Polyurethane Market: Global Opportunity Analysis and Industry Forecast, 2023-2030 Market

Polyurethane Market Analysis:

Polyurethane is a plastic material, which is made up of two primary components, including polymer and urethane. Polyurethanes are versatile in nature and hence can be molded into unusual shapes and various sizes. They are used in a variety of applications to produce number of commercial as well as industrial products. Polyurethane is used in flexible foam used as cushioning in furniture, TPU used in making footwear and medical devices, rigid foam used for insulating walls, coatings, sealants, and adhesives. 

COVID-19 scenario:

• The global market for polyurethane is severely impacted by the outbreak of the COVID-19 pandemic. 
• The COVID-19 pandemic saw a decline in the economic growth in almost all the major countries, thus affecting consumer spending patterns. 
• Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap.
• Thus, insufficiency in raw material supply is expected to hamper the production rate of polyurethane, which negatively impact the market growth.
• However, this situation is expected to improve as government has started relaxing norms around the world for resuming business activities.

Market dynamics:

One of the key factors driving the growth of the polyurethane market is the demand for lightweight and durable product in various industries such as automotive, electrical and electronics, construction among others. Polyurethanes are versatile in nature. They also offer unique physical properties such as the ability to be molded into unusual shapes and size. The factors are significantly contributing to the growth of the market demand for polyurethane. Additionally, innovative and advanced production technologies are being employed to the production process of polyurethane. This is expected to have a positive influence on the growth of the polyurethane market. Polyurethane is extensively used in flexible foams. These foams are used as a cushioning material for furniture, seating, beddings and mattress among others. Attributes such as versatility, conservation of energy and distinct physical properties have made the flexible foam segment much preferred. Rigid foam has also witnessed a growth in its market share owing to its excellent properties of high mechanical strength and thermal resistance. This enables rigid foam to survive extreme weather conditions and harsh climatic conditions. The construction sector dominates the market owing to rapid industrialization and urbanization, especially in the developing countries. 

On the contrary, stringent policies and regulations regarding the emission of harmful gases is expected to restrain the market growth. Additionally, dynamic prices of raw materials are also expected to have a negative impact and may hinder the growth of the polyurethane market.

A trend which can be observed is the shift in the usage from heavy materials like metal to lightweight materials in automotive industry. This is due to the need of lightweight automotive with reduced costs. This shift is anticipated to significantly contribute to the demand for polyurethane and boost the polyurethane market.

Regional analysis:

Asia-Pacific has witnessed a significant growth in the market due to the increasing development of the automotive industry. In addition, increasing number of manufacturing units being shifted to the developing countries is expected to drive the market growth of polyurethane in the region. India has witnessed a healthy growth owing to the financial aids and government policies to promote the manufacturing culture in the country. Following Asia-Pacific, Europe has observed a significant growth owing to the growing demand from various industries such as furniture, construction, and automotive. South America is projected to observed a steady growth owing to the demand for athletic footwear and the increasing awareness regarding healthy sports activities. 

Key benefits of the report:

• This study presents the analytical depiction of the global polyurethane industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global polyurethane market share.
• The current market is quantitatively analyzed to highlight the global polyurethane market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed global polyurethane market analysis depending on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the polyurethane market research report:

• Which are the leading players active in the polyurethane market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What are the projections for the future that would help in taking further strategic steps?

 Polyurethane Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights