The global polyurethane (PU) market is anticipated to experience positive growth in coming years, as reported by Transparency Market Research (TMR). The business landscape of the global polyurethane market features an intense competitive spirit among vendors. Large-scale players currently dominate the global PU market. Established vendors in the polyurethane market are currently holding significant market shares on account of being technologically driven. These vendors are further capital intensive, and are thus dominating the competitive landscape. As a few names prominently hold leading market shares, the market is reported to be fragmented at present.
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Vendors in the global polyurethane (PU) are investing in several organic and inorganic growth strategies with aim of gaining momentum in the industry. The introduction of a novel product portfolio plays a key role in supporting vendors in the global PU market. The application of latest technological advances in their products, to render improved functionality and flexibility in the polymer is a leading trend leveraged by vendors in the global polyurethane market. The amalgamation of bio-based PU is another prominent scheme that is expected to gain prominence among players in the global polyurethane market in the coming years.
According to TMR, the global polyurethane (PU) market was estimated to be worth US$ 40,063.0 Mn in 2017. The market is projected to rise at a 7.2% CAGR over the forecast period 2018 to 2026.
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Among the product types, the flexible foam segment is expected to garner substantial traction over the forecast period. Due to high demand from applications such as furniture, transportation and automotive industries, this segment is expected to continue its dominance.
Among the different regions studied, Asia Pacific is expected to emerge as the leading market. China, being a key producer of P, contributed immensely to the growth of the Asia Pacific polyurethane market.
Demand from Automotive Sector to Propel Polyurethane Market
In addition to mechanical fasteners, cars currently contain more plastic components. Using polyurethane adhesive, light weight components of vehicles improve fuel effectiveness. The usage of polyurethane-based adhesives is increasing considerably in the automotive industry. The growing demand for polyurethane adhesives in the automotive industry as a result of increased passenger and commercial vehicles manufacturing with growing demands for light weight elements.
The production of rigid and flexible foams is the focus of the producers. Polyurethane is readily blended in a wide range of high end-use apps with other raw materials.
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Emergence of Sustainable PU to be Key Market Trend
Polyurethanes are polymers that are commonly used. They are created in the presence of other chemicals through the response of diisocyanates and polyols. The increasing demand for electronics devices is driving up revenue, changes in the lifestyle, customer preference, and improved living standards. The sector is driven by increasing demand for bio-based polyurethane (PU) and by requirements for innovation and sustainability. Another beneficial effect on general market growth is expected to be the increasing interference of the government to decrease greenhouse gas (GHG) emissions in Canada. This is expected to fuel the global polyurethane market to a large extent in coming years.
Prominent players incorporate biological PUs that decreases the dependency and risk of standard petrochemical PUs. The key to increasing client base and market share of polyuretane adhesives is product development and innovation. The main demand drivers of the polyurethane industry are new products with superior alternatives and eco-friendly characteristics.
The study presented here is based on a report by Transparency Market Research (TMR) titled, “Polyurethane (PU) Market (Raw Material Type - Toluene Diisocyanate (TDI), Methylene Diphenyl Diisocyanate (MDI); Product Type - Coatings, Adhesives and Sealants, Flexible Foams, Rigid Foams, Elastomers; End user - Bedding and Furniture, Building and Construction, Appliances and White Goods, Automotive and Transportation, Footwear) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026.”
The global polyurethane market has been segmented as follows:
Raw Material Type
- Toluene Diisocyanate (TDI)
- Methylene Diphenyl Diisocyanate (MDI)
- Others (Including Polyols and HDI)
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