Polyurethane Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The market for polyurethane was valued at over USD 45 billion in 2020, and the market is projected to register a CAGR of 5% during the forecast period (2021-2026).

COVID-19 has hindered the polyurethane market for reasons such as government restrictions, travel restrictions, lockdowns, and factories being shut down. As the building and construction industries were at a halt, this affected the polyurethane market negatively. Polyurethane is a customizable insulator; it is used in the transportation of vaccines around the world. As the vaccine distribution has begun in the countries like India, the United States, the United Kingdom, and few others, the demand for polyurethane is anticipated to increase in the field in 2021.

• Over the short term, the major factor driving the market studied is the rising demand from the bedding, carpet, and cushioning industry. Moreover, it has a huge scope in the near future, as it is used in the transportation of COVID vaccines.
• Competition from fiberglass and polystyrene foam is expected to hinder the growth of the market studied.
• The foam segment dominated the market and is expected to grow at a significant rate during the forecast period, owing to the 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

Polyurethanes are thermosetting polymers, and they do not melt when exposed to heat. The global polyurethane market is segmented by application and end-user industry. The market is segmented by application into foams, coatings, adhesives and sealants, elastomers, and other applications. Foams have the highest market share among the applications segment. The market is segmented by end-user industry furniture and interiors, building and construction, electronics and appliances, automotive, footwear, packaging, and other end-user industries. Among these end-user industries, the building and construction industry holds a dominating market. The report also covers the market size and forecasts for the polyurethane market in 16 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (kiloton) and value (USD million).

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Key Market Trends

Increasing Demand from the Building and Construction Industry

• Polyurethane finds its largest application in the building and construction industry, where it is used in various household, commercial, and industrial applications. Owing to its excellent strength-to-weight ratio, insulation properties, durability, and versatility, polyurethane is frequently used in building and construction applications.
• The building and construction industry is by far the largest consumer for rigid and sprays polyurethane foam. There are many benefits of using rigid polyurethane foam insulation, including its energy efficiency, high performance, versatility, thermal/mechanical performance, and environment-friendly nature. Rigid polyurethane foams are widely applied as wall and roof insulation, insulated panels, and gap fillers for the space around doors and windows.
• With the 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, the 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 the building and construction industry is expected to grow over the forecast period rapidly.

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