Polyurethane Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Polyurethane Foam Market is segmented by type (rigid foam, flexible foam, coatings, adhesives, sealants, and elastomers (CASE), thermoplastic polyurethanes, and other types), end-user industry (furniture, 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). The report offers the market sizes and forecasts for revenue (USD million) for all the above segments.

Polyurethane Market Size

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Polyurethane Market Summary
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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

Polyurethane Market 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.

Polyurethane Market Trends

This section covers the major market trends shaping the Polyurethane Market according to our research experts:

Increasing Demand from the Building and Construction Industry

  • The most extensive application of polyurethane is in the building and construction industry. Polyurethanes are used to make high-performance products that are strong but lightweight, perform well, and are durable and versatile.
  • The building and construction industry is the largest consumer of rigid and sprayed 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.
  • As per US Census Bureau, following a substantial reduction in the value of commercial construction put in place over the past few years, the value of commercial construction recovered to pre-recession levels, reaching USD 91.03 billion in 2021. The starting building value in the United States is expected to reach USD 135 billion in 2022.
  • According to figures published by the US Census Bureau and the US Department of Housing and Urban Development, the number of privately-owned residential units permitted by building permits was at a seasonally adjusted annual rate of 1,873,000 in December 2021. Each year, a total of 1,128,000 single-family permits were issued. Unit authorizations in structures with five or more units were 675,000 per year.
  • As per Statistisches Bundesamt, the number of building permits for residential and non-residential buildings in Germany reached 158 thousand units in 2021 and registered growth compared to 152 thousand in 2020.
  • Several primary commercial construction operations in the Middle East are driven by government projects, such as Saudi Arabia Vision 2030 and Abu Dhabi Economic Vision 2030. Qiddiya, Sharaan resort at Al-Ula, Al Widyan, King Fahad Medical City Expansion, and King Abdullah Bin Abdulaziz Medical Complexes are examples of Saudi Arabian construction projects with a favorable impact on the market growth.
  • From the factors mentioned above, the demand for polyurethane from the building and construction industry is expected to grow over the forecast period.
Polyurethane Market - Value of Commercial Construction Put in Place, in USD billion, United Staes, 2017 - 2021

Asia-Pacific Expected to Dominate the Market

  • The Asia-Pacific region dominates the global polyurethane market share. With growing construction activities and rapid urbanization in China and India, polyurethane usage is increasing.
  • China is amid a construction mega-boom. According to the National Bureau of Statistics of China, the construction works output value in the country increased from CNY 23.27 trillion (USD 3.34 trillion) in 2020 to CNY 25.92 trillion (USD 3.72 trillion) in 2021. Furthermore, China is expected to spend nearly USD 13 trillion on buildings by 2030.
  • According to the International Organization of Motor Vehicle Manufacturers (OICA), China is the largest producer of automobiles. The country's automotive sector is preparing for large-scale product evolution, focusing on manufacturing products to ensure fuel economy while minimizing emissions owing to growing environmental concerns.
  • According to figures released by the China Passenger Car Association (CPCA), in China, around 3.3 million New Energy Vehicles (NEVs), i.e., battery-electric vehicles (BEVs) and plug-in hybrid vehicles (PHEVs), were expected to be sold in 2021. In December 2021, 505,000 NEVs were sold. Of these, 423,000 were BEVs, and 82,000 were PHEVs.
  • The Indian furniture market is robust. According to InvestIndia (a national investment promotion and facilitation agency), India's total rental furniture and appliances market reached INR 33,500 crore (USD 4,040.01 million) in FY 2021. The market is expected to garner USD 61.09 billion by the end of 2023.
  • According to Japan Electronics and Information Technology Industries Association (JEITA), the domestic production of the Japanese electronics industry witnessed a year-on-year growth rate of 10.8% in 2021 and reached JPY 10,954.34 billion (USD 81.76 billion). It enhanced the demand for polyurethane from various electronics segments. Moreover, in the first four months of 2022, the production of the Japanese electronics industry accounted for JPY 3,656.44 billion (USD 27.29 billion), registering a growth rate of around 0.2% compared to the same period in 2021.
  • Due to all such factors, the Asian-Pacific region's polyurethane market is expected to witness steady growth during the forecast period.
Polyurethane Market - Growth Rate by Region, 2022 - 2027

Polyurethane Industry Overview

The polyurethane market is consolidated, with intense competition among the top players. Some major players (not in any particular order) include BASF SE, Wanhua, Huntsman International LLC, Dow, and Covestro AG.

Polyurethane Market Leaders

  1. BASF SE

  2. Covestro AG

  3. Dow

  4. Huntsman International LLC

  5. Wanhua

*Disclaimer: Major Players sorted in no particular order

Polyurethane Market Concentration
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Polyurethane Market News

  • July 2022: DIC acquired a Chinese coating resin manufacturer named Guangdong TOD New Material Co. Ltd. The acquisition helped DIC Corporation expand its Asian market capacity for different resins, including acrylic, alkyd, polyester, urethane, and epoxy.
  • February 2022: BASF SE and NEVEON collaborated on mattress recycling. BASF was developing a wet chemical recycling process for used mattresses made of PU, whereby new beds can be made using alternative polyurethane.

Polyurethane Market Report - 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 for Lightweight and High-performance Composites from the Automotive Industry

      2. 4.1.2 Increasing Demand from the Building and Construction Industry

      3. 4.1.3 Increasing Demand from the Bedding, Carpet, and Cushioning Industries

    2. 4.2 Restraints

      1. 4.2.1 Growing Environmental Concerns

    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 Buyers

      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. 5. MARKET SEGMENTATION (Market Size in Value)

    1. 5.1 Type

      1. 5.1.1 Rigid Foam

      2. 5.1.2 Flexible Foam

      3. 5.1.3 Coatings, Adhesives, Sealants, and Elastomers (CASE)

      4. 5.1.4 Thermoplastic Polyurethane

      5. 5.1.5 Other Types

    2. 5.2 End-user Industry

      1. 5.2.1 Furniture

      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

    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 (%)**/Ranking 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 Co.

      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 WLL

      10. 6.4.10 Lanxess

      11. 6.4.11 Mitsui Chemicals Inc.

      12. 6.4.12 Recticel NV/SA

      13. 6.4.13 Rogers Corporation

      14. 6.4.14 Sheela Foam Limited

      15. 6.4.15 Tosoh Corporation

      16. 6.4.16 Wanhua

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

    1. 7.1 Increasing Demand for Bio-based Polyurethane

**Subject to Availability
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Polyurethane Industry Segmentation

Polyurethane is a plastic polymer material used to produce modern, versatile, and safe consumer and industrial products that are environmentally friendly. Polyurethane is formed by reacting a polyol (an alcohol with more than two reactive hydroxyl groups per molecule) with a diisocyanate or a polymeric isocyanate in the presence of suitable catalysts and additives. The polyurethane market is segmented by type, end-user industry, and geography. The market is segmented by type: rigid, flexible, coatings, adhesives, sealants, elastomers (CASE), thermoplastic polyurethane, and other types. By end-user industry, the market is segmented into furniture, building and construction, electronics and appliances, automotive, footwear, packaging, and other end-user industries. The report 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 based on revenue (USD million).

Type
Rigid Foam
Flexible Foam
Coatings, Adhesives, Sealants, and Elastomers (CASE)
Thermoplastic Polyurethane
Other Types
End-user Industry
Furniture
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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Polyurethane Market Research FAQs

The Polyurethane Market size is expected to reach USD 83.54 billion in 2024 and grow at a CAGR of 5.88% to reach USD 111.16 billion by 2029.

In 2024, the Polyurethane Market size is expected to reach USD 83.54 billion.

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

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia-Pacific accounts for the largest market share in Polyurethane Market.

In 2023, the Polyurethane Market size was estimated at USD 78.90 billion. The report covers the Polyurethane Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Polyurethane Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

The factors driving the Polyurethane Market are a) Increasing demand for lightweight and durable products in the automotive, construction, and electronics industries b) Increasing demand from the building and construction industry c) Increasing demand from the bedding, carpet, and cushioning industries

Polyurethane Industry Report

The global polyurethane market is witnessing significant growth, propelled by surging demand in sectors like automotive, construction, and packaging, especially in the U.S. and Asia-Pacific regions. This growth is driven by the increasing need for building insulation, spurred by sustainability concerns and the booming construction industry. Key segments include raw materials such as Toluene Di-isocyanate, Methylene Diphenyl Di-isocyanate, and Polyols, covering a range of applications from rigid and flexible foams to coatings, adhesives, and sealants. The Asia-Pacific area, with China and India at the forefront, leads the market due to rapid urbanization and industrial growth. Innovations in bio-based polyurethane and recycling initiatives offer fresh opportunities amidst environmental challenges. Major players are expanding production and launching new products to cater to rising demand, showcasing a vibrant market scenario. For detailed polyurethane market insights, including share, size, revenue growth rate, and a forecast outlook, Mordor Intelligenceā„¢ Industry Reports provide an in-depth analysis and a free report PDF download, offering a comprehensive historical overview and future predictions for this dynamic industry.

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Polyurethane Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)