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MEA Polyurethane Market 2020 Opportunity by Upcoming Trends, Profit, Pricing, Top Companies Strategy, and Consumption Trend till 2024

Author : Ravi Chawat | Published Date : 2020-10-09 

As per reliable reports, the MEA polyurethane market for automotive industry size is expected to exceed $385 million by 2024.

Rapid rise in demand for passenger vehicles from the young and middle-class population, coupled with the increasing acceptance of luxury vehicles, is slated to proliferate MEA polyurethane market share for automotive industry size in the foreseeable future.

The middle-class African population comprises nearly 35% of the entire population in the region, which will remain as an influencing factor for industry growth in the coming years. Demand for PUR products is considerably on the rise, owing to its myriad benefits such as durability, lightweight, as well as excellent insulation, corrosion resistance, and sound absorption properties.

Furthermore, polyurethane coatings protect vehicles from high humidity and oxidation as well as give the vehicles a glossy shine. Shifting preferences from conventional metals to high-performance plastics will further stimulate the MEA polyurethane market for automotive industry expansion over the forecast spell.

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Rapid investments in Iran crude oil production to drive business growth

High improvement in economic conditions, alongside abundant raw material availability, is anticipated to give MEA polyurethane market a significant boost in the coming years. For instance, in 2016, the crude oil natural reserves in the Middle East accounted for around 8,02,846 million barrels, thereby contributing to the growth of the transportation sector in the region.

The MEA polyurethane market for automotive industry is also expected to witness a major upsurge in years to come, due to the escalating investments of key players across the globe in Iran crude oil production and rising government initiatives.

High quantity of non-renewable fossil fuels in polyurethane foam to hinder market growth

Despite the increasing adoption of polyurethane in a wide range of applications, it also comes along with several disadvantages such as water absorption capacities. The usage of polyurethane in mattresses leads to the gradual disintegration and lowers their quality of support. In addition, the material releases toxic fumes that result in adverse health conditions. Moreover, high presence of non-renewable fossil fuels in PU foam will negatively affect the environment. These drawbacks of using PUR material are likely to impede the MEA polyurethane market share over the projected timeframe.

Rising adoption of PU in car seat cushions may foster market trends

In terms of segmentation by application, the MEA polyurethane market from the cushion overlay segment is projected to exhibit a growth rate of over 4% through 2024. The segmental growth is attributable to the maximum adoption of cushions in automotive cars for enhanced flexibility and ease of use.

Additionally, polyurethane material is expected to witness a considerable surge in demand, as a result of the rapid adoption of vehicles with greater aesthetic appeal.

Toluene diisocyanate (TDI) & methylenediphenyl diisocyanate (MDI) have been observing vast prominence in manufacturing polyurethane in the automotive sector. Moreover, PU foams are gaining wide popularity due to its flexibility as well as the freedom of domestic designs it offers. These factors are likely to add impetus to the MEA polyurethane market for automotive industry outlook over the estimated timeline.

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High infrastructural investment in UAE to offer substantial gains in business landscape

On the regional front, the UAE polyurethane market for automotive industry is anticipated to register significant gains of over 2% through 2024, driven by the demographic divergence, low-interest rates, and mounting investment in infrastructure.

Furthermore, the Morocco polyurethane market is poised to register remuneration worth $55 million by 2024, which can be credited to cheap labor costs and rising government initiatives to attract foreign investors. Automotive interiors incorporate plastic materials to reduce the overall weight of the vehicles, which in turn, leads to a substantial reduction in costs and CO2 emission.

The competitive landscape of the MEA polyurethane market comprises of companies such as Deltachem, Dupont, Dow Chemical, Huntsman, Johnson Controls, and Bayer, among others. The OEM manufacturers are focusing on R&D activities to comply with the fuel emission standards, innovative product launches, and M&A to gain a competitive edge over the rivals.

To illustrate, in December 2019, Huntsman Corp. announced an agreement to acquire a manufacturer of SPF (spray polyurethane foam) insulation systems, Icynene-Lapolla, from an FFL Partners affiliate, to help strengthen its energy-saving insulation business and accelerate the globalization of its spray foam technology.

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About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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