The Global Polyurethane Market is increasing with the impulsive pace; mainly due to the burgeoning construction industry. According to a recent study report published by the Market Research Future, The global market of Polyurethane is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a stunning growth by 2022, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2018 – 2022).
Globally, the market for Polyurethane is driven by the region Asia pacific, owing to the rise in the population resulting into increasing demand for Polyurethane based insulation materials in residential and non-residential applications. Polyurethane are extensively used in the furniture industry to provide cushioning products. In the recent years, polymer foams resume to grow at rapid pace owing to their light weight, strength to weight ratio, excellent thermal and acoustic insulation capabilities, nullifying the impulsive impacts by absorbing energy, and cushioning features. Recently, researchers found that Polyurethane foams are showing signs of biodegradation in the presence of fungus is expected to rise the market growth of polymer foams.
Rapid increase in construction activities owing to the Global Construction Market is expected to grow at a faster pace than world GDP over the next decade as Asian economies continue to industrialize and the US recovers from the sharp downturn during the global financial crisis is fuelling the polyurethane market in the forecast period.
Polyurethane materials are costlier but they are capable to deliver high performance for long run purposes. Applications of polymeric foams depend on the nature of polymer and their types. These high value added products widely used for cushioning, packaging, automotive safety, footwear, etc. The rigid foams are used for insulation in building, transportation; heating, ventilation, and air conditioning (HVAC), and packaging.
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Polyurethane Market - Competitive Analysis
Acetone market appears to be less competitive with the presence of only few major global chemicals and materials manufacturers operating in the acetone Market. Presence of few key players will lead to monopoly situation and also competitive edge in innovation and technology is expected to be indelicate. As these materials are pricing at higher costs in the current markets and increasing demand for Polyurethane materials in construction and furniture industries will influence the end user products from these industries. Acetone market demonstrates a high growth potential as the demand for these materials is increasing other key players are likely to invest in opening new production capacities to meet the global demand with better solutions.
Industry/ Innovation/ Related News:
September 2017 – BASF SE (Germany), one of the key manufacturers of Polyurethane also having presence in Thailand, announced that one stop solution (Autofroth®) from the company makes polyurethane foam production at increased speed coupled with cost economizing the process. This helps the industries to speed up their processes and meet the global demands more rapidly. As Asia Pacific is the largest manufacturer of polyurethane materials and by this innovation it is anticipated to boost the market growth in the forecast period.
September 2017 – The Dow Chemical Company (U.S.), is the major manufacturer of polyurethane materials in the world, has announced its new product (VORASURF™) polyurethane additives will benefit consumer satisfaction and energy conserving markets to help meet growing demand for high-performance materials in bedding, footwear and spray foam. As the furniture industry is booming in the U.S. region and coupled with rising disposable incomes are the factors favouring the growth of polyurethane market over the forecast period.
September 2017 – The Dow Chemical Company (U.S.), is the major manufacturer of polyurethane materials in the world, a business unit of DowDuPont Materials Science Division, has announced a cooperation agreement with Germany-based plant manufacturer H&S Anlagentechnik to produce the market for recycled polyols manufactured from disposed mattresses. The polyols recycled through the process can be applied into a variety of polyurethane applications. The move comes as the European bedding industry is assessing the impact of the European Commission’s 2015 Circular Economy Package, comprising new waste management targets for reuse, recycling and landfilling, strengthening provisions on waste prevention and extended producer responsibility. Also, this move creates a stronger competition between the key players resulting into innovation of better new products under the projection of changing environmental regualations.
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