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Polyurethane Market Size (2024 - 2029)

The polyurethane market is projected to experience significant growth over the forecast period, driven by increasing demand from various sectors such as automotive, bedding, and construction. Despite challenges posed by environmental concerns, the market is expected to benefit from opportunities in bio-based polyurethane. The Asia-Pacific region is anticipated to lead in market size and growth rate, reflecting its dominant position in the global market landscape.

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Market Size of Polyurethane Industry

Polyurethane Market - Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 83.22 Billion
Market Size (2029) USD 108.02 Billion
CAGR (2024 - 2029) 5.36 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration Low

Major Players

Polyurethane Market Major Players

*Disclaimer: Major Players sorted in no particular order

Polyurethane Market Analysis

The Polyurethane Market size is estimated at USD 83.22 billion in 2024, and is expected to reach USD 108.02 billion by 2029, growing at a CAGR of 5.36% during the forecast period (2024-2029).

COVID-19 severely impacted market growth in various sectors. Stoppage or slowdown of projects, production halts, movement restrictions, and labor shortages to contain the outbreak have led to a decline in the growth of the polyurethane market. However, it recovered significantly in 2021 due to rising consumption from various end-use applications, such as furniture, footwear, and automotive.

  • The increasing demand for lightweight and high-performance composites from the automotive industry, rising demand from the bedding, carpet, and cushioning industries, and increasing demand from the building and construction industry are major factors driving the growth of the market studied.
  • However, growing environmental concerns are anticipated to restrain the growth of the target industry during the forecast period.
  • Nevertheless, the increasing demand for bio-based polyurethane may create lucrative growth opportunities for the global market.
  • Asia-Pacific is expected to dominate the market and is likely to witness the highest CAGR during the forecast period.

Polyurethane Industry Segmentation

Polyurethane is a plastic polymer material used to produce modern, versatile, and safe consumer and industrial products that are environment-friendly. Polyurethane is developed by reacting a polyol with a diisocyanate or a polymeric isocyanate in the presence of appropriate catalysts and additives.

The polyurethane market is segmented by type, end-user industry, and geography. By type, the market is segmented into rigid foam, flexible foam, coatings, adhesives, sealants, elastomers (CASE), thermoplastic polyurethane, and other types. By end-user industry, the market is segmented into furniture, building and construction, electronics and appliances, automotive, footwear, packaging, and other end-user industries. The report also covers the market size and forecasts for the polyurethane market in 16 countries across major regions. For each segment, the market sizes and forecasts are done based on revenue (USD).

Type
Rigid Foam
Flexible Foam
Coatings, Adhesives, Sealants, and Elastomers (CASE)
Thermoplastic Polyurethane
Other Types
End-user Industry
Furniture
Building and Construction
Electronics and Appliances
Automotive
Footwear
Packaging
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Russia
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle East and Africa
Saudi Arabia
South Africa
Rest of Middle East and Africa
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Polyurethane Market Size Summary

The polyurethane market is poised for significant growth, driven by its extensive application across various industries such as automotive, construction, and furniture. The demand for lightweight and high-performance materials, particularly in the automotive sector, is a key factor propelling market expansion. Additionally, the building and construction industry remains a major consumer of polyurethane, utilizing its superior insulation properties and versatility in applications like wall and roof insulation. Despite challenges posed by environmental concerns, the market is expected to benefit from the rising interest in bio-based polyurethane, offering new growth opportunities. The Asia-Pacific region is anticipated to lead the market, supported by robust industrial activities and urbanization in countries like China and India.

The market landscape is characterized by fragmentation, with several key players such as Huntsman International LLC, Wanhua, Covestro AG, BASF SE, and DOW actively participating. Recent strategic moves, including acquisitions, have further shaped the competitive dynamics, with companies like Carpenter Co. and DIC Corporation expanding their capabilities and market reach. The ongoing recovery from the COVID-19 pandemic has also contributed to the market's resurgence, as demand from end-use applications like furniture, footwear, and automotive continues to rise. As the construction sector experiences growth, particularly in regions like China, the United States, and India, the demand for polyurethane is expected to flourish, reinforcing its critical role in various industrial applications.

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Polyurethane Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Demand for Lightweight and High-performance Composites from the Automotive Industry

      2. 1.1.2 Increasing Demand from the Building and Construction Industry

      3. 1.1.3 Increasing Demand from the Bedding, Carpet, and Cushioning Industries

    2. 1.2 Restraints

      1. 1.2.1 Growing Environmental Concerns

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 Type

      1. 2.1.1 Rigid Foam

      2. 2.1.2 Flexible Foam

      3. 2.1.3 Coatings, Adhesives, Sealants, and Elastomers (CASE)

      4. 2.1.4 Thermoplastic Polyurethane

      5. 2.1.5 Other Types

    2. 2.2 End-user Industry

      1. 2.2.1 Furniture

      2. 2.2.2 Building and Construction

      3. 2.2.3 Electronics and Appliances

      4. 2.2.4 Automotive

      5. 2.2.5 Footwear

      6. 2.2.6 Packaging

      7. 2.2.7 Other End-user Industries

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 Italy

        4. 2.3.3.4 France

        5. 2.3.3.5 Russia

        6. 2.3.3.6 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of South America

      5. 2.3.5 Middle East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Rest of Middle East and Africa

Polyurethane Market Size FAQs

The Polyurethane Market size is expected to reach USD 83.22 billion in 2024 and grow at a CAGR of 5.36% to reach USD 108.02 billion by 2029.

In 2024, the Polyurethane Market size is expected to reach USD 83.22 billion.

Polyurethane Market Report Snapshots

Polyurethane Market Size - Industry Report on Share, Growth Trends & Forecasts Analysis (2024 - 2029)