Polyurethane Market is projected to grow at a CAGR of 4.2% to reach USD 135.2 billion by 2034

Polyurethane—abbreviated PUR and PU—is a polymer composed of organic units joined by carbamate links. Polyurethane was originally developed from many starting materials, unlike other common polymers, like polyethylene and polystyrene. This spawns a great deal of chemical variation with the urethanes that produce vastly different applications. These include rigid and flexible foams, coatings, adhesives, electrical potting compounds, and fibers such as spandex and polyurethane laminate. Foams are the most extensive application, accounting for 67% of all the polyurethane that is produced. A polyurethane is typically produced by reacting a polymeric isocyanate with a polyol. Since polyurethane contains two types of monomers, which polymerize one after the other, they are classed as alternating copolymers. The isocyanates, or the polyols used in making polyurethane, contain two or more functional groups per molecule. The two essential raw materials used to get polyurethane are diand tri-isocyanates and polyols. Other materials are added to aid in processing the polymer or to modify its properties. Water is sometimes added to the PU foam formulation. Polyurethane Market was valued at USD 92.3 billion in 2024 and is projected to grow at a CAGR of 4.2% to reach USD 135.2 billion by 2034.

The report "Polyurethane Market Size, Share, By Product Type (Rigid Foam, Flexible Foam, Coating, Adhesives & Sealants (CASE), Elastomers, and Thermoplastic Polyurethanes (TPUs)), By End-User Industry (Furniture and Interiors, Mattresses, Building and Construction, Electronics and Appliances, Automotive, and Others), and By Region – Market Trends, Analysis and Forecast till 2034"

Key Highlights:

• In September 2018, BASF, a global manufacturer of chemicals, introduced its new polyurethane production facility in Taiwan. This expanded capacity will meet the growing demand for PU material across various industries and will serve customer requirements in Asia Pacific.
• In August 2018, Mitsui Chemicals introduced its new polyurethane system house in India. The new system house known as MCNS Polyurethanes India Pvt. Ltd. operates as a joint venture of Mitsui Chemicals and SKC Polyurethanes Co., Ltd. This new subsidiary will be manufacturing and selling polyurethane products and has been built up with an annual capacity of 15,000 tons per year which will provide high-quality polyurethane foam material formulations to meet customer requirements.

Analyst View:

Increasing demand for lightweight and durable products in the automotive, construction and electronics industries is estimated to boost the overall market growth in the upcoming period. Growing end-use industries in developing nations and the product’s versatility and unique physical properties are estimated to fuel overall industrial growth. Moreover, the rising use of innovative production technologies for polyurethane (PU) with advanced characteristics is estimated to have a positive impact on overall market growth. For instance, the development of TPU and PU-acrylate oligomers that are blended and cured by radiation to achieve semi-interpenetrating polymer networks (IPN). Improving lifestyle with increased disposable income in countries like China, India & Brazil, etc. have accelerated the demand in different sectors. Rising demand for vehicle seating, refrigeration and insulation are primary factors driving market growth in the forecasted period.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on "Polyurethane Market Size, Share, By Product Type (Rigid Foam, Flexible Foam, Coating, Adhesives & Sealants (CASE), Elastomers, and Thermoplastic Polyurethanes (TPUs)), By End-User Industry (Furniture and Interiors, Mattresses, Building and Construction, Electronics and Appliances, Automotive, and Others), and By Region – Market Trends, Analysis and Forecast till 2034" 

Key Market Insights from the report:        

Polyurethane Market was valued at USD 92.3 billion in 2024 and is projected to grow at a CAGR of 4.2% to reach USD 135.2 billion by 2034. The market report has been segmented on the basis of application, end-user industry, and region.

• By application, the foam segment dominated the global market with a share of more than 65% and is expected to grow at a significant rate during the forecast period.
• By the end-user industry, the construction sector accounted for 28.5% of the total market revenue in 2018 and is estimated to grow at a healthy pace in the upcoming period.
• By region, Asia Pacific emerged as the leading regional market and accounted for 48.07% of total market volume in 2018. The region is estimated to register a revenue-based CAGR of 8.4% over the forecast period.

Competitive Landscape:

The prominent player operating in the polyurethane market includes Bayer Material Science (Covestro), BASF, British Vita Unlimited, Foamex Innovations, Huntsman Corporation, Mitsui Chemicals, Nippon Polyurethane Industry Corporation Ltd., Recticel SA, The Dow Chemical Company (DowDuPont Inc.), Woodbridge Foam Corporation.

The market provides detailed information regarding industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory framework across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included into the report.

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