Global Polyurethane Market

Global Polyurethane Market Size, Share, Growth Analysis, By Material Type(Polyol, MDI), By Product Type(Rigid foam, flexible foam), By End User(Building & construction, automotive & transportation) - Industry Forecast 2023-2030


Report ID: SQMIG15E2128 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 97 | Figures: 76

Global Polyurethane Market Insights

Global Polyurethane Market size was valued at USD 72.1 billion in 2021 and is poised to grow from USD 75.19 billion in 2022 to USD 105.29 billion by 2030, growing at a CAGR of 4.4% in the forecast period (2023-2030).

Increasing demand for the sustainable building insulation material such as polyurethane is the major factor that is attributed to the growth of the market.

Green buildings are entering into the construction market due to increasing investment in smart energy-efficient commercial and residential buildings. Green buildings provide a meaningful response to increasing consumer awareness regarding sustainability as well as it can be accepted by environmental and federal regulations.

The polyurethane material has wide applications in automotive, construction, and packaging, and others. In the automotive industry, thermoplastic polyurethane is used in the car components to reduce the total weight of the vehicle and it also reduces the fuel consumption and carbon emissions.

In addition, the increased demand for polyurethane is due to its high durability. It can be used in the areas where other materials are not suitable such as exterior surfaces as well as in outdoor applications. However, the increasing popularity of eco-friendly materials, wide range of applications, and increasing environmental concerns are the factors which boost the growth of the global market.

Market snapshot - 2023-2030

Global Market Size

USD 72.1 billion

Largest Segment

Construction

Fastest Growth

Automotive

Growth Rate

4.4% CAGR

Global Polyurethane Market, 2022-2030 ($ Bn)
Country Share for Asia Pacific Region- 2022 (%)
Global Polyurethane Market Size By End User, 2022-2030 ($ Bn)
Global Polyurethane Market Size By End User, 2022-2030 (%)

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Global Polyurethane Market Segmental Analysis

The global polyurethane market is segmented on the basis of material type, product type, end users, and region. Based on material type, the global market is segmented into polyol, MDI, TDI, others. In terms of product type, the global market is categorized into rigid foam, flexible foam, coating, adhesive and sealants, elastomers, and others. With respect to end users, the global market is segmented into building and construction, automotive and transportation, bedding and furniture, footwear, appliances and white goods, others. On the basis of region, the market is widespread into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. 

Analysis by Product Type

Rigid foam segment is expected to have a large market share during the forecast period. Rigid foams have wide application in end use industries such as industrial insulations and appliances, packaging and transportation. Rigid foams are structurally stable so it is easier for manufacturers to produce thermally insulating products. These structurally stable characteristics of this material makes them highly suitable in extreme weather and harsh environments. In addition, rigid foams have some properties such as thermal resistance, mechanically higher strength, and sound insulation quality.

Flexible foam segment is expected to grow at a steady rate over the forecast period because it is primarily used as cushioning for many consumer and commercial products such as automotive interior, bedding, furniture and carpet underlay.

Analysis by End User

The construction segment is expected to dominate the global polyurethane market over the forecast period. The demand of polyurethane in construction applications is increased due to its beneficial characteristics such as excellent thermal insulation, chemical inertness, lightness, and bacterial and pest resistance. In addition, increasing urbanization and industrialization in emerging economies and growing infrastructure development activities in the Middle East, increasing government initiatives, and rising awareness about green buildings are the factors which help to propel the growth of the construction industry. This in turn increases the demand for polyurethane and boosts the global polyurethane market.

Automotive segment is expected to grow at a faster CAGR during the forecast period. Polyurethane has wide applications in automotive industries as it provides safety, comfort, lightness together with the design freedom.

Global Polyurethane Market By End User, 2022 (%), 2021 (%)

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Global Polyurethane Market Regional Insights

The Asia Pacific region is expected to dominate the global polyurethane market during the forecast period. The market growth is attributed to increasing end-use industries such as automotive, electronics & appliances, packaging, furniture & interior, and construction. A shift in the production landscape toward emerging economics such as India and China are expected to influence the market growth. Foams and other polyurethane products are expected to gain significance in this region as the increasing consumer awareness about the sustainability of lightweight and low-cost polyurethane.

North America is expected to have considerable growth during the forecast period. The leading country in this region is the U.S that uses polyurethane in the automotive and construction industry.

Europe is expected to have substantial growth during the forecast period due increasing use of polyurethane in the manufacturing of machinery and furniture that helps to propel the market growth.

Global Polyurethane Market By Geography, 2022-2030, 2023-2030
  • Largest
  • Fastest

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Global Polyurethane Market Dynamics

Drivers

  • Increasing industrial Applications

Polyurethane has wider industrial applications such as flexible foam is used in upholstered furniture, rigid foam for insulation in roofs and walls , TPU used in medical devices and footwear, and adhesives, sealants, and elastomers are used on floors and automotive interior. This factor helps to boost the market growth.

  • Increasing Demand for Environment Friendly Polyurethane

The increasing demand for green and sustainable polyurethane and expansion of polyurethane recycling and recovery are expected to create numerous market opportunities.

Restraint

  • Strong Presence of Substitutes

Polyurethane has wide applications in end use industries. However, there are many substitutes that are present in the market that replace the polyurethane such as linseed oil. It is used to treat wood in the furniture industry instead of toxic products, Polysiloxane coatings are used in marine industry instead of PUR coatings. Hence, the growth of the market is hindered.

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Global Polyurethane Market Competitive Landscape

Global polyurethane market is highly competitive. Majority of players operating in the market compete on the basis of raw material such as methylene diphenyl diisocyanate, polyol, and toluene diisocyanate used in the manufacturing of polyurethane. Key players adopted strategic development and increased their investment in research and development activities in order to formulate the new product.

Top Player's Company Profiles

  • BASF SE
  • Covestro AG
  • The Dow Chemical Company
  • Huntsman Corporation
  • Mitsui Chemicals Inc.
  • Wanhua Chemical Group Co., Ltd.
  • Chemtura Corporation
  • Recticel SA/NV
  • Lubrizol Corporation
  • Eurofoam Deutschland GmbH
  • Carpenter Co.
  • Foamcraft Inc.
  • Rogers Corporation
  • Saint-Gobain Performance Plastics Corporation
  • Sekisui Chemical Co. Ltd.
  • Trelleborg AB
  • UFP Technologies Inc.
  • Woodbridge Foam Corporation
  • Zotefoams PLC
  • FoamPartner Group

Recent Developments

  • In Feb 2022, BASF SE and NEVEON collaborated on mattress recycling. BASF was developing a wet chemical recycling process for used mattresses made of PU, thereby new mattresses can be made by using polyurethane substitutes.
  • In July 2022, DIC acquired a Chinese coating resin manufacturer named Guangdong TOD New Material Co. Ltd. The acquisitions helped DIC Corporation to expand its Asian market Capacity for different resins, including acrylic, alkyd, polyester, urethane, and epoxy.

Global Polyurethane Key Market Trends

Increasing Adoption of PU Coatings and Adhesives in Construction Industry

  • PU adhesives have characteristics such as durability, flexibility, and have better bonding along with good impact resistance. It can be used in vehicle interior to bond windshields, seal fuel tanks, and building & construction applications. High demand for adhesives from the construction industry is one of the leading market trends.
  • The demand for PU coatings is increased in the automotive, construction, and furniture industry as it protects the substrate from corrosion, and weathering.

Global Polyurethane Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our global polyurethane market, increasing awareness about the green and sustainable insulation material, growing industrial applications, increasing government investment in research & development are the factors which help to propel the market growth. The demand of polyurethane is high from the construction sector due to its beneficial characteristics such as excellent thermal insulation, lightness, chemical inertness, and bacterial and pest resistance. The rise in use of substitutes instead of polyurethane is the major factor challenging market growth. The Asia Pacific region dominates the market. Key players increase their investment in R&D to produce green and sustainable products.

What's Included

NA

Report Metric Details
Market size value in 2021 USD 72.1 billion
Market size value in 2030 USD 105.29 billion
Growth Rate 4.4%
Base year 2021
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • Material Type
    • Polyol, MDI, TDI, others
  • Product Type
    • Rigid foam, flexible foam, coating, adhesives & sealants, elastomers, and others
  • End User
    • Building & construction, automotive & transportation, bedding and furniture, footwear, appliances and white goods, and others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • BASF SE
  • Covestro AG
  • The Dow Chemical Company
  • Huntsman Corporation
  • Mitsui Chemicals Inc.
  • Wanhua Chemical Group Co., Ltd.
  • Chemtura Corporation
  • Recticel SA/NV
  • Lubrizol Corporation
  • Eurofoam Deutschland GmbH
  • Carpenter Co.
  • Foamcraft Inc.
  • Rogers Corporation
  • Saint-Gobain Performance Plastics Corporation
  • Sekisui Chemical Co. Ltd.
  • Trelleborg AB
  • UFP Technologies Inc.
  • Woodbridge Foam Corporation
  • Zotefoams PLC
  • FoamPartner Group
Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Polyurethane Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Polyurethane Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Polyurethane Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Polyurethane Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Polyurethane Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Polyurethane Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Polyurethane Market size was valued at USD 72.1 billion in 2021 and is poised to grow from USD 75.19 billion in 2022 to USD 105.29 billion by 2030, growing at a CAGR of 4.4% in the forecast period (2023-2030).

Global polyurethane market is highly competitive. Majority of players operating in the market compete on the basis of raw material such as methylene diphenyl diisocyanate, polyol, and toluene diisocyanate used in the manufacturing of polyurethane. Key players adopted strategic development and increased their investment in research and development activities in order to formulate the new product. 'BASF SE', 'Covestro AG', 'The Dow Chemical Company', 'Huntsman Corporation', 'Mitsui Chemicals Inc.', 'Wanhua Chemical Group Co., Ltd.', 'Chemtura Corporation', 'Recticel SA/NV', 'Lubrizol Corporation', 'Eurofoam Deutschland GmbH', 'Carpenter Co.', 'Foamcraft Inc.', 'Rogers Corporation', 'Saint-Gobain Performance Plastics Corporation', 'Sekisui Chemical Co. Ltd.', 'Trelleborg AB', 'UFP Technologies Inc.', 'Woodbridge Foam Corporation', 'Zotefoams PLC', 'FoamPartner Group'

Increasing industrial Applications

PU adhesives have characteristics such as durability, flexibility, and have better bonding along with good impact resistance. It can be used in vehicle interior to bond windshields, seal fuel tanks, and building & construction applications. High demand for adhesives from the construction industry is one of the leading market trends.

The Asia Pacific region is expected to dominate the global polyurethane market during the forecast period. The market growth is attributed to increasing end-use industries such as automotive, electronics & appliances, packaging, furniture & interior, and construction. A shift in the production landscape toward emerging economics such as India and China are expected to influence the market growth. Foams and other polyurethane products are expected to gain significance in this region as the increasing consumer awareness about the sustainability of lightweight and low-cost polyurethane.

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Global Polyurethane Market

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