Polyurethanes (PU) Market Trend to 2023 Profiling Dow Chemical Company, Huntsman Corporation, BASF, Mitsui Chemicals & More
MarketSizeForecasters.com adds a new Polyurethanes (PU) Market Research Report for the period of 2016-2023 that shows the growth of the market is rising at a 5% CAGR to 2023.
Polyurethanes market observed significant demand from construction, automotive and furniture industry. Increasing infrastructure spending coupled with government compliance in construction industry will drive the PU market growth. High performance parameters and light weight properties led to increasing usage in refrigeration insulation, seat cushioning and interior trims.
Polyurethane (PU) Market size is estimated to exceed USD 75 billion by 2023; according to a new research report
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Rising demand for sustainable, high efficiency and innovative products along with extensive polymer R&D is driving the polyurethanes market. Increasing awareness pertaining to energy conservation and growing GHG emissions concerns are the key factors enhancing industry growth.
Increasing innovations in bio-based PU due to government regulations on recyclability of materials will open new opportunities for polyurethanes market growth.
Polyurethanes market witnessed increased emphasis in automotive industry, owing to its low weight properties. Low weight automobiles and reduced harmful emissions are the emerging automobile trends encouraging the industry demand.
Automotive polyurethanes market will witness growth at over 4% by 2023. Increasing automobile applications including instrument panels, exterior panels, engine encapsulation and seating as a better substitute over other conventional materials will support the application scope.
Construction polyurethanes market share was the major contributor, accounted for around 30% of the overall industry in 2015. Rising demand from acoustic and thermal insulation in households for effective energy conservation will enhance the industry demand. Varying MDI, PDI and polyol prices due to fluctuating crude oil index and stringent regulations on petrochemical based products are the major challenges of the industry.
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Rigid PU foam market will witness growth at over 4% by 2023. Increasing insulation uses due to rising awareness regarding energy conservation and carbon emissions will positively influence the product demand. Flexible PU foam market generated worth more than USD 13 billion revenue in 2015. Changing lifestyle and increasing consumer affordability led development in mattress and automotive seating applications, which will fuel the flexible foam penetration.
Expansion in construction industry particularly in the U.S. is the key factor influencing the industry growth. U.S. polyurethanes rigid foam market will witness gains at over 4% in revenue terms. Rigid foam is widely used as insulation to reduce thermal losses and conserve energy.
Europe, led by Germany, UK and Italy is estimated to generate revenue worth over USD 20 billion by 2023. EU promotions for energy efficient households is the key stimulating factor driving regional demand. Germany automotive applications are estimated to witness CAGR at over 3% up to 2023. High R&D investments and huge automobile manufacturers fueled the product demand.
APAC polyurethanes market revenue was over USD 20 billion in 2015. The region will witness notable growth due to rapid industrialization and urbanization along with increasing construction spending particularly in China, India and South East Asia.
Global polyurethanes market share was consolidated with the leading multinational corporations. Bayer, Dow Chemical Company, Huntsman Corporation and BASF are the chief industry participants. Mitsui Chemicals, British Vita Unlimited, Nippon, Recticel, Woodbridge Foam Corp and Foamex Innovations are the other industry players.
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2012-2022 Global Spray Polyurethanes Foam Industry Report
This report is an essential reference for those who look for detailed information on global Spray Polyurethanes Foam market. The report covers data on national, regional, and global markets, including historical and future trends for supply, demand, prices, trading, competition as well as global major vendors’ information.
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