Polyurethane Market Share, Size, Trends, & Industry Analysis Report By Product (Rigid PU Foam, Flexible PU Foam, PU Coatings, PU Adhesives & Sealants, PU Elastomers); By Application; By Region, Segment Forecasts, 2024 - 2032
- Published Date:Jan-2024
- Pages: 115
- Format: PDF
- Report ID: PM1121
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
Global Polyurethane Market Size was valued at USD 74.23 Billion in 2023. The Polyurethane industry is projected to grow from USD 78.01 Billion in 2024 to USD 118.46 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.4% during the forecast period (2024 - 2032). The Polyurethane market is experiencing robust growth driven by end-use sectors such as construction, automotive, furniture, footwear, industrial, and others. Also, the increasing focus on sustainable and energy-efficient solutions has driven innovations in the polyurethane industry, as the material can be tailored to meet stringent environmental standards. An accelerating growth in the demand for refrigeration of packed food items and medicines, among other consumable products, is directly propelling the demand for bio-based polyurethane. For instance, in May 2024, Lubrizol expanded its bio-based TPU portfolio with Pearlbond™ ECO 590 HMS, catering to hot-melt adhesive applications like furniture, electronics, and footwear, offering high adhesion and environmental benefits with up to 59% bio content.
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In addition, the automotive sector contributes to driving the growth of the polyurethane market, particularly through its applications in vehicle interiors and components. Polyurethane is favored in automotive manufacturing for its lightweight properties, impact resistance, and ability to enhance comfort and safety. Within vehicle interiors, polyurethane foams are used extensively. Moreover, polyurethane coatings and adhesives are employed in automotive assembly processes to improve structural integrity and reduce vibrations. An increasingly significant application of polyurethane in the automotive sector is in electric vehicle (EV) batteries. Polyurethane encapsulation is utilized to protect and insulate sensitive battery components, ensuring their efficient operation and longevity. For instance, in April 2024, Huntsman's new SHOKLESS polyurethane systems provide lightweight, durable solutions for protecting electric vehicle batteries, offering thermal and structural safeguarding through flexible foam and moldable encapsulant options.
Polyurethane Market Trends:
The Versatility of Polyurethane Drives the Polyurethane Market Growth
Market CAGR for Polyurethane is being driven by its exceptional adaptability, which arises from its unique chemical structure. The excellent adaptability of polyurethane allows manufacturers to tailor its properties to meet a diverse range of applications. In the construction sector, polyurethane's insulation properties contribute to energy efficiency and enhanced building performance. Similarly, in the automotive industry, its lightweight and durable nature makes it an ideal material for components that require both strength and flexibility. Furniture manufacturers use polyurethane for its comfort and resilience, while the electronics industry benefits from its electrical insulating properties.
Also, the medical field utilizes polyurethane for its biocompatibility and sterilization resistance. Polyurethane coatings and adhesives find applications in countless products, from textiles to industrial machinery, owing to their protective and bonding characteristics. The versatility of polyurethane extends to its ability to be rigid or flexible, foam or solid, transparent or opaque, depending on the desired outcome. This adaptability represents polyurethane as one solution for all materials for addressing a wide range of industry needs. For instance, in April 2024, JIAHUA CHEMICALS offered thermoplastic polyurethane elastomer rubber (TPU), which excels in diverse industries for its durability, flexibility, and biocompatibility. It's used in footwear, automotive parts, medical devices, electronics, textiles, and packaging, showcasing its broad applicability and reliability in modern manufacturing.
Increasing Demand of Polyurethane in Construction industry
The Polyurethane market is experiencing significant growth, driven by the rising adoption of polyurethane in construction industry, various polyurethane products are extensively used in construction for sealants, adhesives, insulation and as component in construction industry for buildings. As urbanization accelerates globally, particularly in emerging economies, there is a heightened need for efficient and sustainable construction practices. Polyurethane's excellent thermal insulation properties help buildings meet stringent energy efficiency standards, driving its adoption in both residential and commercial construction projects.
Moreover, polyurethane's versatility extends beyond insulation to encompass diverse applications such as waterproofing, flooring, and structural reinforcement. The ongoing expansion of infrastructure and renovation projects worldwide further boosts the demand for polyurethane, positioning it as a critical material in the construction industry's growth driving the Polyurethane market revenue.
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Polyurethane Market Segment Insights:
Polyurethane Product Insights:
The global polyurethane market segmentation, based on product and application. The rigid PU foam segment dominated the market, with the largest market revenue share in 2023. The segment’s dominance is due to a combination of advantageous properties that position it as a material of choice across diverse applications. Rigid PU foam's remarkable thermal insulation capabilities have made it particularly preferred in the construction industry, where energy efficiency is an important concern. Its ability to provide high insulation values while maintaining structural strength contributes to its wide use in building insulation applications, including roofs, walls, and foundations.
In addition, the versatility of rigid PU foam extends to its application in refrigeration and appliances, where its insulating properties help enhance energy efficiency. The material's excellent load-bearing capacity and dimensional stability have also contributed to its prevalence in various industrial and manufacturing applications. For instance, in April 2024, Researchers at the University of Liège have developed a room temperature process for producing recyclable, isocyanate-free rigid polyurethane foams using water as a foaming agent, described as simple, modular, and rapid, suitable for a wide range of rigid PU foam applications.
Polyurethane Application Insights:
The global Polyurethane market segmentation, based on application, includes automotive, appliances, construction, electronics, furnishing, footwear, and packaging. The construction segment held the largest revenue share in 2023, owing to its unparalleled versatility and diverse range of applications that address key challenges in modern construction. Rigid polyurethane foam, in particular, has become important to building insulation, offering superior thermal efficiency that helps in energy conservation. Its lightweight and robust nature makes it an ideal material for structural components, contributing to the construction of durable and energy-efficient buildings.
Polyurethane coatings and adhesives are extensively utilized in construction for their protective qualities and bonding capabilities, ensuring longevity and structural strength. Also, the material's resistance to moisture, chemicals, and temperature variations further enhances its suitability for construction applications. The adaptability of polyurethane to various construction needs, from insulation to sealants, contributes to its widespread adoption across residential, commercial, and industrial projects.
Global Polyurethane Market, Segmental Coverage, 2019 - 2032 (USD Billion)
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Polyurethane Regional Insights:
By region, the study provides the market insights into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. The Asia Pacific region dominated the global polyurethane market. This is because of the robust industrial and economic growth witnessed across key countries in this region. As a result, there has been an increased demand for polyurethane across diverse sectors, including construction, automotive, electronics, and furniture. The burgeoning construction activities in countries like China and India, coupled with a growing emphasis on energy-efficient solutions, significantly contributed to the widespread adoption of polyurethane in insulation materials, coatings, and adhesives. Also, the thriving automotive industry in the Asia Pacific has fueled the demand for lightweight and durable materials, with polyurethane being a preferred choice for various automotive components.
Further, the major countries studied in the market report are The US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
GLOBAL POLYURETHANE (PU) MARKET, REGIONAL COVERAGE, 2019 - 2032 (USD Billion)
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Source: Secondary Research, Primary Research, PMR Database and Analyst Review
Europe Polyurethane market accounts for the second-largest market share driven by its versatile applications across industries such as automotive, construction, and furniture. Due to stringent environmental regulations, innovations in sustainability, including bio-based and recyclable polyurethanes, are increasingly important. Some of the major players in the polyurethane market in the European region are investing in R&D to enhance product performance and meet evolving market demands, while raw material dynamics and regional economic factors also influence polyurethane market trends and growth. For instance, in April 2024, Wanhua Chemical's new Barcelona R&D Center aims to advance its footprint in Europe, particularly in polyurethane applications, by driving sustainability and innovation through green chemistry, renewable energy, and circular economy initiatives.
Further, the North American region is expected to showcase the fastest growth rate over the forecast period within the market. This is due to the resurgence of manufacturing activities in North America, driven by technological advancements and innovations in polyurethane formulations. The region's focus on sustainability and environmental regulations has led to increased investments in eco-friendly polyurethane solutions, representing the global shift towards greener alternatives.
Polyurethane Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Polyurethane market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Polyurethane industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Polyurethane industry to benefit clients and increase the market sector. In recent years, the Polyurethane industry has offered some technological advancements. Major players in the Polyurethane market, including BASF SE, Covestro, Eastman Chemical Corporation, INEOS, Mitsubishi Chemical Corporation, Lubrizol Corporation, LyondellBasell, Mitsui Chemicals Inc., Nippon Polyurethane Industry Corp Ltd., Sumitomo Chemical, The Dow Chemical Co., The Rampf Holding GmbH, Woodbridge Foam Corp.
BASF SE is a global chemical corporation with seven distinct business segments: chemicals, industrial solutions, materials, surface technologies, nutrition & care, agricultural solutions, and others. The chemical segment supplies petrochemicals and their intermediates. In May 2024, BASF India is expanding its Ultramid and Ultradur production capacity in Gujarat and Maharashtra while inaugurating a Polyurethane Technical Development Center in Mumbai to support market growth across various industries.
Sumitomo Chemical Company, Limited, is a Japanese chemical company, founded in the year 1913, headquartered in Tokyo, Japan. The company operates in varied sectors, including essential chemicals, plastics, energy, energy & functional materials, IT-related chemicals, health, crop sciences, pharmaceuticals, and others. The company has a network of 203 subsidiaries and affiliates. Sumitomo Chemical is a significant player in the global chemical industry. In April 2024, KBR and Sumitomo Chemical allied to license Sumitomo's environmentally friendly propylene oxide by cumene (POC) technology globally, enhancing sustainability in polyurethane production.
Key Companies in the Polyurethane market include:
- BASF SE
- Covestro
- Eastman Chemical Corporation
- INEOS, Mitsubishi Chemical Corporation
- Lubrizol Corporation
- LyondellBasell
- Mitsui Chemicals Inc.
- Nippon Polyurethane Industry Corp Ltd.
- Sumitomo Chemical
- The Dow Chemical Co.
- The Rampf Holding GmbH
- Woodbridge Foam Corp.
Polyurethane Industry Developments
- April 2023, Dubai-based system house Pearl Polyurethane Systems introduced the new PearlBond adhesive range to ensure increased availability of PU-based adhesives.
- April 2023, Basse Materials launched new polyurethane tooling board products, including BP600 medium-density, BP1200, and BP1700 abrasion-resistant, high-density PU tooling materials for vacuum forming, thermoforming, and automotive modeling.
- July 2023, Rymbal, a B2B player in the footwear industry, launched a product named “RymaSoft,” which is an advanced polyether–based polyurethane system designed for footwear.
Polyurethane Market Segmentation:
Polyurethane Product Type Outlook
- Rigid PU Foam
- Flexible PU Foam
- PU Coatings
- PU Adhesives & Sealants
- PU Elastomers
Polyurethane Application Outlook
- Automotive
- Appliances
- Construction
- Electronics
- Furnishing
- Footwear
- Packaging
- Others
Polyurethane Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Vietnam
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
Polyurethane Report Scope:
|
Report Attributes |
Details |
|
Market size value in 2023 |
USD 74.23 billion |
|
Market size value in 2024 |
USD 78.01 billion |
|
Revenue Forecast in 2032 |
USD 118.46 billion |
|
CAGR |
5.4% from 2024 – 2032 |
|
Base year |
2023 |
|
Historical data |
2019 – 2022 |
|
Forecast period |
2024 – 2032 |
|
Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments covered |
|
|
Regional scope |
|
|
Competitive Landscape |
|
|
Report Format |
|
|
Customization |
Report customization as per your requirements with respect to countries, region, and segmentation. |
Explore the market dynamics of the 2024 Polyurethane (PU) Market share, size, and revenue growth rate, meticulously examined in the insightful reports crafted by Polaris Market Rersearch Industry Reports. The analysis of Polyurethane (PU) Market extends to a comprehensive market forecast up to 2032, coupled with a retrospective examination. Avail yourself of a complimentary PDF download to sample this in-depth industry analysis.
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FAQ's
The global polyurethane market size is expected to reach USD 118.46 billion by 2032
BASF SE, Covestro, Eastman Chemical Corporation, INEOS, Mitsubishi Chemical Corporation are the top market players in the market
Asia Pacific region contribute notably towards the global Polyurethane (PU) Market
The global polyurethane market is anticipated to grow at a CAGR of 5.4% during the forecast period.
The Polyurethane (PU) Market report covering key segments are product, application, and region.
The construction had the largest share in the global market
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