BANGALORE, India, April 15, 2021 /PRNewswire/ -- The Polyurethane Market is Segmented by Product (Flexible Foam, Rigid Foam, Coatings, Adhesives & Sealants, Elastomers, Others), by Application (Furniture and Interiors, Construction, Electronics and Appliances, Automotive, Footwear, Others). The report covers global opportunity analysis and industry forecast from 2021 to 2026. It is published on Valuates Reports in the Plastics & Polymers Category.
The global Polyurethane market size is projected to reach USD 90,980 Million by 2026, from USD 71,320 Million in 2019, at a CAGR of 3.5% during the forecast period 2021-2026.
Major factors driving the growth of Polyurethane market size are:
Various end-user applications of polyurethane, due to easily moldable properties
Increase in demand for lightweight and durable goods in the automotive, building, and electronics industries
TRENDS INFLUENCING THE POLYURETHANE (PU) MARKET SIZE
The rapidly expanding furniture industry is expected to drive the polyurethane market size during the forecast period. Due to rapid urbanization and a general shift in the lifestyle of city dwellers, the furniture industry is rapidly expanding. Polyurethane (PUR or PU) is a type of polyurethane that is commonly used in furniture for cushioning and bedding. This will be one of the most prominent polyurethane industry developments, which will be boosted even further by global housing growth.
Furthermore, PU foams are used to make car seats as well as to insulate refrigerators and other electronics. Polyurethane is also becoming more common in construction applications, where it is used in coatings, sealants and adhesives, and elastomers, among other applications. This widespread application of PU in several end-user industries is expected to increase polyurethane market size.
By Product Type, Flexible foam is one of the largest product segments of the polyurethane market, accounting for about 36% market share. Bedding, chairs, vehicle interiors, carpet underlay, and packaging all use flexible polyurethane foam as a cushioning material. Flexible foam can be made in a wide range of shapes and firmness levels. It's lightweight, long-lasting, supportive, and comfortable.
By Application, Furniture and interiors and construction are the most widely used in the refuge chamber market, accounting for a combined about 55% of the market share. Some of the factors driving the segment's growth include increased use in bedding, upholstery, seating, and interior items. In the construction industry, PIR and PUR panels are used. PIR and PUR panels are lightweight, simple to handle and ship (lowering costs even more), and resistant to organic compound corrosion and vermin damage. As a result, they are suitable for all climates and seasons. Sandwich panels with a polyurethane core are one of the most useful building materials, and they are gaining traction in various countries due to their property
By Region, The Asia-Pacific region was the largest polyurethane market in 2018, accounting for about 50% of the global market, compared with about 20% in Europe and 16% in North America. Due to growth in the construction and furniture industries, especially in China, Asia-Pacific is expected to hold a significant share of the market.
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- The Global Polyurethane Foam Market size is expected to grow from USD 50,437.19 Million in 2019 to USD 75,363.92 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 6.92%.
- The global Polyurethane Adhesives market size is projected to reach USD 2561.3 Million by 2026, from USD 1997.7 Million in 2019, at a CAGR of 3.6% during 2021-2026. Asia-Pacific is expected to witness the highest growth rate in the PU adhesives market, in terms of value and volume.
- The global Polyurethane Composites market size is projected to reach USD 635 Million by 2026, from USD 503 Million in 2019, at a CAGR of 3.3% during 2021-2026.
- The global Polyurethane Additives market size is projected to reach USD 2561.3 Million by 2026, from USD 1997.7 Million in 2019, at a CAGR of 3.6% during 2021-2026. Asia-Pacific region is dominant in the polyurethane additive market. The rising demand for polyurethane additives in this region is mainly driven by its increased use in building & construction industries. Europe is the second-largest consumer of polyurethane additives, globally.
- Waterborne Polyurethane Market size is valued at USD 8807.1 Million in 2020 is expected to reach USD 11870 Million by the end of 2026, growing at a CAGR of 5.1% during 2021-2026.
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