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

The Polyurethane 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 (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa).

Market Snapshot

Polyurethane Market Bar Graph
Study Period: 2016 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >5 %
Polyurethane Market Major Players

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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).

Application
Foams
Coatings
Adhesives and Sealants
Elastomers
Other Applications
End-user Industry
Furniture and Interiors
Furniture Upholstery
Mattresses
Building and Construction
Electronics and Appliances
Automotive
Footwear
Packaging
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Russia
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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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.
Polyurethane Market Revenue Share

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Asia-Pacific Region to Dominate the Polyurethane Market

  • The Asia-Pacific region dominated the global market share. With growing construction activities and rapid urbanization in countries, such as China and India, the usage of polyurethane is increasing in the region.
  • China’s construction activity witnessed a rise in 2019. However, this growth is far less compared to the average growth of the construction sector over the past ten years, which is about 11%. The construction activity is slowly recovering in the country post-COVID-19 impact.
  • On the other hand, the infrastructure expenditure in China has been rising lately, with significant growth in infrastructure in the transportation and social sectors. To boost economic growth, the government has approved new subway projects worth CNY 200 billion.
  • China represents the world’s largest electronics production base and is extremely competitive with the existing upstream producers, like South Korea, Singapore, and Taiwan. Electronic products, such as smartphones, OLED TVs, and tablets, have a major share in the market.
  • In India, the electronics market witnessed a growth in demand, with market size increasing from USD 145 billion in 2016 to USD 215 billion in 2019. Between April 2020 and October 2020, exports of electronic goods stood at USD 5.05 billion. The growing electronics and appliances market in India and China may push the market growth further in Asia-Pacific.
  • Such factors, in turn, are boosting the demand for the polyurethane market in various sectors.
Polyurethane Market Geography Trends

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Competitive Landscape

The polyurethane market is consolidated in nature, with intense competition among the top players to increase the major share in the global market. Some of the major players include BASF SE, Wanhua, Huntsman International LLC, Dow, and Covestro AG, among others.

Recent Developments

  • In February 2021, Coverstro planned to increase production capacity by establishing new plants for polyurethane dispersions in the Shanghai site. The plant is due to be completed in 2024.
  • In October 2020, Huntsman opened its plant in Taiwan along with its 3600 square meter polyol plant and downstream polyurethanes capabilities.
  • In September 2019, Huntsman, with a new facility in Dubai, increased its polyurethane production capacity.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand from the Bedding, Carpet, and Cushioning Industry

      2. 4.1.2 Increasing Demand from the Building and Construction Industry

    2. 4.2 Restraints

      1. 4.2.1 Toxic Nature of Polyurethane Coatings

      2. 4.2.2 Competition from Polystyrene and Polypropylene Foam

      3. 4.2.3 Unfavorable Conditions Arising Due to the Impact of COVID-19

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's 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

  5. 5. MARKET SEGMENTATION

    1. 5.1 Application

      1. 5.1.1 Foams

      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 Furniture Upholstery

      3. 5.2.3 Mattresses

      4. 5.2.4 Building and Construction

      5. 5.2.5 Electronics and Appliances

      6. 5.2.6 Automotive

      7. 5.2.7 Footwear

      8. 5.2.8 Packaging

      9. 5.2.9 Other End-user Industries

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 Italy

        4. 5.3.3.4 France

        5. 5.3.3.5 Russia

        6. 5.3.3.6 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    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 SA

      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 Kemipex

      10. 6.4.10 Kuwait Polyurethane Industries WLL

      11. 6.4.11 Lanxess

      12. 6.4.12 Mitsui Chemicals Inc.

      13. 6.4.13 Recticel NV/SA

      14. 6.4.14 Rogers Corporation

      15. 6.4.15 Sheela Foam Ltd

      16. 6.4.16 Tosoh Corporation

      17. 6.4.17 Wanhua

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. Increasing Demand for Bio-based Polyurethane

**Subject to Availability

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Frequently Asked Questions

The Polyurethane Market market is studied from 2016 - 2026.

The Polyurethane Market is growing at a CAGR of >5% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

Wanhua, BASF SE , Covestro AG , Huntsman International LLC, Dow are the major companies operating in Polyurethane Market.

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