Polyurethane Market Size - Global Industry, Share, Analysis, Trends and Forecast 2022 - 2030
The Global Polyurethane Market Size accounted for USD 69.1 Billion in 2021 and is estimated to achieve a market size of USD 121.8 Billion by 2030 growing at a CAGR of 6.7% from 2022 to 2030. Rising demand for products in the construction, automotive, and packaging industries in emerging economies has been a major driving force in the polyurethane market growth. Furthermore, the growing demand for building insulation due to environmental concerns is likely to drive the polyurethane market share throughout the projected period.
Polyurethane Market Report Key Highlights
- Global Polyurethane market value is estimated to expand by USD 121.8 billion by 2030, with a 6.7% CAGR from 2022 to 2030
- Asia-Pacific polyurethane market size accounting for nearly 45% of the total market share in 2021
- North America polyurethane market trend is estimated to rise at 7% CAGR during the forecast years
- Based on product, rigid foam segment will account for more than 31% of overall market share in 2021
- Among application, construction segment consumption with 27% of the overall market share in 2021
- By applications, automotive segment is projected to rise at 6.8% during the forthcoming years.
Polyurethanes are common polymers made by combining polyols and diisocyanates in the addition of substances such as enzymes and additives. Polymers are used to mold into odd forms and improve industrial and consumer products in practically all industries, including automotive, footwear, electronics, construction, and packaging. Polyurethanes are formed through chemical reactions that are precisely balanced. Polyols containing diisocyanate with polymeric isocyanate are indeed the components employed in these processes, together with the correct quantities of stabilizers and catalysts. A range of enterprise solutions utilizing a broad range of polyols is created to fulfill the particular requirements of diverse industries. Polyurethane materials are employed in a wide range of consumer products for everyday use.
Global Polyurethane Market Dynamics
Market Drivers
- Expansion of the automobile and construction industries in emerging economies
- Growing use of polyurethane in HVAC applications
- Increasing demand due to polyurethane's versatility & unique physical properties
- Expanding healthcare industry applications
Market Restraints
- Raw material price volatility
- Rising environmental concerns
Market Opportunities
- Increasing demand for low volatile organic compound, ecological, and sustainable polyurethane
- Improvement of polyurethane recovery and recycling
Polyurethane Market Report Coverage
| Market | Polyurethane Market |
| Polyurethane Market Size 2021 | USD 69.1 Billion |
| Polyurethane Market Forecast 2030 | USD 121.8 Billion |
| Polyurethane Market CAGR During 2022 - 2030 | 2.6% |
| Polyurethane Market Analysis Period | 2018 - 2030 |
| Polyurethane Market Base Year | 2021 |
| Polyurethane Market Forecast Data | 2022 - 2030 |
| Segments Covered | By Product, By Application, And By Geography |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Key Companies Profiled | BASF SE, Huntsman Corp., Covestro, DIC Corp., Mitsui Chemical Corp., Nippon PU Industry Corp., Eastman Chémical Co., The Dow Chemical Company, Recticel S.A., Mitsubishi Chemical Corp., RTP Company, and Woodbridge Foam Corp. |
| Report Coverage |
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
Increasing demand for lightweight and durable products is projected to increase general market growth for the automotive, building, and electronic sectors in the next era.
The general industrial development is projected to boost growing end-users sectors of developing countries, product versatility, and distinctive physical characteristics. In addition, the increased use of innovative polyurethane (PU) manufacturing techniques with sophisticated features is projected to have a good effect on general market development. In order to obtain a semi-interpenetrating polymer network(IPN), develop, for example, TPU and PU acrylates that are mixed and healed by radiation. However, the market will be hampered over the forecast period by the stringent environmental policies that lead to the release of toxic gases from fossil fuels burned with fluctuating raw matter expenses. MDI, TDI, and other polyester polyols are fundamental raw materials needed for the production of polyurethane. In order to encourage environmental conservation by using environmentally friendly methods of manufacturing products, the U.S. further implemented important reforms such as the Toxic Substances Control Act (TSCA). The increased use of bio-based materials creates fresh possibilities and increases the consumption of PUs produced from renewable raw materials. The use of polyurethane in the automotive sector is enhanced by the trend towards the substitution of standard heavy materials such as metals with lightweight and high-performance plastics. Pricing and other strategic business initiatives, however, rely on leading industrial players.
Polyurethane Market Segmentation
The worldwide polyurethane market segmentation is based on the product, application, and geography.
Polyurethane Market By Product
- Coatings
- Rigid Foam
- Adhesives & Sealants
- Elastomers
- Flexible Foam
- Others
According to a polyurethane industry analysis, the flexible foam segment is predicted to have a considerable market share in 2021. This is owing to the increased use of cushions in various end-use sectors including furniture, bedding, mattresses, seats, and other soft products.
The flexible foam sector was dominating Asia-Pacific, with more than 21.0% of the region's sales in 2021, thanks to factors such as environmental stability, power conservation, versatility, and distinctive physical characteristics. China has experienced a fast development in implementation because of the strong demand for UP isolation, and over the forecast era, the revenue-based CAGR is estimated at 8.5%.
The development of the rigid moisture section is based on exceptional characteristics such as powerful mechanical strength, sound insulation, and good thermal resistance, which make it suitable for difficult weather conditions and environments. As the building and furniture sectors expand, China, India, and Indonesia played an important role in this segment.
The segment of elastomers is estimated to rise at the fastest rate during the predicted period, representing 20% of the entire volume by 2030. The section of polyurethane coats is likely to grow steadily as waterborne techniques are introduced.
Polyurethane Market By Application
- Electronics & Appliances
- Footwear
- Automotive
- Packaging
- Furniture
- Construction
- Others
According to the polyurethane market forecast, the construction segment accounted for 28.5% of the complete industry turnover in 2021 and is expected to develop healthily over the next era. Due to fast industrialization in developing nations and its outstanding insulation characteristics, the industry has emerged as a dominant application segment. In terms of both volume and income, the furnishings and interior industry represented around 22.0% of the total market, and over the expected period is expected to develop at a good rate. The increased use of linens, padding, seating, and interior products, the strong demand from the car industry, and its sophisticated flexibility and durability are some of the variables that drive development in the segment.
It is projected that the automobile industry will grow over the forecast era with a CAGR based on revenue of over 6 percent. Due to its elevated mechanical strength and durability and lightweight characteristics, PU products are increasingly used in the vehicle industry to decrease car weight and increase fuel efficiency.
Due to increasing use in several end-use sectors, such as food, textiles, medical, clothing, and personal protective equipment, the other segment is estimated to produce strong product demand over the forecast period. In 2021, the segment accounted for 13% of revenue, with a significant CAGR over the projected period estimated to be
Polyurethane Market Regional Outlook
North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Latin America
- Mexico
- Brazil
- Rest of Latin America
Asia-Pacific
- India
- Japan
- China
- Australia
- South Korea
- Rest of Asia-Pacific
The Middle East & Africa (MEA)
- Gulf Cooperation Council (GCC)
- South Africa
- Rest of the Middle East & Africa
Asia-Pacific Region Is Expected To Dominate The Market
The Asia-Pacific has become the global leader in the region and account for more than 45 percent of the complete quantity of the industry in 2021. The reason for the general development of the UP market is the development and consumption of automobiles. In addition, main players are moving manufacturing to emerge nations such as China and India. In the latest years, India has seen rapid development as the region's national manufacturing is anticipated in response to economic reforms and projects such as Make in India.'
Due to increased demand for PU products from a range of sectors, such as automotive, furnishings, packaging, and construction, Europe is the second largest regional market. The US government initiative to promote low-income households power effectiveness through federal financing through thermal insulation is projected to increase America's market. The US government's initiative the sector is also expected, due to an increasing amount of sports operations, such as the Rio Olympics inBrazil (2016) and the Central American and Caribbean Games in 2018, to experience important growth possibilities in developing central and South American economies where the demand for athletic footwear has increased.
Polyurethane Market Players
Some of the top polyurethane market companies offered in the professional report include BASF SE, Huntsman Corp., Covestro, DIC Corp., Mitsui Chemical Corp., Nippon PU Industry Corp., Eastman Chémical Co., The Dow Chemical Company, Recticel S.A., Mitsubishi Chemical Corp., RTP Company, and Woodbridge Foam Corp.
Frequently Asked Questions
What is the size of global polyurethane market in 2021?
The estimated value of global polyurethane market in 2021 was accounted to be USD 69.1 Billion.
What is the CAGR of global polyurethane market during forecast period of 2022 to 2030?
The projected CAGR polyurethane market during the analysis period of 2022 to 2030 is 6.7%.
Which are the key players operating in the market?
The prominent players of the global polyurethane market are BASF SE, Huntsman Corp., Covestro, DIC Corp., Mitsui Chemical Corp., Nippon PU Industry Corp., Eastman Chémical Co., The Dow Chemical Company, Recticel S.A., Mitsubishi Chemical Corp., RTP Company, and Woodbridge Foam Corp.
Which region held the dominating position in the global polyurethane market?
Asia-Pacific held the dominating polyurethane during the analysis period of 2022 to 2030.
Which region registered the fastest growing CAGR for the forecast period of 2022 to 2030?
North America region exhibited fastest growing CAGR for polyurethane during the analysis period of 2022 to 2030.
What are the current trends and dynamics in the global polyurethane market?
Expansion of the automobile and construction industries, and growing use of polyurethane in HVAC applications, drives the growth of global polyurethane market.
By product segment, which sub-segment held the maximum share?
Based on product, rigid foam segment is expected to hold the maximum share polyurethane market.
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