Polyurethanes Market size to exceed $93 bn by 2026
Published Date: November 7, 2019 Authors: Kunal Ahuja, Kritika Mamtani
Polyurethanes (PU) Market size is set to surpass USD 93 billion by 2026; according to a new research report by Global Market Insights, Inc.
The PU market demand is expected to register substantial gains from 2019 to 2026 on account of rising demand for durable and lightweight solutions from several industries. Growing focus on R&D activities to improve innovations in manufacturing is likely to have a major impact on the product demand. It offers superior bonding properties, high abrasion & chemical resistance and affordable production cost which makes it useful in a variety of automotive and construction formulations. Rising construction activities owing to rapid urbanization has boosted the consumption of PU as a raw material which is further expected to stimulate market growth.
Flexible foam to remain dominant product segment in PU market
Flexible foams are widely utilized in the production of beds, mattresses, automobile parts owing to their light, comfortable and durable nature. In accordance to a study shown by EUROPUR, carbon emissions in the manufacture of flexible PU foams reduced by 24% in the past ten years. Increasing focus on environment conservation has fueled the demand for eco-friendly materials which shows new opportunities for flexible foam demand.
These foams can also be moulded and used in various applications of automotive sector such as car seats, doors, windows & other interior parts. They provide exceptional durability, enhance appearance retention and provide support & comfort to consumers. Recyclability and improved thermal insulation of the material helps improve product life-span and reduces cost expenditure due to less frequent replacement.
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Growth of packaging industry to escalate polyurethane sales
With introduction of high-performance polymers owing to rising technological innovations, consumers are increasingly preferring plastic packaging as they are easy to handle and lightweight. Plastic packaging market value in 2018 surpassed USD 330 billion in 2018. Growing applications of flexible & rigid packaging in pharmaceuticals and food industry is further likely to anticipate industry growth.
Adoption of high-quality PU foams eliminates the risk of damaged products, offers protection and acts as a soft cushion in case of accidents. These foams offer superior versatility owing to their ability to be reshaped in various forms. Low odour, high resistance to scratches and ability to protect lightweight delicate products makes them a better substitute in comparison to other packaging materials.
Browse key industry insights spread across 170 pages with 185 market data tables and 30 figures & charts from the report, “(PU) Polyurethanes Market Size By Product (Rigid Foam, Flexible Foam, Coatings, Adhesives & Sealants, Elastomers), By Application (Furniture and Interiors, Construction, Electronics & Appliances, Automotive, Footwear, Packaging), Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026” in detail along with the table of contents:
Adoption of lightweight & cost effective adhesives to boost sales in North America
North America adhesives & sealants market value is likely to register gains at over 3.5% upto 2026. Presence of huge industrial hubs coupled with rising construction sector is expected to surge the demand for adhesives & sealants in the region.
Stiffer environmental regulations towards the use of certain materials owing to their high VOC emissions is a key attribute for product demand from various industries. Focus on the use of products which result in weight reduction and help achieving resistance to extreme temperature fluctuations shall boost the demand for polymer-based sealants.
Polyurethane adhesives & sealants are widely served in construction industry owing to their low maintenance cost and water resistant quality. Several manufacturing companies are focusing towards the development of light weight adhesives to enhance the efficiency & performance of buildings. 3M, a U.S. based manufacturer & supplier offers high performance polyurethane construction sealants which are lighter, cost saving solutions that help seal out corrosive elements and minimize leaks.
Upsurge in smart electronic sales to strengthen demand across Asia Pacific
Asia Pacific polyurethane market share from electronics application valued over USD 1 billion in 2018. Advancements in technology have enabled the development of compatible polymers which help seal and insulate sensitive electronic components such as printed circuit boards and cables.
The South Korean electronics industry recorded USD 121.7 billion in production volume in 2017, which has significantly grown 10.3% from 2016. Growing innovations in consumer electronics pertaining to persistent technological innovations is further expected to have a positive impact on market growth.
These compounds protect electronics by providing superior thermal and insulation properties. Low cost and compatible operating temperature for use in industrial electronics makes it a suitable alternative to various silicone based coatings.
The companies are concentrating towards improving their product line and are increasing their research & development activities to foster new product launches. Manufacturers are also indulged in partnerships & joint ventures to deliver new innovations & creativity to improve their product portfolio. Major players include Bayer MaterialScience (Covestro), BASF, Huntsman Corporation, Mitsui Chemicals and The Dow Chemical Company.
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