The global polyurethane market is estimated to grow at a CAGR of 6.3% during the forecast period 2022-2030. Different types of polyurethanes are available in the market such as flexible polyurethane foam, rigid polyurethane foam, thermoplastic polyurethanes and polyurethane binders for variety of applications such as automotive, building & construction, Footwear, furniture & bedding, Electronics and many other applications. Furniture & bedding is the largest market segment for polyurethanes with 37% in the year 2021. Building and construction is the fastest growing segment of the polyurethane with CAGR of 9.4% during the forecast period.
MDI is the mostly produced diisocyanate, accounting for more than 55% of the global production. The polyurethane foams made from MDI are rigid and good thermal insulator. This property enables its use in refrigerators, freezers as well as in buildings. Easy availability of MDI is the major reason for its usage in production of polyurethane. The demand for MDI-based polyurethanes continues to grow at around 8% annually. About 83% of the total MDI production in consumed for manufacturing polyurethane while rest 17% (2021) is used by other applications such as adhesive
The global PU market is segmented into flexible foams, rigid foams, coatings, adhesives, and elastomers. Polyurethane is mostly used as foams both flexible and rigid due to their versatile properties which share more than 50% of the total market share. However, PU coatings market is emerging as the fastest growing market at a CAGR of 6.9% during the forecast period.Flexible foam covers about 37% market share of the global polyurethane market in 2021. Polyurethane flexible foam is widely used in variety of applications including thermal insulation and packaging materials, comfort cushions, bed mattresses, carpet backings and resilient floor coverings. TDI is the basic element used for production of PU flexible foam on reaction with polyol.
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PU market is highly fragmented with many small & local players in the market. The large chemical companies in order to utilize the market potential and understanding of the regional market are acquiring the small players. Most of the acquisitions are aimed to strengthen the market share or to expand the business in a particular geography. Polyurethane industry witnesses a tough fight among the companies for product launches. Polyurethane is a versatile material and can be used in various industrial applications. Moreover, polyurethane material has various advantages over other materials such as metals. Thus, chemical companies are constantly focusing on doing much with polyurethane.BASF is market leader in polyurethane Market with xx% global share. With XX% market share Bayer AG is second largest company in the polyurethane market. Company has its presence in many countries of Europe, Asia, Africa, Middle East, US and Australia. Joint venture and innovations are key strategy of the company. XX with XX% market share is a key player in polyurethane market. Business expansion and innovations are the key strategies of the company. XX and XX is another top player in the industry with XX% and XX% market share respectively. xx% market is covered by other companies and SMEs.
The global polyurethane market is segmented into four major geographies North America, Europe, Asia and ROW. Asia is the fastest growing market in polymer industry at a CAGR 5.6% during the forecast period due to the growing application markets in the region such as healthcare, automotive and packaging. Asia pacific has been the fastest growing polyurethane market. The market is driven by countries such as China, Japan, South Korea, India, Taiwan, Malaysia, Thailand, Indonesia, and Philippines. The major industrial segments using polyurethane would be transportation, consumer durables, and building & construction. Automotive sector which includes both public and private transportation as well is the largest application of consumer market. The presence of leading automobile manufacturers such as Toyota (Japan), Tata Motors (India) and so on has led to the growth of automotive industry in the region. Asia-Pacific has witnessed significant manufacturing capacity expansions in the last five years.
KEY MARKET MOVEMENTS
- Thermoplastic is the largest segment in the polymer industry with 75% market share.
- Thermosetting is the fastest growing with an estimated compound annual growth rate (CAGR) of 5.1% during the forecast period.
- Packaging is the largest application market of thermoplastic with about 40% market share in 2021 and will continue to dominate during the forecast period.
- More than 40% of thermoplastic is used in packaging industry due to its property of molding into any shape.
- Asia Pacific has witnessed significant manufacturing capacity expansions in the last five years. Most major manufacturers have capacity expansion plans in Asia Pacific.
- The market is driven by countries such as China, Japan, South Korea, India, Taiwan, Malaysia, Thailand, Indonesia, and Philippines.