Polyurethane Market Global Analysis & Forecast Report 2030

Polyurethane Industry Overview

The global polyurethane market size is expected to reach USD 105.45 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.3% from 2022 to 2030. The market is driven by the growing need for high-performance and lightweight composites in the automotive industry. The use of thermoplastic polyurethane (TPU) in car components has significantly reduced total vehicle weight. The automobile industry’s need for plastics has been driven by the need to reduce total vehicle weight in order to reduce fuel consumption and carbon emissions. As an alternative to metals, PU is frequently utilized in automobile applications such as engine encapsulation, seats, external panels, instrument panels, external panels, and cables and wires.

U.S. polyurethane market size, by product, 2020 - 2030 (USD Billion)

Polyurethane Market Segmentation

Grand View Research has segmented the global polyurethane market based on product, application, and region:

Based on the Product Insights, the market is segmented into Rigid Foam, Flexible Foam, Coatings, Adhesives & Sealants, Elastomers and Others.

  • The rigid foam segment led the market and accounted for more than a 30.0% share of the global revenue in 2021. Rigid polyurethane foams are high-performance closed-cell plastics utilized in the end-use industries, such as transportation, packaging, and industrial insulations and appliances, owing to their structural stability, which assists manufacturers to design thermally insulating products. Rigid foams possess sound insulation properties, higher mechanical strength, and thermal resistance making them highly suitable for extreme weather conditions and harsh environments.
  • The Asia Pacific (APAC) market for rigid PU foams is dominated by China, India, and Indonesia on account of the surge in industrialization. The expansion of construction and furniture sectors and the presence of major automotive OEMs are key factors that drive the rigid foam industry in APAC. The government support to weatherize low-income households and meet transitioning standards for green buildings is anticipated to further drive the rigid PU foam demand in insulation applications.
  • The furniture and construction industries in Europe have witnessed significant growth owing to a stringent regulatory framework to reduce greenhouse gas (GHG) emission levels. This factor has resulted in increased investments in rigid PU foam by regional automotive manufacturers. Growing residential construction and infrastructure activities are also fueling the rigid polyurethane foam market growth in Mexico.

Based on the Application Insights, the market is segmented into Furniture & Interiors, Construction, Electronics & Appliances, Automotive, Footwear, Packaging, and Others.

  • The construction application segment led the market and accounted for more than 25.0% share of the global revenue in 2021. The demand for polyurethane in construction applications is expected to witness significant growth over the forecast period owing to various beneficial characteristics of polyurethane foam including excellent thermal insulation, lightness, chemical inertness, and bacterial and pest resistance. Growing urbanization and industrialization, especially in emerging economies, such as China and India, and the rising infrastructure development activities in the Middle East are expected to fuel the growth of the construction industry, in turn, creating demand for polyurethane foam and insulation.
  • In addition, increasing infrastructure spending and the rising number of government initiatives, such as smart cities and FDI in the construction development sector are propelling the growth of the construction industry. Moreover, the growing popularity of green buildings across the globe is anticipated to propel the growth of the construction industry, which, in turn, is further anticipated to fuel the demand for polyurethane.
  • However, the COVID-19 outbreak across the globe has severely impacted the market growth in the construction sector. Stoppage or slowdown of construction projects, restriction on movements, production halts, and labor shortages to contain the COVID-19 outbreak have led to a decline in the growth of the construction industry, which, in turn, is anticipated to hamper the demand for polyurethane in construction applications over the forecast period.

Polyurethane Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Central & South America
  • Middle East & Africa

Key Companies Profile & Market Share Insights

The global market is fragmented with the presence of key players and various medium and small regional and country-level players operating in different parts of the world. Manufacturers of polyurethane comprise both large-size and medium-size players operating on the global and regional levels, respectively. Regional players have robust distribution networks and are very proactive in making changes to the product as per the regional and country-level changes in regulations.

Some prominent players in the global polyurethane market include:

  • Dow Inc.
  • BASF SE
  • Covestro AG
  • Huntsman International LLC
  • Eastman Chemical Company
  • Mitsui & Co. Plastics Ltd.
  • Mitsubishi Chemical Corporation
  • Recticel NV/SA
  • Woodbridge
  • DIC Corporation
  • RTP Company
  • The Lubrizol Corporation
  • RAMPF Holding GmbH & Co. KG
  • Tosoh Corporation

Order a free sample PDF of the Polyurethane Market Intelligence Study, published by Grand View Research.

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