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Polyurethanes market growth will be driven by increasing demand in the Automotive industry

Author : Rahul Varpe | Published Date : 2019-04-17 

Polyurethanes market witnessed increased emphasis in automotive industry, owing to its low weight properties. Low weight automobiles and reduced harmful emissions are the emerging automobile trends encouraging the industry demand.

Automotive polyurethanes market will witness growth at over 4% by 2023. Increasing automobile applications including instrument panels, exterior panels, engine encapsulation and seating as a better substitute over other conventional materials will support the application scop

Construction polyurethanes market share was the major contributor, accounted for around 30% of the overall industry in 2015. Rising demand from acoustic and thermal insulation in households for effective energy conservation will enhance the industry demand. Varying MDI, PDI and polyol prices due to fluctuating crude oil index and stringent regulations on petrochemical based products are the major challenges of the industry.

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Polyurethane (PU) Market size is estimated to exceed USD 75 billion by 2023; according to a new research report by Global Market Insights, Inc. Rising demand for sustainable, high efficiency and innovative products along with extensive polymer R&D is driving the polyurethanes market. Increasing awareness pertaining to energy conservation and growing GHG emissions concerns are the key factors enhancing industry growth.

Polyurethanes market observed significant demand from construction, automotive and furniture industry. Increasing infrastructure spending coupled with government compliance in construction industry will drive the PU market growth. High performance parameters and light weight properties led to increasing usage in refrigeration insulation, seat cushioning and interior trims.

Rigid PU foam market will witness growth at over 4% by 2023. Increasing insulation uses due to rising awareness regarding energy conservation and carbon emissions will positively influence the product demand. Flexible PU foam market generated worth more than USD 13 billion revenue in 2015. Changing lifestyle and increasing consumer affordability led development in mattress and automotive seating applications, which will fuel the flexible foam penetration.

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Expansion in construction industry particularly in the U.S. is the key factor influencing the industry growth. U.S. polyurethanes rigid foam market will witness gains at over 4% in revenue terms. Rigid foam is widely used as insulation to reduce thermal losses and conserve energy.

Europe, led by Germany, UK and Italy is estimated to generate revenue worth over USD 20 billion by 2023. EU promotions for energy efficient households is the key stimulating factor driving regional demand. Germany automotive applications are estimated to witness CAGR at over 3% up to 2023. High R&D investments and huge automobile manufacturers fueled the product demand.

APAC polyurethanes market revenue was over USD 20 billion in 2015. The region will witness notable growth due to rapid industrialization and urbanization along with increasing construction spending particularly in China, India and South East Asia.

Global polyurethanes market share was consolidated with the leading multinational corporations. Bayer, Dow Chemical Company, Huntsman Corporation and BASF are the chief industry participants. Mitsui Chemicals, British Vita Unlimited, Nippon, Recticel, Woodbridge Foam Corp and Foamex Innovations are the other industry players.

PU Market By Product

  • Rigid foam
  • Flexible foam
  • Coatings
  • Adhesives and sealants
  • Elastomers
  • Others

PU Market By Application

  • Furniture and interiors
  • Construction
  • Electronics & appliances
  • Automotive
  • Footwear
  • Packaging
  • Others

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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