Polyurethane Market  Share, Size, Price, Strategy, Overview, Demand, Outlook and Forecast 2021-2028

The global polyurethane industry size was USD 56.45 billion in 2020. The market is projected to grow from USD 57.34 billion in 2021 to USD 81.74 billion in 2028 at a CAGR of 5.1% during the 2021-2028 period.

The polyurethane industry is a sector involved in the production and application of polyurethane (PU), a versatile polymer material. Polyurethane is created through a chemical reaction between polyols (alcohol-based compounds with multiple hydroxyl groups) and isocyanates (compounds containing reactive NCO groups). This reaction produces a wide range of polyurethane products with varying properties, including flexibility, hardness, resilience, and chemical resistance.

The polyurethane industry encompasses various sectors, including manufacturing, processing, and application of polyurethane materials. Some key areas within the industry include:

1. Flexible Foams: Polyurethane foam is widely used in the production of flexible foams, such as furniture cushions, bedding, automotive seats, and carpet underlay. These foams offer comfort, durability, and excellent cushioning properties.

2. Rigid Foams: Polyurethane rigid foams are employed for insulation purposes, particularly in the construction industry. They provide excellent thermal insulation, contributing to energy efficiency in buildings. Rigid foams are also utilized in appliances, refrigeration, and packaging.

3. Coatings and Adhesives: Polyurethane coatings and adhesives are valued for their protective and bonding properties. They are used in a variety of applications, including automotive coatings, wood finishes, flooring, textiles, and electronic components.

4. Elastomers: Polyurethane elastomers exhibit high elasticity, toughness, and resistance to abrasion and impact. They are utilized in manufacturing products such as gaskets, seals, rollers, bushings, and tires.

5. Binders and Sealants: Polyurethane binders are employed in composite wood products like particleboards and oriented strand boards (OSBs). Polyurethane sealants are used for sealing joints and gaps in construction, automotive, and other industries.

The polyurethane industry has experienced significant growth due to the unique properties and versatility of polyurethane materials. The demand for polyurethane products is driven by various sectors, including construction, automotive, furniture, appliances, packaging, and electronics. Continuous research and development efforts focus on enhancing the performance, sustainability, and recyclability of polyurethane materials to meet evolving market demands and environmental considerations.

Industry Development

July 2020: BASF and Yutong Bus Co. Ltd., who is a bus manufacturer, co-jointly invented a progressive polyurethane-based seating system intended for buses. This seating is produced utilizing Elastoflex PU of BASF and delivers augmented flame-retardant characteristics.

List of Key Players Covered in the Report

• BASF SE (Germany)

• The Dow Chemical Company (U.S.)

• Covestro AG (Germany)

• Yantai Wanhua Polyurethanes Co., Ltd. (China)

• Huntsman (U.S.)

• Foamcraft, Inc. (U.S.)

• Mitsui Chemicals & SKC Polyurethanes Inc. (South Korea)

• Lanxess (Germany)

• Eurofoam Group (Austria)

• Inoac Corporation (Japan)

• Rogers Corporation (U.S.)

• Recticel (Belgium)

• Future Foam, Inc. (U.S.)

• Tosoh Corporation (Japan)

• Armacell (Germany)

• Fxi-Foamex Innovations (U.S.)

• Compagnie De Saint-Gobain S.A. (France)

Information Source:

https://www.fortunebusinessinsights.com/industry-reports/polyurethane-pu-market-101801