use industry perspective. The industry is valued at US$ 59.9 billion and is expected to grow at a CAGR of 5.9% mainly due to growth in packaging application during the forecast period. Polyurethane foam offers a cost-effective cushioning solution and firmly protecting items during transit. It is extensively utilized to transport many items, such as electronic items, medical diagnostic kit, and glassware.
Covid impact on the market
The Polyurethane market was adversely affected by the Covid-19 pandemic. To stop the rapid spread of coronavirus, economies around the globe took harsh lockdown measures. This led to supply chain constraints across all industry verticals including consumer goods, food and beverage, electrical and electronics. Consequently, the demand of Polyurethane saw a sharp decline in 2020.
This trend was observed in automotive sector as well, with global automotive manufacturing witnessing a fall of 17% in 2020 when compared to the preceding year. However, the companies are anticipating the economic situation to revert back to normal and the market demand to recover in the forecast period. The U.S. and China among the others have reopened the economies and are expected to project strong GDP numbers in the next few years.
Drivers
Polyurethane’s versatility ensures that it can be utilized in a broad range of applications stretching from insulation foam in building sector to coatings in automotive applications. Its ingredients can be used in different ratios to form a variety of different polyurethanes. The polyurethane’s capability to be cast in different shapes and ease of application make it an ideal material to work with in different end-use industries. The company also provides good abrasion resistance and toughness to the end product. These characteristics make it economically viable for many commercial applications, thus making it a key driver for the market.
Opportunities
Driven by growing environmental concerns, some firms are manufacturing polyurethane from bio-based products. The polyurethane so produced is resilient and malleable, like conventionally manufactured polyurethane.
The bio-based polyurethanes is utilized in construction industry as well as in different residential products such as home fixtures, green electronics, and shoes.
Challenges
Methylene diphenyl diisocyanate (MDI) and Toluene diisocyanate (TDI) are the key ingredients involved in the manufacture of polyurethane based products. These key ingredients are indirectly derived from crude oil. The recent volatility in crude oil unit prices has led to a corresponding price fluctuations in the polyurethane based products. This would hinder the growth of the market in the forecast period.
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Trends
The polyurethane-based adhesive has seen strong growth because of its durability and robust adhesive strength. Its usage in construction, textile, and footwear related application would support the growth of the polyurethane market. Bio-based polyurethanes are also being offered as viable alternative to conventional plastics in automotive applications.
Key Companies
The main companies working in this market are BASF SE, The Dow Chemical Company, Wanhua Chemical Group Co. Ltd., Tosoh Corporation, Mitsubishi Chemical Corporation, DIC Corporation, Eastman Chemical Company, Covestro AG, Mitsui & Co. Plastics Ltd, and Huntsman.
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