Global Polyurethane Catalysts Market

Global Polyurethane Catalysts Market Size, Share, Growth Analysis, By Type(Catalysts, Surfactants), By Application(Foam, Adhesive) - Industry Forecast 2024-2031

Report ID: SQMIG15A2114 | Region: Global | Published Date: February, 2024
Pages: 260 | Tables: 68 | Figures: 75

Global Polyurethane Catalysts Market News

  • In May 2022, Evonik opens new polyurethanes technical service and training center in Istanbul. With its state-of-the-art equipment the new 500 square meter facility offers regional customers digital analysis methods for polyurethane (PU) foam applications, first-class technical service, and customized training opportunities.
  • In July 2022, Huntsman Starts Commercial Operation of New Splitter at its Geismar, Louisiana Polyurethanes Plant.
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Polyurethane Catalysts Market size was valued at USD 69.98 billion in 2019 and is poised to grow from USD 75.19 billion in 2023 to USD 105.29 billion by 2031, growing at a CAGR of 4.4% in the forecast period (2024-2031).

Global Polyurethane Catalysts is relatively fragmented, with a number of competitors. The prominent players operating in the market are constantly adopting various growth strategies to stand in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players include BASF SE, Manali Petrochemicals, Covestro AG, Kao Corporation, The Dow Chemical Company, Huntsman International LLC, Suzhou Xiangyuan Special Fine Chemical Co., Ltd, Tosoh Corporation, Polychemie Asia Pacific Permai., Evonik Industries AG, and others 'Evonik Industries', 'BASF', 'Huntsman Corporation', 'The Dow Chemical Company', 'Covestro AG', 'Air Products and Chemicals, Inc.', 'Wanhua Chemical Group Co. Ltd.', 'Momentive Performance Materials Inc.', 'Mitsui Chemicals, Inc.', 'Albemarle Corporation', 'LANXESS AG', 'Chemtura Corporation', 'Solvay SA', 'Tosoh Corporation', 'Dymax Corporation', 'Kukdo Chemical Co., Ltd.', 'Trinseo LLC', 'IFS Chemicals Group', 'Baerlocher GmbH', 'King Industries, Inc.'

Due to the rise in vehicle manufacturing, demand for polyurethane catalysts is anticipated to grow significantly throughout the forecast period. Because it shields leather from UV rays and extreme heat, polyurethane is utilized in the seat coverings of automobiles. In the automotive sector, polyurethane is also employed as coatings for a variety of interior and exterior applications. The need for polyurethane in the automotive industry is also increasing as a result of the surge in demand for lightweight automobiles.

The two main trends in Polyurethanes catalyst market are: (1) the further improvement of all sustainability aspects, and (2) the digitalization of product and process development, are explored for the future development of polyurethanes. The former may be seen in four key areas: the creation of better insulating materials to cut down on energy use; the creation of raw materials with a smaller carbon footprint; the reduction of odours and emissions in indoor applications; and the recycling of industrial and consumer waste. The current analysis concludes with a few illustrations of how, in the future, digitalization can influence and accelerate research and development activity.

Asia Pacific held the largest Global Polyurethane Catalysts market share. China is the world's biggest producer of footwear and automobiles, making it the biggest consumer of PU. China produces about % of the world's footwear, while India, Vietnam, and Indonesia collectively produce about 15 percent. As a result, Asia-Pacific (which includes China) accounted for over 45% of the world's total polyurethane consumption.

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