Polyurethane Industry Insights 2015-2030 - Rising Demand for Sustainable Products from Construction, Automotive & Footwear Industries; Triggers Growth for Bio-Based Polyurethane (PU)

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Feb 24, 2020, 12:45 ET

DUBLIN, Feb. 24, 2020 /PRNewswire/ -- The "Polyurethane Global Market Report 2020" report has been added to ResearchAndMarkets.com's offering.

The global polyurethane market was worth $95.13 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 12% and reach $149.91 billion by 2023.

This report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider polyurethane (PU) market, and compares it with other markets.

Adoption of polyurethane in home furnishings is driving the polyurethane market. Furniture manufacturing companies are enhancing comfort, durability, health and safety by using flexible polyurethane foam (FPF) as a cushioning material for upholstered furniture, bedding and carpet underlay. Furthermore, with the introduction of advanced manufacturing process, polyurethane form provides more uniform, predictable and durable end products.

For instance, according to American Chemistry Council, it is proven that FPF when compressed by 90% for 22 hours, could recover more than 90% of its original height, which is highly durable than any other form furniture material. Moreover, completely cured polyurethane products are considered to be inert and safe and was concurred by the U.S. EPA (Environmental Protection Agency). The durability, comfort and safety provided by polyurethane continue to be the major reasons for use in the furniture industry, thereby, driving the demand of polyurethane industry going forward.

Polyurethane providers globally faced uncertain environment regulatory in the historic period. These regulations are to reduce emission of toxic air pollutants from the flexible polyurethane foam industry, and mandates the installation of add-on control equipment at manufacturers site. For instance, the Environmental Protection Agency (EPA) issued a regulation to reduce emission of the toxic air pollutant methylene chloride from the flexible polyurethane foam market. All the polyurethane manufacturers have to comply with this regulation and eliminate the use of methylene chloride for the production of molded foam and rebond foam. Therefore, uncertain government regulations towards environment protection restrains the growth of the polyurethane market.

Demand for sustainable products from construction, automotive and footwear industry are witnessing a rising demand for the manufacturing of bio-based polyurethane (PU) with rising awareness in environmental concerns worldwide. Bio-based polyurethane (PU) are derived from biodegradable materials constituting a rich source of precursors for the synthesis of polyols and isocynates. These chemicals are readily availability at lower cost with less environmental impact, and are highly biodegradable.

In addition, with increasing commercialization and growing demand for flexible foam for car seats, headrests from major automotive OEMs, polyurethane manufacturers have shifted focus towards developing sustainable and environment friendly products of renewable materials, will drive the use of bio-based polyurethane products in various industries including construction, automotive, coating and footwear. In 2018, the German Federal Ministry of Food and Agriculture (BMEL) invested in a project "PULaCell", which focused on stronger construction of timber and other solid wood construction materials, with bio-based polyurethane.

In November 2018, Covestro, a German-based polymer company, accelerated the expansion of its thermoplastic polyurethanes (TPU) business by raising its stake in the joint venture DIC Covestro Polymer Ltd. (DCP) from 50% to 80%. Both the parties agreed to not disclose any financial details of the transaction. Closing of the deal is planned for early second quarter 2019, subject to the approval from the relevant authorities. The investment is part of Covestro's expansion of its global TPU business. DIC Covestro Polymer Ltd. is a Japan-based supplier of thermoplastic polyurethanes.

The polyurethane market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. The polyurethane market in Asia Pacific is forecasted to register the highest CAGR during 2019-2022. Major players in the market are The Dow Chemical Company, BASF SE, Covestro, Huntsman Corp., Eastman Chemical Co., Mitsui Chemicals, Inc., DIC Corp, Nippon Polyurethane Industry Corp Ltd., Recticel S.A., Woodbridge Foam Corp.

Key Topics Covered

1. Executive Summary

2. Polyurethane Market Characteristics

3. Polyurethane Market Size And Growth
3.1. Global Polyurethane Historic Market, 2015 - 2019, $ Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global Polyurethane Forecast Market, 2019 - 2023F, 2025F, 2030F, $ Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market

4. Polyurethane Market Segmentation
4.1. Global Polyurethane Market, Segmentation By Product Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

Coatings
Adhesives and sealants
Flexible and rigid foams
Elastomers
Others

4.2. Global Polyurethane Market, Segmentation By End Use Industry, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

Furniture
Construction
Electronics & Appliances
Automotive
Footwear
Others

5. Polyurethane Market Regional And Country Analysis
5.1. Global Polyurethane Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5.2. Global Polyurethane Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion

Companies Mentioned

BASF SE
Covestro
DIC Corp.
DowDuPont
Eastman Chemical Co.
Foamex Innovations (U.S)
Huntsman Corp.
INOAC Corporation
Kuwait Polyurethane Industries W.L.L
LANXESS
Lubrizol Corp.
Manali Petrochemicals Ltd.
Mitsui Chemicals Inc.
Nippon Polyurethane Industry Corp. Ltd.
Perstorp
Rampf Holding GmbH & Co. KG
Recticel S.A./N.V.
Rogers Corporation
RTP Company
Sheela Foam Ltd.
The Dow Chemical Company
Tosoh Corporation
Wanhua Chemical Group Co. Ltd.
Woodbridge Foam Corp.

For more information about this report visit https://www.researchandmarkets.com/r/kz3pko

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