The market for polyurethane is expected to grow at a CAGR of around 8% during the forecast period of 2019

NEW YORK, Oct. 28, 2019 /PRNewswire/ --

Market Overview
The market for polyurethane is expected to grow at a CAGR of around 8% during the forecast period of 2019 – 2024. The major factor driving the market studied is the growing demand from bedding, carpet and cushioning industry. Competition from fiberglass and polystyrene foam is expected to hinder the growth of the market studied.



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- Foam segment dominated the market in 2018 and is expected to grow during the forecast period owing to the increasing application as an insulating agent.
- Increasing demand for bio-based polyurethane is likely to act as an opportunity in the future.
- Asia-Pacific dominated the market across the globe with the largest consumption from countries such as China and India.

Key Market Trends
Increasing Demand from Building & Construction Industry

- Polyurethane based foams are used as insulating materials in homes, refrigerators, and are used for several other purposes. Insulating foams helps consumers cut down their heating and cooling costs.
- The building & conatruction industry is by far the largest consumer for rigid and sprays polyurethane foam. With the rising number of building codes that promote energy-efficient structures, home builders and consumers are gradually moving toward building strategies that deliver performance and energy savings in the long run.
- According to the department of energy, heating and cooling costs account for 48% of the energy use in a typical US household. Spray polyurethanes are important solutions in improving a home's energy efficiency, along with other insulating foams, such as EPS, XPS, etc.
- According to the US Environmental Protection Agency, energy star program can save up to 11% on a person's energy bills, by adding insulation and sealing air leaks.
- If properly insulated, the spray foam insulation can also provide protection against moisture. This, in turn, reduces the chances of walls developing harmful molds, mildews, etc. In addition to providing temperature and moisture control, insulation is often used to provide noise reduction. The insulation also proves to be helpful during the summer season in reducing air-conditioning.
- From the above mentioned factors, the demand for polyurethane from building & construction industry is expected to rapidly grow over the forecast period.

Asia-Pacific Region to Dominate the Market

- Asia-Pacific region dominated the global market share in 2018. With growing construction activities and rapid urbanization in countries such as China and India, the usage of polyurethane is increasing in the region.
- Furniture and construction industries are among the fastest-growing end-user industries in India. The construction sector in India has been growing rapidly with an increased investment by the government. The Indian government's 'Housing for All by 2022' is a major game changer for the industry. A cumulative total of USD 24.67 billion foreign direct investment has been made for the construction activities (including townships, built-up infrastructure, and construction- development projects) in the country, between the period of April 2000 to December 2017.
- The country is likely to witness an investment of around USD 1.3 trillion in housing over the next seven years, where it is likely to witness the construction of 60 million new homes. Thus the availability of affordable housing is expected to rise by around 70% by 2024, in India.
- In the first quarter of 2018 alone, office leasing activity across India's top 8 markets was at an all-time high. A total of about 11 million sq. ft. of office space take-up was recorded in Q1 2018, registering an increase of about 25% from Q1 2017. This has largely driven the commercial construction activity in India.
- All such factors coupled with increasing consumption from other emerging economies of Asia-Pacific is driving the growth of the market in the region.

Competitive Landscape
The polyurethane market is fragmented and is dominated by very few players. Some of these major players include BASF SE, Wanhua Industrial Group, Huntsman Corp., Mitsui Chemicals, and Covestro AG.

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