Global Polyurethanes Market: Covestro, BASF SE, Huntsman Corp. are Aiming for Significant Share in the Polyurethane Market
HYDERABAD, India, August 10, 2016 /PRNewswire/ --
Mordor Intelligence announces the publication of their research report on the polyurethanes market. The report titled, "Global Polyurethanes Market - Segmented by Application, End-User Industries, and Geography - Trends and Forecasts (2016 - 2020)" discusses the current landscape and outlook of the said market.
The global polyurethane market was valued at USD 52.9 billion in 2015. It is projected to reach USD 79.15 billion by 2021, at a compound annual growth rate (CAGR) of 6.95% during the forecast period (2016 -2021).
Polyurethane foam is one of the most widely used polymeric foams in the world. Polyurethane foams find applications in almost all modern industries. These are made primarily by reacting diisocyanates (MDI or TDI) with polyols and other chemicals as additives. Polyurethane occurs primarily in two forms, namely polyurethane foams and polyurethane non-foams. These are classified based on their commercially available forms, namely flexible polyurethane foams and rigid polyurethane foams. Flexible foams are used chiefly as cushioning materials in transportation, bedding & furniture, and packaging, among others. On the other hand, rigid foams are used as an insulation material in construction and refrigeration applications.
Polyurethanes are used in various polymers and plastics. The global market is segmented, based on the applications of polyurethane, into foams (rigid foam and flexible foam), coatings, adhesives & sealants, elastomers, and others. Based on the end-user industries, the market is segmented into furniture & interiors, buildings & construction, electronics & appliances, automotive, footwear, packaging, and others (including Industrials, textiles & apparel, fibers, medical, and marine). Further, on the basis of geography, the market is segmented into North America (United States, Canada, Mexico, Rest of North America), Europe (Germany, United Kingdom, France, Italy, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Rest of APAC), South America (Brazil, Argentina, Rest of South America), and Middle-East and Africa
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The global polyurethane market has grown during the past few years, driven by cost-effectiveness and the adaptability of polyurethane foams in major end-user industry applications. The market is expected to register a healthy growth owing to the growth in the key end-user industries. The Asia-Pacific market is the major consumer in the market, and the region witnesses the maximum application of polyurethane in the furniture and construction industries. In the financial year of 2015, China accounted for the highest demand globally, while Asia-Pacific accounted for 44.9 % share of the total polyurethane market. The consumption and revenue generation were witnessed to be the highest in the APAC region, which was followed by the Western European region and North America.
The global market is driven by the diverse range of applications for polyurethane foams in multiple industries. Increasing R&D activities have made it highly resourceful and have generated a huge demand, especially in the furniture sector. In the furniture sector, polyurethane finds a myriad of applications, such as bedding, mattresses, carpet underlays, and cushioning. Environmental regulations from different industry sectors, such as plastic, automotive, building & construction, furniture & bedding, electronics, packaging, and other sectors, further facilitate the growth of the market. The growing demand from the automotive and electronic appliance markets is notable in the key countries at global levels.
The strong competition from the fiberglass and polystyrene industries is acting as a restraint for the growth of this market. Moreover, volatility in prices of raw materials adds to the hurdles. The future market is expected to see a demand for bio-based polyurethane as well, owing to the increasing development of innovative products by the companies that are aimed towards sustainability and environmental benefit.
Some of the major players in the market are BASF SE (Germany), Covestro (Germany), The Dow Chemical Co. (U.S.), Huntsman Corp. (U.S.), Carpenter Co. (U.S.), and Tosoh Corp. (Japan), among others.
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