SAN FRANCISCO, July 14, 2022 /PRNewswire/ -- The global polyurethane market size is expected to reach USD 105.45 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.3% from 2022 to 2030. The market is driven by the growing need for high-performance and lightweight composites in the automotive industry. The use of thermoplastic polyurethane (TPU) in car components has significantly reduced total vehicle weight. The automobile industry's need for plastics has been driven by the need to reduce total vehicle weight in order to reduce fuel consumption and carbon emissions. As an alternative to metals, PU is frequently utilized in automobile applications such as engine encapsulation, seats, external panels, instrument panels, external panels, and cables and wires.
Key Insights & Findings from the report:
- The rigid foam product segment accounted for the largest revenue share in 2021 and is expected to witness prominent growth during the forecast period.
- The construction application segment dominated the global market and accounted for more than 25.0% share of the global revenue in 2021.
- The Asia Pacific accounted for the largest revenue share of more than 40.0% in 2021. The strong manufacturing bases of the automotive, electronics, and appliances industries in China, India, South Korea, and Japan are expected to boost the market growth in the near future.
- Over the last years, a number of strategic efforts have been implemented in order to improve market growth. For instance, on October 22, 2021, Huntsman International LLC launched a new range of low-emission MDI-based foam systems for automotive interiors; the ACOUSTIFLEX LE and RUBIFLEX LE polyurethane product lines. This product innovation enabled the automotive formulators and foam manufacturers to produce high-performance polyurethane foams, while significantly reducing interior emission levels.
Read 105 page market research report, "Polyurethane Market Size, Share & Trends Analysis Report By Product (Rigid Foam, Flexible Foam), By Application (Construction, Furniture & Interiors), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Polyurethane Market Growth & Trends
Automobile manufacturers have been obliged to look for new ways to reduce fuel consumption as the Corporate Average Fuel Economy (CAFE) has increased. Due to the intrinsic relationship between mass and fuel consumption, light weight is a critical issue in these standards. Additionally, the reduction in mass at unfastened locations reduces noise and vibration while also smoothing the ride. Automobile manufacturers are primarily focused on car components made of various types of plastics in order to improve vehicle performance and follow the trend of lightweight vehicles.
Plastics are increasingly being used in automobile components such as automotive interiors, exterior panels, engine cabins, and instrument panels to improve fuel efficiency. Plastics can help reduce total vehicle weight and achieve the necessary fuel economy when used instead of metal components. This tendency, together with rising vehicle production, is predicted to boost polyurethane demand in applications such as engine encapsulation, outer body panels, and interior panels.
The COVID-19 pandemic had a significant impact on vehicle production and caused disruption throughout the automotive value chain. The market for polyurethane in automotive applications is projected to be impacted by a slowdown or standstill in production activity, negative consumer sentiments, and decreased consumer demand due to COVID-19.
During the forecast period, the electronics and appliances application segment is expected to increase at a significant rate. Protective coverings, printed circuit boards, electrical housings, and other items are made of polyurethane. While delivering outstanding general performance in electrical equipment, polyurethane enables cheaper unit costs and faster manufacturing. A key reason driving polyurethane demand in electronics and appliances is the growing relevance of encapsulating electronic components like circuits and sensors.
Polyurethane Market Segmentation
Grand View Research has segmented the global polyurethane market based on product, application, and region:
- Polyurethane Market - Product Outlook (Volume, Kilotons, Revenue, USD Million, 2019 - 2030)
- Rigid Foam
- Flexible Foam
- Coatings
- Adhesives & Sealants
- Elastomers
- Others
Polyurethane Market - Application Outlook (Volume, Kilotons, Revenue, USD Million, 2019 - 2030)
- Furniture & Interiors
- Construction
- Electronics & Appliances
- Automotive
- Footwear
- Packaging
- Others
Polyurethane Market - Regional Outlook (Volume, Kilotons, Revenue, USD Million, 2019 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Russia
- Spain
- U.K.
- Asia Pacific
- China
- India
- Japan
- South Korea
- Central & South America
- Brazil
- Middle East & Africa
- Saudi Arabia
List of Key Players of the Global Polyurethane Market
- Dow Inc.
- BASF SE
- Covestro AG
- Huntsman International LLC
- Eastman Chemical Company
- Mitsui & Co. Plastics Ltd.
- Mitsubishi Chemical Corporation
- Recticel NV/SA
- Woodbridge
- DIC Corporation
- RTP Company
- The Lubrizol Corporation
- RAMPF Holding GmbH & Co. KG
- Tosoh Corporation
Check out more related studies published by Grand View Research:
- Bio-based Polyurethane Market - The global bio-based polyurethane market size is expected to reach USD 52.8 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to register a CAGR of 5.9% from 2021 to 2028. Increasing product demand from the automotive industry for the manufacturing of seat cushions, seat backs, armrests, head restraints, and others is anticipated to boost the bio-based PU market growth. In automotive applications, the use of natural fiber-reinforced plastics and plant-based polymer resins helps reduce CO2 emissions and the weight of vehicles, which, in turn, helps improve fuel economy. Thus, increasing government concerns to reduce CO2 emissions across the globe are anticipated to fuel the product demand in automotive applications during the forecasted years.
- Polyurethane (PU) Microspheres Market - The global polyurethane microspheres market is expected to reach USD 88.01 million by 2024, according to a new report by Grand View Research, Inc. Increasing usage of polyurethane (PU) microspheres as encapsulants in crop protection and drug delivery system is expected to remain a key demand driver over the forecast period.
- Rigid Polyurethane Foams Market - The global rigid polyurethane foams market is expected to reach USD 20.40 billion by 2020; according to a new study by Grand View Research, Inc. Growth of construction industry mainly in the emerging economies of China, India and Brazil is expected to drive the market for rigid polyurethane (PU) foams over the next six years. Grand View Research further observes that government support in promoting the usage of rigid polyurethane foams mainly for refrigeration applications in the U.S. is also expected to drive the market over the forecast period.
Browse through Grand View Research's Plastics, Polymers & Resins Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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