Market Insights
Polyurethane (PU) is widely used in automotive applications due to its ability to integrate characteristic of both rubber & plastic at a lower weight as compared to other plastic components or metal. Polyurethane which has silicon micro-structured surfaces is used for marine vessels for self-cleaning surfaces.
Polyurethane is being widely used to address consumer needs such as convenience, health & sustainability for adhesives, insulation, and coating materials among others. PU adhesives are estimated to grow at the fastest in the forecast period. Such adhesives are used in the construction & electronics sector due to its fast bonding and processing qualities.
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Raw Material Insights
Polyols are estimated to be the fastest growing industry in the forecast period. Manufacturers are expected to face some challenges due to the increasing concern for the environment and unstable raw material prices. On account of precursor markets namely petrochemicals, MDI, and TDI are likely to witness price fluctuations. Commercialization and innovation are projected to create new opportunities for the bio-based PU industry.
Product Insights
The rigid polyurethane foam market is estimated to grow over the forecast period. Key properties are their effectiveness to decrease thermal energy losses. Industry demand for this has been rising due to importance for energy conservation and carbon emission restrictions.
PU materials are often used to save energy by making lightweight automotive parts. Other interior components such as cushion foams, seat foams among others are made with PU. Increasing demand for vehicle seating, upholstery, insulating for refrigerators and construction is projected to augment PU foam growth over the coming years.
Owing to the increase in disposable income and change in lifestyle, rubber component replacement by polymers is expected to be seen in the elastomer market in the forecast period. Strong application of coating will see a scope in automotive, construction, and hardwood industry and is expected to facilitate industry growth.
Application Insights
The expanding commercial & residential construction in the developing economies such as Indonesia, India, Thailand, and South Africa among others is expected to boost the construction sector. The requirement for coating and flooring & roofing insulation is expected to be in high demand owing to the growing construction sector.
Bedding & furniture are anticipated to grow due to the increasing demand for modernization and development. The versatile property of PU gives the designers opportunity to innovate and explore in the market. PU memory foam helps take the shape of the person’s body allowing a comfortable stay for bed-bound patients in hospitals.
Automotives also play a vital role in this market, German PU market is expected to see an exponential growth in the forecast period. The adhesives & sealants are used in the manufacturing of signal lights, head lights, and taillights along with bonding bumpers onto the vehicles. Increasing requirements of personalized goods such as grip in boots and sports shoes are expected to fuel PU demand in footwear application.
Regional Insights
Asia Pacific is expected to have a large market in the forecast period owing to the supply of raw materials, cheap & skilled workforce, and support from the government. Initiatives such as ‘Make in India’ scheme in India and ‘favourable buyer’ incentive in Thailand is expected to augment investments in the domestic automotive manufacturing markets.
The European PU market has a growing demand for insulation from low-income households for supportive regulatory compliance along with energy efficiency. Increasing consumption in Colombia’s automotive OEMs industry is likely to provide momentum to Central & South America over the forecast period.
End-Use Landscape
The end-user landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase Polyurethane over the coming years. Some leading consumers of the photovoltaic industry are Yonex, Wilson, Sotar Inflatables, and Aire among others.
Competitor Analysis
BASF SE caters to various industries such as construction, automotive, and footwear. The company has innovated products such as sandwich plate system which is a steel-PU-steel composite. Other companies are also investing in R&D to introduce new products at lower cost; this is projected to boost competition among the rivals.
Key players include BASF SE, The Dow Chemical Co., Covestor, Huntsman Corp., Mitsui Chemicals Inc., Eastman Chemical Co., Nippon Polyurethane Industry Corp Ltd., Mitsubishi Chemical Corp, Woodbridge Foam Corp., Lubrizol Corp, Rampf Holding GmbH & Co. KG, DIC Corp & RTP Company.
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