Polyurethane Market to Reach US$ 101,887.11 Million by 2021 Due to Rising Demand for Durable and Lightweight Materials from Several End -Use Industries - The Insight Partners
PUNE, India, Sept. 22, 2021 /PRNewswire/ -- According to new research study on "Polyurethane Market to 2028 – Global Analysis and Forecast – by Raw Material, Polyols, Product, Application, and Geography," the market is projected to grow from US$ 52,666.29 million in 2020 to US$ 101,887.11 million by 2028; it is expected to grow at a CAGR of 9.1% during 2021–2028.
Polyurethane is a thermosetting polymer, which is composed of organic units joined by carbamate links and does not melt on heating. It is light in weight, resistant to corrosion, and elastic in nature, and possesses considerable strength. In most cases, Polyurethane is an alternative to paper, glass, and metals. High mechanical strength enables polyurethane to provide insulation and replace metals for automobile parts.
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Impact of COVID-19 Pandemic on Polyurethane Market
The ongoing COVID-19 pandemic has been drastically altered the status of the plastic polymer industry and has negatively impacted the growth of the polyurethane market. The COVID-19 outbreak has further distorted operational efficiency and disrupted the value chains due to the sudden closure of national and international boundaries, creating revenue loss and damage. The disruptive value chain has had a negative impact on the raw material supply, which, in turn, is impacting the growth of the polyurethane market. However, as most of the economies are reviving their operations, the demand for polyurethane is rising globally. The packaging industry is a dynamically growing contributor to this demand since consumers are inclined toward ordering products online. Moreover, the previously postponed construction projects are resuming, which would further provide an opportunity for the polyurethane market players to regain normalcy in the coming years.
Growing Demand for Low VOC, Green, and Sustainable Polyurethane
Many paints, varnishes, and clear coats emit volatile organic compounds (VOCs) with other harmful compounds if they are applied on a surface. However, polyurethane fumes may cause harmful side effects; therefore, it is essential to avoid their use. Ultimately, VOCs are considered harmful to human health and their use should be avoided when possible. This factor propels the demand for low VOC, green, and sustainable polyurethane in the market. Overall, investing in a low VOC or eco-friendly polyurethane clear coat is considered the ideal treatment for hardwood floors because it is the only way to keep home free of unnecessary toxins with fumes. Polyurethane is used as a petrochemical resin that contains known respiratory toxins named isocyanates. When left uncured, it can cause asthma and other breathing problems. Those who spend time in rooms that have uncured polyurethane floor treatments can experience health issues such as throat and eye irritation, headaches, nausea, vomiting, coughing, and breath shortness. Children and kids are prone to developing those issues since their immune systems are sensitive. People suffering from respiratory issues can also be affected. Eco-friendly polyurethane is always the ideal treatment to be utilized for hardwood floors. However, polyurethane exposure can be limited by allowing proper curing prior to re-entering the affected area. Curing time varies based on the type and quantity of the product as well as on the type of floor and airflow.
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Polyurethane Market: Segmental Overview
Polyols emerged as the largest raw material segment in 2020. A wide range of polyols is used to produce polyurethanes to meet the requirements of different applications, such as cushioning and insulation, coatings, apparel, and electronics. The most used polyols for polyurethane production are polyester polyols and polyether polyols. Polyester polyols are widely used to form rigid and flexible foam polyurethanes as well as polyurethane adhesives, sealants, coatings, and elastomers owing to their properties, such as high UV resistance, excellent resistance to oils and fuels, abrasion resistance, and high tensile strength. Moreover, polyether polyols are primarily utilized in the manufacturing of polyurethane rigid foam, soft foam, and molding foam owing to their enhanced hydrolytic stability and excellent resistance to weak acids and bases. Polyester polyols are the most widely used raw materials for the synthesis of polyurethanes. However, polyether polyols are rapidly replacing polyester polyols for manufacturing polyurethanes as they are less expensive than polyester polyols.
Polyurethane Market: Competitive Landscape and Key Developments
Company Profiles
- Covestro AG
- The Dow Chemical Company
- BASF SE
- Mitsui Chemicals, Inc.
- Huntsman Corporation
- FXI
- Lubrizol Corporation
- DIC Corporation
- Recticel NV
- Tosoh Corporation
are a few of the major companies operating in the global polyurethane market. The market players are aiming to cater to the rising demand for polyurethane from automotive, construction, packaging, and other end-use industries to secure better market position. For instance, in April 2021, Covestro AG completed the acquisition of resins & functional materials business from DSM.
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