Polyurethane Prepolymer Market – Insights
Polyurethane prepolymer-based adhesives & binders offer high hardness, high tensile strength, and excellent adhesive strength and hence can be utilized in moisture-curing systems. Polyurethane prepolymer adhesives find applications in various construction & infrastructural activities such as roadway construction.
Prepolymers find applications in various polyurethane (PU)-based end-uses. Increasing demand for PU prepolymers is due to beneficial properties they offer to the final product. These prepolymers possess unique properties such as a rubber-like elasticity along with metal-like toughness. They also offer durability, biocompatibility, and biodegradability, which make them suitable materials for various PU-based applications including industrial coatings, adhesives & elastomers, and also for biomedical applications.
Therefore, growth of polyurethane industry globally is expected to drive growth of global polyurethane prepolymer market. For instance, according to the report, ‘The Economic Benefits of the U.S. Polyurethanes Industry 2017’ published by American Chemical Council in October 2018, in the U.S, revenue generated by polyurethanes industry was US$ 28.6 billion in 2015, which increased to US$ 37.9 billion in 2017.
Moreover, key players are also focused on offering novel high-performance products, in order to enhance their product portfolio. For instance, in June 2016, Covestro LLC presented its innovative ‘Baymedix’ polyurethane technology at the Medical Design & Manufacturing West (MD&M West) show held in California. Covestro presented its new polyurethane prepolymer, ‘BaymedixFP505’, which can be used for modern wound dressings. Company states that foams, adhesives, and films manufactured from Baymedix materials enable optimal moisture management in wound dressings.
Moreover, key industry players are focusing on various strategic initiatives such as business and capacity expansion, in order to strengthen its foothold in their region of operation and across the globe. For instance, in May 2018, LANXESS announced to start a new manufacturing facility for production of prepolymers at its site in Porto Feliz (Brazil). The plant is scheduled to begin by mid of 2019. The increased capacity will help LANXESS to cater to South American market.
However, health hazards and stringent government regulations are expected to hinder the growth of the global polyurethane prepolymer market in the near future. According to European Chemicals Agency (ECHA), polyurethane prepolymer causes serious eye irritation, allergy or asthma symptoms or breathing difficulties if inhaled and may cause respiratory problems. In addition to this, it may cause damage to organs, an allergic skin reaction and is harmful if swallowed.
The global polyurethane prepolymer market was valued at US$ 388.5 Mn in 2018, and is expected to register a CAGR of 5.1%, in terms of revenue over the forecast period (2019-2027), to reach US$ 605.2 Mn by 2027.
Figure 1. Global Polyurethane Prepolymer Market Share (%), By Region, 2018
Source: Coherent Market Insights, 2018-19
Asia Pacific accounted for the largest revenue share of 48.1% in the global polyurethane prepolymer market in 2018, and is projected to continue its dominance during 2019-2027. Furthermore, Asia Pacific region is expected to record the fastest growth in the global polyurethane prepolymer market during the forecast period.
Growing polyurethane industry in countries such as China and India in Asia Pacific is expected to boost growth of the polyurethane prepolymer market in the region. For instance, according to ‘Indian Polyurethane Association’, polyurethane production in India increased from 441 KT in 2014 to 564 KT in 2016, whereas in China it increased from 6020 KT in 2014 to 6879 KT in 2016.
On the basis of product type, polyurethane prepolymers are segmented into TDI-based polyurethane prepolymers, MDI-based polyurethane prepolymers, and others. Others segment include aliphatic and unconventional isocyanates.
In 2018, MDI-based polyurethane prepolymers segment contributed the largest revenue share of 65.6% in the global polyurethane prepolymer market. MDI is the most commonly used isocyanate for manufacturing of polyurethane prepolymers. MDI-based polyurethane prepolymers offer high tensile strength, excellent tear strength properties, and low viscosity. They are used in formulation of moisture-cure systems, which find applications in construction industry. For instance, in 2015, Dow Chemical Company launched VORAMER MN 2314 Prepolymer, a low viscosity, semi-formulated polyurethane prepolymer.
Figure 2. Global Polyurethane Prepolymer Market Share (%), By Application, 2018
Source: Coherent Market Insights, 2018-19
Major players operating in the global polyurethane prepolymer market are Covestro AG, DowDupont Inc., Huntsman Corporation, LANXESS AG, Isothane Ltd., Mitsui Chemicals Inc., Tosoh Corporation, and SAPICI S.p.A.
Polyurethane prepolymers are formed by reacting polyol components and diisocyanate, which are common to polyurethane adhesives. The most commonly isocyanate used is toluene diisocyanate (TDI) or diphenylmethane diisocyanate (MDI). The other isolates used are aliphatic and unconventional isocyanates.
Polyurethane prepolymer find its applications in coatings, adhesives & binders, sealants, elastomers, and other applications. Adhesives & Binders segment is expected to gain major traction, which in turn is expected to favor growth of the global polyurethane prepolymer market in the near future.
Among product type, MDI-based segment held largest revenue share of 65.6% in global polyurethane prepolymer market in 2018. The segment growth is driven by the extensive use of MDI in manufacturing of polyurethane prepolymer, owing to its high tensile strength and excellent tear strength properties.
Among regions, in 2018, Asia Pacific held dominant position in the global polyurethane prepolymer market and contributed revenue share of 48.1% in the global market. Factors such as growth of construction industry supported by the rising investments in the industry in emerging economies such as China and India is anticipated to drive the demand for polyurethane prepolymer in the near future. According to the India Union Budget presented during 2018-19, the government of India invested US$ 92.22 Billion for infrastructure development in the country.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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*Browse 48 market data tables and 33 figures on "Polyurethane Prepolymer Market - Global forecast to 2027”.
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