Product Code: 46686
The market for polyurethane is expected to register a CAGR of around 4%, during the forecast period. The major factor driving the market studied is the rising demand from bedding, carpet, and cushioning industry. Competition from fiberglass and polystyrene foam is expected to hinder the growth of the market studied.
- The foam segment dominated the market with a share of more than 65% 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.
Key Market Trends
Increasing Demand from Building and Construction Industry
- Polyurethane-based foams are used as insulating materials in homes, refrigerators, as well as for several other purposes. Insulating foams helps consumers cut down their heating and cooling costs.
- The building and conatruction industry is by far the largest consumer for rigid and sprays polyurethane foam. With 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, 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 building and construction industry is expected to rapidly grow over the forecast period.
China to Dominate the Asia-Pacific Region
- The Asia-Pacific region dominated the global market share in 2018. 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 of about 4.5% in 2018. Though 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 increasing.
- 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, tablets, and so on, have a major share in the market.
- Such factors, in turn, are boosting the demand for the polyurethane market in various sectors.
The global 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 Industrial Group, Huntsman Corp., Tosoh Corporation, and Covestro AG, among others.
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Table of Contents
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Drivers
- 4.1.1 Increasing Demand from the Bedding, Carpet, and Cushioning Industry
- 4.1.2 Increasing Demand from the Building and Construction Industry
- 4.2 Restraints
- 4.2.1 Competition from Polystyrene and Polypropylene Foam
- 4.2.2 Toxic Nature of Polyurethane Coatings
- 4.3 Industry Value Chain Analysis
- 4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
- 4.5 Raw Material Analysis
- 4.6 Import-Export Trends
5 MARKET SEGMENTATION
- 5.1 Application
- 5.1.1 Foams
- 5.1.2 Coatings
- 5.1.3 Adhesives and Sealants
- 5.1.4 Elastomers
- 5.1.5 Other Applications
- 5.2 End-user Industry
- 5.2.1 Furniture and interiors
- 5.2.2 Furniture Upholstery
- 5.2.3 Mattresses
- 5.2.4 Building and Construction
- 5.2.5 Electronics and Appliances
- 5.2.6 Automotive
- 5.2.7 Footwear
- 5.2.8 Packaging
- 5.2.9 Others
- 5.3 Geography
- 5.3.1 Asia-Pacific
- 184.108.40.206 China
- 220.127.116.11 India
- 18.104.22.168 Japan
- 22.214.171.124 South Korea
- 126.96.36.199 Rest of Asia-Pacific
- 5.3.2 North America
- 188.8.131.52 United States
- 184.108.40.206 Canada
- 220.127.116.11 Mexico
- 5.3.3 Europe
- 18.104.22.168 Germany
- 22.214.171.124 United Kingdom
- 126.96.36.199 Italy
- 188.8.131.52 France
- 184.108.40.206 Russia
- 220.127.116.11 Rest of Europe
- 5.3.4 South America
- 18.104.22.168 Brazil
- 22.214.171.124 Argentina
- 126.96.36.199 Rest of South America
- 5.3.5 Middle East & Africa
- 188.8.131.52 Saudi Arabia
- 184.108.40.206 South Africa
- 220.127.116.11 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share Analysis
- 6.3 Strategies Adopted by Leading Players
- 6.4 Company Profiles
- 6.4.1 BASF SE
- 6.4.2 BCI Holding SA
- 6.4.3 Carpenter
- 6.4.4 Covestro AG
- 6.4.5 DIC CORPORATION
- 6.4.6 Dow
- 6.4.7 Huntsman International LLC
- 6.4.8 INOAC Corporation
- 6.4.9 Kuwait Polyurethane Industries WLL
- 6.4.10 Lanxess
- 6.4.11 Mitsui Chemicals Inc.
- 6.4.12 Recticel NV/SA
- 6.4.13 Rogers Corporation
- 6.4.14 Sheela Foam Ltd
- 6.4.15 Tosoh Corporation
- 6.4.16 Wanhua Industrial Group Co. Ltd
7 MARKET OPPORTUNITIES AND FUTURE TRENDS