Polyurethanes belong to the class of polymers that are produced by the reaction of toluene di-isocyanate or diphenylmethane diisocyanate with a polyol. Polyurethanes are available in a different form this includes solid, elastomers, and rigid forms. These are lightweight and durable products which makes them ideal for end-user applications such as construction, furniture, interiors, and automotive.
The global Polyols and polyurethane market is account for US$ 24,986.9 Mn in terms of value and by the end of 2019 and is expected to grow at a CAGR of 7.3% during the forecast period.
The growing demand for polyurethane from the construction industry is majorly driving the market growth of the polyols and polyurethane. They are used in the manufacturing of adhesive for the construction industry that offers excellent adhesion to the substrates such as concrete, wood, glass, and plastic. Moreover, polyurethane insulation products are used in pipes, thermal insulation in roofs, passive, and low energy building. Thus, the growing construction industry is fueling the market growth of the polyols and polyurethane.
Robust growth in the automotive industry coupled with the increasing demand for the lightweight vehicle is projected to offer lucrative market opportunities. Polyurethane is rapidly replacing metals in the automotive industry in order to create a lightweight and fuel-efficient vehicles. This is attributed to growing strict emission rules and regulations for reducing the pollution level in the environment. Therefore, the growing demand for lightweight vehicles will favor the market growth over the forecast period.
The fluctuating price of the raw materials used in the production of polyurethane is expected to hinder the market growth. Benzene and toluene are key raw materials used in the manufacturing process and these products are derivatives of crude oil. Volatility in the crude oil price due to political scenario is projected to restrict the market growth of polyurethane.
Global Polyols and polyurethane market was valued at polyols and polyurethane market in 2019 value at US$ 24,986.9 Mn and is forecast to reach a value of US$ 44,068.1 Mn by 2027 at a CAGR of 7.3% between 2020 and 2027
Polyester polyols segment dominated the global polyols and polyurethane market in 2019, accounting for 73.5% share in terms of value, followed by polyester polyols respectively
To know the latest trends and insights prevalent in this market, click the link below:
Water-based polyurethane dispersions are gaining traction in the market. For this key manufacturers are investing heavily in increasing the production capacity of polyurethane dispersions. For instance, in January 2020, BASF announced a single-digit million-euro investment in the capacity expansion of water-based polyurethane dispersions at its Castellbisbal site in Spain. The expansion will allow BASF to increase its production capacity by 30 percent.
Improving standard of living and increasing disposable income of the consumer is encouraging them to spend on home furnishing products such as sofa, couches, etc. This is one of the growing trends in the market. Increasing population is driving demand for more shelter which is again propelling the demand for home furnishing product. Moreover, the growing demand for high-performance consumer goods coupled with the increasing multiple uses of the product is further augmenting the market growth of the polyols and polyurethane.
Global Polyols and Polyurethane Market - Impact of Coronavirus (Covid-19) Pandemic
The sudden occurrence of the novel coronavirus has a major impact on the global polyols and polyurethane market owing to the decreasing demand for polyurethane from various end use industries such as automotive and others.
Few Recent Developments
Joining thousands of companies around the world committed to making the Excellent Business Solutions.