The demand for polyurethanes (PU) in Asia-Pacific market is expected to grow significantly during the forecast period, 2018-2023. China is estimated to be the largest market for polyurethanes in Asia-Pacific. Polyurethane based foams are used as insulating materials in homes, refrigerators, and many other uses. Insulating foams help consumer save on their heating and cooling costs. In addition to providing temperature and moisture control, insulation is often used to provide noise reduction. The insulation also proves to be helpful during the summer season by reducing the air-conditioning use.
Asia-Pacific is the world's largest construction market across the globe. With rising demand for infrastructure that promote energy-efficient structures, home builders and consumers are gradually moving towards building strategies that deliver performance and energy savings in long run. Owing to the various infrastructure development initiatives by the government of India, the construction industry has seen a surge in the recent years. Additionally, over the past few years, India, because of their business potential, has become the major hosts of numerous international and national events. This, in turn, has increased the demand for hotels, shopping malls, high-rise buildings, arenas, thereby, boosting the demand for polyurethanes market.
PU elastomer is the largest non-foam application segment in Asia-Pacific. The development of PU elastomers in Asia-Pacific is mainly driven by the growth of the footwear industry in China. The shift of footwear production from Western nations to China is expected to drive the footwear industry market during the forecast period. However, shoe production is also being shifted from China to India due to the lower labor costs in country. However, the utilization of PU elastomers in India and ASEAN countries has been increasing, as a result of the increasing production of shoes, sporting goods, industrial materials, and consumer goods.
The increase in the demand of PU market in China is considered to be the primary reason for growth of production facilities in the region. The growth of market in this region is mainly due to availability of labor, raw materials, and local government support. Robust growth in end-user industries, such as construction, automotive, footwear, and electronics has resulted in China dominating the demand for polyurethanes market. However, the consumption of PU elastomers in India and ASEAN countries has been increasing, as a result of the increasing production of shoes, sporting goods, industrial materials, and consumer goods.
Major Players: BASF SE, Bayer, DowDuPont, Nippon Polyurethane Industry and Chemtura Corp., among others.
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