China Polyurethane market is estimated to register a significant CAGR during the forecast period. Building and Construction is expected to be the largest end-user segment. The advent of bio polyurethane acts as one of the major opportunities for the market.
Polyurethane-based foams are used as insulating materials in homes, refrigerators, and many other uses. Insulating foams made help consumer save on their heating and cooling costs. The building industry is by far the largest consumer of rigid and spray polyurethane foam. With rising number of building codes that promote energy-efficient structures, homebuilders and consumers are gradually moving toward building strategies that deliver performance and energy savings in the long run. China, which was recently suffering a slump in its construction industry, is expected to recover in the next few years and should grow at a rate of more than 3.8% annually through 2021, thus increasing the demand for the polymer.
PU elastomers are replacing rubber in a diverse range of end-user markets, including footwear (primarily as shoe soles), transportation (including tire fill products, run-flat tires, gaskets, seals, spring aids, and truck bed liners), wheels and tires, construction applications, and machinery (including agitators and parts for the mining and oil & gas markets and cast products, such as bearings, belts, and pulleys). In addition, PU elastomers are extensively used in the construction of running tracks and thermal breaks in metal frame windows. The footwear market is the largest end-user industry.
The footwear industry in China is largest in the world and has been for a long time. It produced 13.1 billion pairs of shoes in 2016, nearly 6 times that of the second in the same ranking, India. Due to the large domestic market, with the presence of the world’s largest population and major exports in all other countries, China’s shoe manufacturing has been on the rise.
Major Players: BASF SE, Wanhua Industrial Group, Tosoh, and ChemChina, amongst others.
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