Polyurethanes market size is set to surpass USD 80 billion by 2025; according to a new research report by Global Market Insights, Inc.
Rapid increase in the usage of bio-based and green materials along with shifting trends towards replacement of heavy metals with light weight and durable plastics is expected to foster market growth. Rising consumer demand for quality and high strength products majorly in electric vehicles as these products are highly used to manufacture interior and exterior vehicle components is further expected to drive polyurethanes market demand.
Polyurethanes foams are largely used in upholstered furniture, car seats and mattresses as their thermal conductivity, low density, sound insulating, and thermal properties makes it ideal for furniture and interior applications. Consumers are highly preferring plastic furniture owing to their lightweight and affordable characteristics. Also, these foams provide an aid in cutting huge energy costs thereby making commercial and residential properties comfortable and efficient.
Adhesives & sealants market demand may surpass USD 5 billion by the end of 2024. These products provide strong binding and tight seals along with waterproofing, and ability to set in high temperatures. These adhesives are highly used in the automotive interiors, textile laminates, footwear, windshield bonding and conveyor belts. The sealants and used for construction and plumbing applications proving high strength, fast curing rates, and water resistance thereby promoting PU market growth.
Germany polyurethanes market size may expect gains at over 4.5% over the forecasted period owing to stringent government directives towards fuel efficiency and smart building initiatives thereby reducing fossil fuel demand and greenhouse gas emissions. The initiative by European Commission and European Investment Bank (EIB) named ELENA, is aimed to provide technical & financial assistance in the implementation of distributed renewable energy, urban transport and energy efficiency. The program also assists public and private promoters for developing projects related to environment sustainability thereby promoting product demand.
Huntsman Corporation, Dow Chemical Company, BASF, Reticel SA and Mitsui Chemicals are the major manufacturers in the polyurethanes market. Companies are focusing on strategic outlook to expand business in the value chain which in turn may enhance product portfolio and expand regional presence.
Polyurethanes market by Product
- Rigid foam
- Flexible foam
- Adhesives and sealants
Polyurethanes market By Application
- Furniture and interiors
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- Latin America (LATAM)
- Middle East & Africa
- Saudi Arabia
- South Africa
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