Market Size of Polyurethane Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 83.54 Billion |
| Market Size (2029) | USD 111.16 Billion |
| CAGR (2024 - 2029) | 5.88 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Polyurethane Market Analysis
The Polyurethane Market size is estimated at USD 83.54 billion in 2024, and is expected to reach USD 111.16 billion by 2029, growing at a CAGR of 5.88% during the forecast period (2024-2029).
The COVID-19 outbreak across the globe severely impacted market growth in various sectors. Stoppage or slowdown of projects, movement restrictions, production halts, and labor shortages to contain the COVID-19 outbreak have led to a decline in the polyurethane market growth. However, it recovered significantly in 2021, owing to rising consumption from various end-use applications, including furnishing, interiors, and automotive.
- Over the short term, the increasing demand for lightweight and high-performance composites from the automotive industry, increasing demand from the building and construction industry, and increasing demand from the bedding, carpet, and cushioning industries are major factors driving the growth of the market studied.
- However, growing environmental concerns is a key factor anticipated to restrain the target industry growth over the forecast period.
- Nevertheless, the increasing demand for bio-based polyurethane will likely create lucrative growth opportunities for the global market soon.
- The Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.
