The global polyurethane market size is set to hit $87,635.8 million by 2026, exhibiting a CAGR of 6.0% during the forecast period. Increasing demand for furniture from urban areas will be one of the key growth drivers of this market. The furniture industry is rapidly expanding owing to speedy urbanization and a general change in lifestyle of people living in cities. Polyurethane (PUR or PU) is widely utilized in furniture applications, primarily for cushioning and bedding purposes.
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Top Players Covered in the Polyurethane Market Report by Fortune Business Insights™:
- Tosoh Corporation
- Eurofoam Group
- Compagnie De Saint-Gobain S.A.
- Mitsui Chemicals and SKC Polyurethanes Inc.
- Foampartner Group
- Rogers Corporation
- Fxi-Foamex Innovations
- Future Foam, Inc
- Other Players
This will be one of the most prominent polyurethane market trends, which will get further augmented by the housing development activities across the world. Moreover, construction of commercial spaces will also play an important in fueling the demand for PU, which will augur well for the PUR market during the forecast period.
The value of this market stood at USD 55,205.9 million in 2018, according to the new Fortune Business Insights™ report, titled “Polyurethane Market Size, Share and Industry Analysis, By Product Type (Rigid Foam, Flexible Foam, Molded Foam, Elastomers, Adhesives and Sealants, Coatings, and Others), By Application (Furniture, Construction, Electronics, Automotive and Transportation, Packaging, Footwear, and Others), and Regional Forecast, 2019-2026”. In addition to this, the report provides the following information:
- A thorough evaluation of the industry trends that will influence the overall development of the market;
- A detailed research into how various drivers and factors will shape the future of this market; and
- An exhaustive analysis of the competitive dynamics and regional aspects within the market.
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Valuable Properties of PU to Spike Its Adoption in Different Industries
Polyurethane is a type of polymer formed as a result of the reaction between polyols and isocyanate. The polyurethane market research highlights the highly useful properties including hardness, electrical insulation, flexibility, resistance to abrasion, and ruggedness under inhospitable weather conditions. The polymer is also available in the form of foams, elastomers, fibers, and surface coatings. These qualities have made PUR a highly demanded commodity across the industrial spectrum. For instance, this polymer is widely applied in automobiles as it can be converted into foam. In construction, PU is extensively utilized in sealants, adhesives, and coatings. Since these are thriving industries, demand for polyurethane is likely to climb and accelerate the polyurethane market growth in the forecast period.
North America to Lead the Pack; Asia Pacific to Hold Major Share
North America generated a revenue of USD 13,504.7 million in 2018 and is, therefore, projected to dominate the polyurethane market share. Being one of the largest consumers of PUR owing to prosperous construction and automotive industries, the US will lead the market in North America. Asia-Pacific is slated to hold a sizeable share in the market owing to growth in the construction and furniture industries, mainly in China, where PU is highly utilized.
On account of its high shock resistance properties, this polymer is also witnessing rising demand in the expanding automotive and transport industries in Asia-Pacific. In Europe, advancements in machinery and furniture manufacturing will boost the demand for PUR in the region. Increasing demand for PUR in construction will be the major driver for this market in South America, the Middle East and Africa, with Brazil and Saudi Arabia taking the lead.
Increasing Focus on Innovation to Stimulate Competition
The polyurethane market analysis reveals that competition in this market will be characterized by growing attention of players towards developing innovative products. This will aid them to consolidate their position in the market and widen their product offerings.
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