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Polyurethane (PU) Market Share, Size, Expected Growth Opportunities and Forecast by 2026 | Know the Russia Ukraine Impact On Polyurethane (PU) Industry in Korea
The global polyurethane size was USD 56.45 billion in 2020. The market is projected to grow from USD 57.34 billion in 2021 to USD 81.74 billion in 2028 at a CAGR of 5.1% during the 2021-2028 period.
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Russia-Ukraine War Implication
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity.
Main Body:
The global polyurethane industry was USD 56.45 billion in 2020. The market is projected to grow from USD 57.34 billion in 2021 to USD 81.74 billion in 2028 at a CAGR of 5.1% during the 2021-2028 period.
This information is provided by Fortune Business Insights™, in its report, titled, “Polyurethane Market, 2021-2028.”
According to our expert analysts, the rising usage of ground-breaking production technologies with progressive characteristics is predicted to influence the PU market affirmatively. For instance, the formation of TPU and PU acrylate oligomers that are amalgamated and radiation-cured to attain semi-interpenetrating polymer networks (IPN).
Report Coverage
The report delivers a complete study of the polyurethane industry along with up-to-date trends and forthcoming anticipations to inaugurate approximate investment profits. An in-depth breakdown of any upcoming chances, threats, competitions or driving aspects is also mentioned in the report. Moreover, methodical and detailed regional examination is offered in the report. The COVID-19 influences have been added to the report in order to assist investors and business owners to comprehend the threats in an amplified manner. The key players in the market are acknowledged, and their tactics to encourage the market growth are shared in the report.
Segmentation
The market is segregated into rigid foam, flexible foam, molded foam, elastomers, adhesives & sealants, coatings, and others, on the basis of form.
Based on the application, the market is branched into furniture, construction, electronics, automotive, packaging, footwear, and others. Amongst these, the furniture segment is anticipated to record fastest growth rate during the forecast period.
Geographically, the global market is classified into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Drivers and Restraints
Surging Demand for Foams from Furniture Industry to Empower Growth
PUR is largely used as a foam in the furniture industry for cushioning and bedding uses. Its elastic nature, robustness, and capability to offer relaxation makes it appropriate for application in the furniture industry. Furthermore, the demand for furniture is growing world-wide owing to the fluctuating standard of living of consumers, pooled with the expansively growing population. This is anticipated to drive the polyurethane market growth across the globe.
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Regional Insights
Asia Pacific was worth USD 25.66 billion in 2020. Asia Pacific is predicted to hold a major polyurethane market share in terms of revenue as well as volume and is expected to display substantial growth.
North America is projected to exhibit a significant growth in this PU market. The dominating country in the region, the U.S. utilizes this material in the automotive as well as construction applications, which will assist the market growth.
Europe will demonstrate a considerable growth owing to the surging applications of polyurethane in the manufacturing of machinery and furniture.
Competitive Landscape
Procurements Instigated by Crucial Companies to Endorse Market Growth
The dominating players in the market are incessantly rooting for proficient approaches to thrust their brand value as well as validate the global market growth of the product by confronting least possible hindrances. One such competent strategy is purchasing competitive companies and further safeguarding a profit for both the involved companies.
Industry Development
July 2020: BASF and Yutong Bus Co. Ltd., who is a bus manufacturer, co-jointly invented a progressive polyurethane-based seating system intended for buses. This seating is produced utilizing Elastoflex PU of BASF and delivers augmented flame-retardant characteristics.
List of Key Players Covered in the Report
- BASF SE (Germany)
- The Dow Chemical Company (U.S.)
- Covestro AG (Germany)
- Yantai Wanhua Polyurethanes Co., Ltd. (China)
- Huntsman (U.S.)
- Foamcraft, Inc. (U.S.)
- Mitsui Chemicals & SKC Polyurethanes Inc. (South Korea)
- Lanxess (Germany)
- Eurofoam Group (Austria)
- Inoac Corporation (Japan)
- Rogers Corporation (U.S.)
- Recticel (Belgium)
- Future Foam, Inc. (U.S.)
- Tosoh Corporation (Japan)
- Armacell (Germany)
- Fxi-Foamex Innovations (U.S.)
- Compagnie De Saint-Gobain S.A. (France)
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