NEW YORK, Jan. 7, 2016 /PRNewswire/ -- Asia-Pacific has traditionally been the largest producer and exporter of polyurethane materials, owing to availability of cheap labour, raw materials and local government support. The increase in the number of production facilities in countries such as China is also considered to be the primary reason for demand growth. Robust growth of over 7% in key end-user industries such as construction, automotive, furniture and electronics has resulted in Asia-Pacific dominating the demand for polyurethanes with market share of about 47%. Coatings, adhesives, sealants and elastomers account for 41% economic activity of the world's polyurethane industry.
Polyurethanes are some of the most versatile polymers in existence today. They exist in myriad forms ranging from rigid foams to dense solid compositions and from flexible foams to elastomers. Polyurethanes are commercially available in various forms, ranging from flexible or rigid lightweight foams to tough, stiff, and strong elastomers. This enables their use in a wide variety of consumer and industrial applications such as thermal insulation of buildings, refrigerators, household furniture, automotive seating, shoe soles. A shift in production from China to countries where goods can be produced at lower cost is set to change the landscape of the global polyurethane industry. The landscape could change further as companies consider shifting production to even cheaper countries like Vietnam.
The Asia Pacific Polyurethane market is segmented by Application (Foams-Rigid and Flexible, Adhesives and Sealants, Coatings, Elastomers, and others), by industry (Furniture and Interiors, Constructions, Automotive and others) and regionally (India, China, Japan, South Korea and other countries). The Key players in the market are BASF SE, Bayer, Dow Chemicals, Nippon Polyurethane Industry, Chemtura Corp.
There is a growing demand from the bedding, cushioning and carpeting industry, a growing demand from the construction industry and these products are preferred as they are recyclable.
There is a strong competition from the fiberglass and polystyrene industries.
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