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Polyurethane Market Companies Summary

The polyurethane market is consolidated with fierce rivalry among leading entities. These dominant businesses are primarily engaged in the production and supply of polyurethane, a material extensively utilized in various industries including automotive, building and construction, and bedding, carpet, and cushioning industries. The market has experienced significant disruption due to the COVID-19 pandemic, which led to project stoppages, movement restrictions, and production halts. However, the sector has seen substantial recovery in 2021 due to increased demand from multiple end-use applications. Despite the environmental concerns that pose a potential restraint to the industry's growth, the increasing demand for bio-based polyurethane presents promising opportunities for the market. In particular, the Asia-Pacific region is projected to dominate the market, driven by escalating construction activities and rapid urbanization. The building and construction industry is the largest consumer of rigid and sprayed polyurethane foam, due to its energy efficiency, high performance, versatility, and environmentally friendly nature. The demand for polyurethane from this sector is expected to grow over the forecast period.