Summary

Overview
Global Polyurethane Market reached US$ 82.2 billion in 2023 and is expected to reach US$ 117.5 million by 2031, growing with a CAGR of 4.5% during the forecast period 2024-2031.
Polyurethane is a versatile polymer that finds widespread applications in various end-use industries such as construction, automotive, furniture, electronics and footwear. The market's growth is driven by the increasing demand for lightweight and durable materials, energy efficiency and superior performance characteristics. Polyurethane products, including foams, coatings, adhesives and elastomers, offer a wide range of properties, such as insulation, flexibility and resilience, making them integral components in numerous consumer and industrial products.
Asia-Pacific experienced significant industrial expansion, particularly in construction, automotive and electronics sectors, fostering collaborations that drive the growth of the polyurethane market. A noteworthy example is TMT, a leading polyurethane manufacturer, which, on December 2, 2022, marked the successful launch of 1000 polyurethane wind turbines in partnership with Covestro. The milestone aligns with China's ambitious five-year plan aiming to double its wind and solar power output by 2025. The use of polyurethane in wind turbine blades presents an innovative and cost-effective alternative to traditional epoxy, showcasing its pivotal role in advancing sustainable solutions within the renewable energy sector.
Dynamics
Rise in Bio-Based Polyurethane for Construction Industries
In the rapidly evolving landscape of construction materials, there is a notable surge in the utilization of bio-based polyurethane, particularly in the form of foams and coatings. Bio-polyurethane foam, known for its outstanding thermal insulation properties, is increasingly becoming the material of choice for walls, roofs and floors in construction projects. The eco-friendly alternative not only enhances energy efficiency in buildings but also contributes to a significant reduction in heating and cooling costs.
The construction industry's heightened focus on sustainability has spurred a growing demand for innovative building materials that not only meet performance standards but also align with environmental goals. The integration of bio-based materials in the construction sector is a noteworthy trend, as seen in the exploration of bio-based polyols, blowing agents, catalysts and isocyanates as substitutes for traditional counterparts. The shift towards bio-polyurethane aligns with broader industry initiatives to reduce carbon footprints and create structures that are environmentally responsible.
One significant avenue of research involves the incorporation of bio-based nanoparticles, particularly those derived from lignocellulosic sources, to enhance the thermal insulation properties of polyurethane foams (PUFs). Nanotechnology plays a pivotal role in achieving advanced PUFs that not only meet sustainability objectives but also provide superior thermal insulation. The chapter delves into the pivotal role of bio-based nanoparticles in elevating the performance of PUFs, offering a glimpse into the future of sustainable construction materials.
Growing Applications of Polyurethane in packaging Industry
Polyurethane offers a wide range of applications that are customized for various packaging needs. It can be formulated as flexible foams, rigid foams, elastomers and coatings, which makes it suitable for diverse packaging applications. Polyurethane is lightweight yet highly durable, providing excellent protection for fragile and sensitive goods during transportation and storage. Its shock-absorbing properties help prevent damage during handling and shipping.
Storopack, a protective packaging solution provider introduced FOAMplus 5504RC, a new polyurethane foam with renewable content that aims to lower its impact on the environment. For instance, on 22 Sept 2020, the foam includes sugar-based material obtained from renewable sources and makes up 0.30lb/ft3 of the total weight. Once expanded and hardened, the foam takes on the shape of the packaged goods, which makes it suitable for cushioning, void filling and shock absorption.
Environmental Challenges Impacting Polyurethane Industry Growth
The expansion of the polyurethane industry faces significant challenges rooted in environmental concerns. The production and advancement of polyurethane heavily rely on non-renewable petrochemicals, contributing to environmental degradation. Moreover, certain polyurethane foams emit volatile organic compounds (VOCs) during manufacturing, exacerbating indoor air pollution and raising potential health issues.
Adding to these challenges, some polyurethane variants possess flammability, releasing toxic gases when exposed to air, posing fire hazards. While fire-retardant additives are commonly employed to mitigate these risks, they introduce additional environmental and health concerns, creating a complex trade-off. The cumulative impact of these environmental factors presents formidable obstacles to the growth of the polyurethane market.
Addressing these challenges requires a holistic approach, fostering innovation in production processes, exploring sustainable alternatives to petrochemicals and developing safer formulations that minimize environmental and health risks. The industry's response to these concerns will play a pivotal role in shaping the future trajectory of the polyurethane market.
Segment Analysis
The global polyurethane market is segmented based on raw material, product form, end-user and region.
Polyurethane Offers a Significant Advancement in Bedding and Furniture Industries
Polyurethane Foam stands as a remarkable innovation in the bedding and furniture industries, offering unparalleled advancements in comfort and support. The inherent ability of polyurethane foams to conform to the body's contours provides sleepers with a personalized and comfortable experience, effectively reducing pressure points and enhancing overall sleep quality. Recognized for their durability and resilience, polyurethane foams prove ideal for crafting long-lasting mattresses and bedding products that can endure regular use without compromising their shape or support.
In a noteworthy development, Evonik, a leading chemical company, has pioneered an efficient chemical recycling process designed to convert flexible polyurethane foams back to their original polyol raw material. The breakthrough, announced on November 12, 2021, underscores Evonik's commitment to sustainability within the global flexible polyurethane industry. By focusing on reducing waste and increasing the utilization of renewable raw materials in production, Evonik's efforts align with broader environmental expectations, reflecting a significant stride toward a more sustainable and eco-friendly future for polyurethane applications in the bedding and furniture sectors.
Geographical Penetration
Renewable Energy and Sustainable Manufacturing Surge In Asia-Pacific is Driving the Market
In Asia-Pacific, there is a discernible shift towards emphasizing renewable energy and energy efficiency solutions, significantly impacting the demand for polyurethanes. The versatile polymers are gaining prominence for their applications in thermal insulation for buildings and energy-efficient appliances.
The growing awareness and commitment to sustainability are driving the adoption of polyurethanes in various sectors, contributing to the region's efforts in reducing carbon footprints. Research and development initiatives in the Asia-Pacific are instrumental in introducing innovative polyurethane products with enhanced properties, further fueling the market's growth.
A notable instance of this trend is Walkaroo, a leading footwear brand, which recently completed the renovation and expansion of its manufacturing plant in Dobbaspet, Karnataka. The expansion, completed on October 27, 2022, resulted in a significant boost in production capacity, increasing the daily output of polyurethane footwear from 30,000 to 50,000 pairs. With a total of 14 manufacturing units, the Karnataka plant now serves as Walkaroo's central production hub for polyurethane footwear, catering to both domestic and export markets. The expansion not only reflects the increasing demand for polyurethane products in the region but also showcases the industry's commitment to sustainable and energy-efficient manufacturing practices.
Competitive Landscape
The major global players include BASF SE, Covestro AG, Chemtura Corporation, DOW Chemical Company, FMC Corporation, Huntsman Corporation, Manali Petrochemicals Ltd., Mitsui Chemicals Inc., Wanhua Chemical Group Co., Ltd., Woodbridge Foam Corporation.
COVID-19 Impact Analysis
COVID-19 pandemic has unleashed unprecedented challenges on the polyurethane industry, primarily through travel restrictions and nationwide lockdowns that led to factory closures in various regions. The disruption in operational continuity has significantly impacted the supply chain of essential raw materials and chemicals crucial for polyurethane production. The resultant shortages and delays have posed formidable obstacles for manufacturers, hindering their ability to fulfill customer demands in a timely manner. As a ripple effect, economic uncertainties triggered by the pandemic have caused a palpable reduction in consumer spending, particularly on non-essential goods. Industries heavily reliant on polyurethane products, such as automotive, construction and furniture, have borne the brunt of reduced demand due to the pandemic's broader impact on the global economy.
In response to these challenges, polyurethane manufacturers are now compelled to navigate a landscape marked by supply chain complexities and changing consumer behaviors. Adapting to the new normal requires strategic reassessment of supply chain resilience, exploration of alternative sourcing options and a commitment to innovation. Resilient strategies implemented during this period will be instrumental in steering the polyurethane industry towards recovery and sustainable growth in a post-pandemic era.
Russia-Ukraine War Impact
Russia-Ukraine conflict has left a profound impact on both the physical and economic landscapes of the affected regions. Infrastructure, including buildings, roads, bridges and utilities, has suffered extensive damage due to bombings, shelling and military operations, necessitating significant reconstruction efforts once the conflict subsides. Concurrently, ongoing construction projects face suspension or delays, driven by heightened security concerns.
Beyond the immediate physical toll, armed conflicts introduce economic instability within the affected regions. The instability has the potential to disrupt investments, impede business operations and alter consumer demand patterns, consequently influencing the demand and production of polyurethane. The resultant changes in the geopolitical landscape may further lead to shifts in market dynamics, impacting the polyurethane industry on a broader scale.
As the situation evolves, navigating the challenges posed by geopolitical unrest requires adaptability and strategic planning within the polyurethane sector. Assessing and responding to these external factors will be crucial in mitigating potential disruptions and charting a resilient course for the industry in the face of geopolitical uncertainties.
Scope
By Raw Material
• Toluene Diisocyanate
• Polyols
• Methylene Diphenyl Diisocyanate
• Others
By Product Form
• Adhesives & Sealants
• Coatings
• Elastomers
• Foam
o Flexible
o Rigid
By End-User
• Automotive & Transportation
• Appliances & White Goods
• Bedding & Furniture
• Building & Construction
• Footwear
• Packaging
• Others
By Region
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o UK
o France
o Italy
o Spain
o Rest of Europe
• South America
o Brazil
o Argentina
o Rest of South America
• Asia-Pacific
o China
o India
o Japan
o Australia
o Rest of Asia-Pacific
• Middle East and Africa
Key Developments
• On 25 April 2023, Base Materials, a manufacturer specializing in composites manufacturing, introduced three new innovative products to its range of polyurethane tooling board materials. The advanced materials include BP600, a medium-density tooling material and two abrasion-resistant, high-density PU tooling materials, BP1200 and BP1700.
• On 13 July 2023, Chromatic 3D Materials, a 3D printing materials and technology company, expanded its RX-Flow printer range with the introduction of the RX-Flow 2500. The new printer offers a more compact workspace while maintaining the cost efficiency, speed and high-quality output of its larger counterparts. The RX-Flow 2500 is specifically designed for industrial and consumer applications that require durable and flexible thermoset polyurethanes.
• On, 11 May 2023, Intertronics launched Point-One Structural Polyurethane Adhesives, a range of polyurethanes based on micro emission technology to help manufacturers using polyurethane adhesives comply with the European Parliament's REACH Restrictions.
Why Purchase the Report?
• To visualize the global polyurethane market segmentation based on raw material, product form, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of polyurethane market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.
The global polyurethane market report would provide approximately 65 tables, 68 figures and 185 Pages.
Target Audience 2024
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies

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Table of Contents

1. Methodology and Scope
1.1. Research Methodology
1.2. Research Objective and Scope of the Report
2. Definition and Overview
3. Executive Summary
3.1. Snippet by Raw Material
3.2. Snippet by Product Form
3.3. Snippet by End-User
3.4. Snippet by Region
4. Dynamics
4.1. Impacting Factors
4.1.1. Drivers
4.1.1.1. Rise in Bio-Based Polyurethane for Construction Industries
4.1.1.2. Growing Applications of Polyurethane in Packaging Industry
4.1.2. Restraints
4.1.2.1. Environmental Challenges Impacting Polyurethane Industry Growth
4.1.3. Opportunity
4.1.4. Impact Analysis
5. Industry Analysis
5.1. Porter's Five Force Analysis
5.2. Supply Chain Analysis
5.3. Pricing Analysis
5.4. Regulatory Analysis
6. COVID-19 Analysis
6.1. Analysis of COVID-19
6.1.1. Scenario Before COVID
6.1.2. Scenario During COVID
6.1.3. Scenario Post COVID
6.2. Pricing Dynamics Amid COVID-19
6.3. Demand-Supply Spectrum
6.4. Government Initiatives Related to the Market During Pandemic
6.5. Manufacturers Strategic Initiatives
6.6. Conclusion
7. By Raw Material
7.1. Introduction
7.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Raw Material
7.1.2. Market Attractiveness Index, By Raw Material
7.2. Toluene Diisocyanate *
7.2.1. Introduction
7.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
7.3. Polyols
7.4. Methylene Diphenyl Diisocyanate
7.5. Others
8. By Product Form
8.1. Introduction
8.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product Form
8.1.2. Market Attractiveness Index, By Product Form
8.2. Adhesives & Sealants *
8.2.1. Introduction
8.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
8.3. Coatings
8.4. Elastomers
8.5. Foam
8.5.1. Flexible
8.5.2. Rigid
8.5.3. Spray
9. By End-User
9.1. Introduction
9.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
9.1.2. Market Attractiveness Index, By End-User
9.2. Automotive & Transportation*
9.2.1. Introduction
9.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
9.3. Appliances & White Goods
9.4. Bedding & Furniture
9.5. Building & Construction
9.6. Footwear
9.7. Packaging
9.8. Others
By Region
9.9. Introduction
9.9.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Region
9.9.2. Market Attractiveness Index, By Region
9.10. North America
9.10.1. Introduction
9.10.2. Key Region-Specific Dynamics
9.10.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Raw Material
9.10.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product Form
9.10.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
9.10.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
9.10.6.1. U.S.
9.10.6.2. Canada
9.10.6.3. Mexico
9.11. Europe
9.11.1. Introduction
9.11.2. Key Region-Specific Dynamics
9.11.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Raw Material
9.11.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product Form
9.11.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
9.11.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
9.11.6.1. Germany
9.11.6.2. UK
9.11.6.3. France
9.11.6.4. Italy
9.11.6.5. Spain
9.11.6.6. Rest of Europe
9.12. South America
9.12.1. Introduction
9.12.2. Key Region-Specific Dynamics
9.12.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Raw Material
9.12.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product Form
9.12.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
9.12.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
9.12.6.1. Brazil
9.12.6.2. Argentina
9.12.6.3. Rest of South America
9.13. Asia-Pacific
9.13.1. Introduction
9.13.2. Key Region-Specific Dynamics
9.13.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Raw Material
9.13.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product Form
9.13.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
9.13.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
9.13.6.1. China
9.13.6.2. India
9.13.6.3. Japan
9.13.6.4. Australia
9.13.6.5. Rest of Asia-Pacific
9.14. Middle East and Africa
9.14.1. Introduction
9.14.2. Key Region-Specific Dynamics
9.14.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Raw Material
9.14.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Product Form
9.14.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
10. Competitive Landscape
10.1. Competitive Scenario
10.2. Market Positioning/Share Analysis
10.3. Mergers and Acquisitions Analysis
11. Company Profiles
11.1. BASF SE *
11.1.1. Company Overview
11.1.2. Product Portfolio and Description
11.1.3. Financial Overview
11.1.4. Key Developments
11.2. Covestro AG
11.3. Chemtura Corporation
11.4. DOW Chemical Company
11.5. FMC Corporation
11.6. Huntsman Corporation
11.7. Manali Petrochemicals Ltd.
11.8. Mitsui Chemicals Inc.
11.9. Wanhua Chemical Group Co., Ltd.
11.10. Woodbridge Foam Corporation
LIST NOT EXHAUSTIVE
12. Appendix
12.1. About Us and Services
12.2. Contact Us