The construction industry is one of the largest end-users of polyurethane, where it is used for insulation, roofing, flooring, and sealing applications. The automotive industry also uses polyurethane for interior and exterior parts, such as car seats, bumpers, and panels. In addition, the packaging industry uses polyurethane foam for cushioning and insulation purposes.
The Asia-Pacific region is the largest market for polyurethane, accounting for more than 40% of the global market share in 2020, according to the same report by Grand View Research. This can be attributed to the growing construction and automotive industries in countries such as China, India, and Japan. North America and Europe are also significant markets for polyurethane, driven by the demand from the construction and automotive industries.
Some of the key players in the polyurethane market include BASF SE, Covestro AG, Huntsman Corporation, The Dow Chemical Company, and Wanhua Chemical Group Co. Ltd. These companies are focusing on research and development, product innovation, and strategic partnerships to expand their market share and meet the growing demand for polyurethane in various applications.
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Polyurethane Industry Survey by Category
- Polyurethane Market by Product Type :
- Rigid Foam
- Flexible Foam
- Coating
- Elastomers
- Adhesives and Sealants
- Other Product Types
- Polyurethane Market by Application :
- Construction
- Furniture & Interior
- Automotive
- Electronics and Appliances
- Packaging
- Footwear
- Other Applications
- Polyurethane Market by Region :
- North America Polyurethane Market
- Latin America Polyurethane Market
- Europe Polyurethane Market
- East Asia Polyurethane Market
- South Asia & Oceania Polyurethane Market
- MEA Polyurethane Market
Competitive Landscape
Many domestic and foreign manufacturers operate in the worldwide polyurethane industry, which has led to the market’s fragmentation and intense competition. Important polyurethane producers are turning to independent or market-wide geographic and capacity development, investments, mergers, and other strategies to stay ahead of competitors
Leading market companies are concentrating on releasing new goods to set themselves apart from rivals and increase their customer base, which will fuel growth in the polyurethane sector.
For illustration:
- By building new thermoplastic polyurethane plants at its Shanghai location, Coverstro intended to increase manufacturing capacity in 2021. These plants are anticipated to be operational by 2023.
- In Taiwan, Huntsman Company established a new facility in 2022 that includes a polyol factory and downstream polyurethane capabilities.
Key Companies Profiled
- Covestro AG
- The Dow Chemical Company
- Huntsman Corporation
- Yantai Wanhua Polyurethanes Co. Ltd.
- Foamcraft Inc.
- Lanxess
- Eurofoam Group
- Tosoh Corporation
- Future Foam, Inc.
- Armacell
- Saint Gobain S.A