Polyurethanes Market is anticipated to grow with a value CAGR of 6.3% over 2019-2028.According to a study published by Insure Insights on the Polyurethanes Market. Polyurethane is a polymer; it is composed of organic units joined by carbamate links. Most polyurethanes are thermosetting polymers, i.e., it does not melt when heated; it is a flexible foam, is mostly used materials in home furnishings such as furniture, bedding, and carpet underlay. The Versatile nature of Polyurethanes and the use of Polyurethane in refrigeration applications have driven the market growth.
Top Driver: The rise in the popularity of Polyurethane in the End User industries have driven the growth.
There has been significant growth of the Polyurethane in various industries, especially in the automotive and the furniture industry, It is also used in electronics and packaging, various innovative production technologies for Polyurethane with advanced characteristics have propelled the demand for Polyurethanes. The rise in the use of bio-based materials is further propelling market growth. The rise in the importance given to light-weight and high-performance plastic than the use of conventional heavy materials like metals in the automotive industry is boosting the Market of Polyurethane.
Flexible foam is expected to obtain the highest growth in the Global Polyurethanes Market
Based on the Product type segment Flexible foam has dominated the market growth as it is efficiently used in the automotive, construction, and electronics industries. Flexible foams are also have gained importance in other sectors; it can also be used in bedding & upholstery, fabric coatings, footwear midsoles, and print rollers. These foams are very useful to the automobile manufacturers to find out the problems associated with the weight, vibration, fuel efficiency, and durability of automobiles.
Based on the End User segment automotive industry has obtained the most remarkable growth as of semi-rigid polyurethane foams as essential for skin foams for vehicle interiors and exterior parts, they are also used in the development of, interior trims, bumper systems, door handles, gear knobs, dashboards, seat cushions, and truck sandwich panels
The increase in demand for Polyurethane in Asia Pacific Market to boost the regional growth
There is a significant demand for Polyurethane in developing economies like China, India, Thailand, Malaysia due to the popularity of polyurethane foams as it is widely used in flourishing construction, automotive, and also in electronics, industries. Moreover, China is regarded as a giant in the manufacturing of polyurethane foams. Rapid globalization and increasing capital investments and ongoing infrastructure development projects have further boosted the regional growth of the Market. Moreover, the implementation of financial reforms and initiatives by the government of India is propelling the market growth of the country.
New Product Launches, advances in the product, collaboration and acquisition are the key strategies of the competitors
The major competitors of the Polyurethanes Market are the fragmented, player focus of developing new products, and acquisition and collaborations are the major strategies that will benefit their overall growth. Covestro AG, BASF SE, The Dow Chemical Company, Wanhua Chemical Group Co. Ltd., Eastman Chemical Co.; Mitsui Chemicals, Inc.; Mitsubishi Chemical Corp.; Nippon PU Industry Corp. Ltd.; Recticel S.A. and Huntsman.
BASF SE: BASF SE is the giant competitor of the Polyurethanes Market. In the year 2017, BASF SE had announced its biggest acquisition; it had acquired significant parts” of Bayer’s seed and non-selective herbicide business. This acquisition deal was made for USD 6.60 billion; This acquisition was made by BASF SE to enter the seed business for the first time, and thus to strengthen its product portfolio.
The Dow Chemical Company: The Dow Chemical Company is the industry leader in Polyurethanes Market. In the year 2019, The Dow Chemical Company had announced that it agreed to merge with E.I. du Pont de Nemours & Company; the combined entity will be further being operating under the name DowDuPont, and it would have three divisions namely Agriculture, Materials Science and Specialty Products.
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By Product Type
By End User
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