Polyurethane Market - Growth, Trends, and Forecast (2019 - 2024)

The market is segmented by Application (Foams, Coatings, Adhesives and Sealants, Elastomers, and Other Applications), End-user Industry (Furniture and Interiors, Building and Construction, Electronics and Appliances, Automotive, Footwear, Packaging, and Other End-user Industries), and Geography.

Market Snapshot

Market summary - Polyurethane Market
Study Period:


Base Year:


Fastest Growing Market:

Asia Pacific

Largest Market:

Asia Pacific

Key Players:

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Market Overview

The market for polyurethane is expected to register a CAGR of around 8%, during the forecast period (2019-2024). The major factor driving the market studied is the rising demand from bedding, carpet, and cushioning industry. Competition from fiberglass and polystyrene foam is expected to hinder the growth of the market studied.

  • The foam segment dominated the market in 2018, and is expected to grow during the forecast period, owing to increasing application as an insulating agent.
  • Increasing demand for bio-based polyurethane is likely to act as an opportunity in the future.
  • Asia-Pacific dominated the market across the world, with the largest consumption from countries, such as China and India.

Scope of the Report

The polyurethane market report includes:

Rigid Foam
Flexible Foam
Adhesives and Sealants
Other Applications
End-user Industry
Furniture and interiors
Building and Construction
Electronics and Appliances
Other End-user Industries (Industrial, Textiles and Apparel, Fibers, Medical, and Marine)
South Korea
Rest of Asia-Pacific
North America
United States
United Kingdom
Rest of Europe
South America
Rest of South America
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

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Key Market Trends

Increasing Demand from Building and Construction Industry

  • Polyurethane-based foams are used as insulating materials in homes, refrigerators, as well as for several other purposes. Insulating foams helps consumers cut down their heating and cooling costs.
  • The building and conatruction industry is by far the largest consumer for rigid and sprays polyurethane foam. With rising number of building codes that promote energy-efficient structures, home builders and consumers are gradually moving toward building strategies that deliver performance and energy savings in the long run.
  • According to the department of energy, heating and cooling costs account for 48% of the energy use in a typical US household. Spray polyurethanes are important solutions in improving a home’s energy efficiency, along with other insulating foams, such as EPS, XPS, etc. 
  • According to the US Environmental Protection Agency, energy star program can save up to 11% on a person's energy bills, by adding insulation and sealing air leaks.
  • If properly insulated, the spray foam insulation can also provide protection against moisture. This, in turn, reduces the chances of walls developing harmful molds, mildews, etc. 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, in reducing air-conditioning.
  • From the above-mentioned factors, the demand for polyurethane from building and construction industry is expected to rapidly grow over the forecast period.
Polyurethane Mar

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Asia-Pacific Region to Dominate the Market

  • The Asia-Pacific region dominated the global market share in 2018. With growing construction activities and rapid urbanization in countries, such as China and India, the usage of polyurethane is increasing in the region.
  • Furniture and construction industries are among the fastest-growing end-user industries in India. The construction sector in India has been growing rapidly, with an increased investment by the government. The Indian government's ‘Housing for All by 2022’ is a major game changer for the industry. A cumulative total of USD 24.67 billion foreign direct investment has been made for the construction activities (including townships, built-up infrastructure, and construction-development projects) in the country, between the period of April 2000 to December 2017.
  • The country is likely to witness an investment of around USD 1.3 trillion in housing, over the next seven years, where it is likely to witness the construction of 60 million new homes. Thus, the availability of affordable housing is expected to rise by around 70%, by 2024, in India.
  • In the first quarter of 2018 alone, office leasing activity across India’s top eight markets was at an all-time high. A total of about 11 million sq ft of office space take-up was recorded in Q1 2018, registering an increase of about 25% from Q1 2017. This has largely driven the commercial construction activity in India.
  • All such factors, coupled with increasing consumption from other emerging economies of Asia-Pacific, are driving the growth of the market in the region.
Regional - Polyurethane Market

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Competitive Landscape

The polyurethane market is fragmented and dominated by very few players. Some of the major players include BASF SE, Wanhua Industrial Group, Huntsman Corp., Mitsui Chemicals, and Covestro AG.

Major Players

  1. BASF SE
  2. Wanhua Industrial Group
  3. Mitsui Chemicals
  4. Covestro AG
  5. Huntsman Corp.

* Complete list of players covered available in the table of contents below

Polyurethane Market - Concentration

Table of Contents


    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study




    1. 4.1 Drivers

      1. 4.1.1 Growing Demand from Bedding, Carpet and Cushioning Industry

      2. 4.1.2 Increasing Demand from Building and Construction Industry

      3. 4.1.3 Increasing Emphasis on Recycling

    2. 4.2 Restraints

      1. 4.2.1 Competition from Polystyrene and Polypropylene Foam

      2. 4.2.2 Toxic Nature of Polyurethane Coatings

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porters Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

    5. 4.5 Raw Material Analysis

    6. 4.6 Import-Export Trends


    1. 5.1 Application

      1. 5.1.1 Foams

        1. Rigid Foam

        2. Flexible Foam

      2. 5.1.2 Coatings

      3. 5.1.3 Adhesives and Sealants

      4. 5.1.4 Elastomers

      5. 5.1.5 Other Applications

    2. 5.2 End-user Industry

      1. 5.2.1 Furniture and interiors

      2. 5.2.2 Building and Construction

      3. 5.2.3 Electronics and Appliances

      4. 5.2.4 Automotive

      5. 5.2.5 Footwear

      6. 5.2.6 Packaging

      7. 5.2.7 Other End-user Industries (Industrial, Textiles and Apparel, Fibers, Medical, and Marine)

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. Rest of Asia-Pacific

      2. 5.3.2 North America

        1. United States

        2. Canada

        3. Mexico

      3. 5.3.3 Europe

        1. Germany

        2. United Kingdom

        3. Italy

        4. France

        5. Rest of Europe

      4. 5.3.4 South America

        1. Brazil

        2. Argentina

        3. Rest of South America

      5. 5.3.5 Middle East & Africa

        1. Saudi Arabia

        2. South Africa

        3. Rest of Middle East & Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 BASF SE

      2. 6.4.2 BCI Holding S.A.

      3. 6.4.3 Carpenter

      4. 6.4.4 Covestro AG

      5. 6.4.5 DIC CORPORATION

      6. 6.4.6 Dow

      7. 6.4.7 Huntsman International LLC

      8. 6.4.8 INOAC CORPORATION

      9. 6.4.9 Kuwait Polyurethane Industries W.L.L

      10. 6.4.10 LANXESS

      11. 6.4.11 Mitsui Chemicals, Inc. (MCNS and Kumho Mitsui Chemicals)

      12. 6.4.12 Recticel s.a./n.v.

      13. 6.4.13 Rogers Corporation

      14. 6.4.14 Sheela Foam Ltd.

      15. 6.4.15 Tosoh Corporation

      16. 6.4.16 Wanhua Industrial Group Co., Ltd.

    5. *List Not Exhaustive

    1. 7.1 Increasing Demand for Bio-based Polyurethane

**Subject to Availability

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