According to our latest market study on “Polyurethane Market Forecast to 2028 – COVID-19 Impact and Analysis – by Raw Material (Polyols, MDI, TDI, Others), by Product (Rigid Foam, Flexible Foam, Coatings, Adhesives, Sealants & Binders, Elastomers, Others) and Application (Furniture and Interiors, Construction, Electronics and Appliances, Automotive, Footwear, Packaging, and Others),” the market was valued at US$ 54,917.09 million in 2021 and is projected to reach US$ 1,02,916.80 million by 2028; it is expected to grow at a CAGR of 9.4% from 2020 to 2028. The report highlights key factors driving the market growth and prominent players along with their developments in the market.

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Polyurethane is a thermosetting polymer that is composed of organic units joined by carbamate links and does not melt on heating. It is light in weight, resistant to corrosion, elastic in nature and possesses considerable strength. In most of the cases, PU is an alternative to paper, glass, and metals. High mechanical strength enables polyurethane to provide insulation and replace metals for automobile parts. The polyurethane market is anticipated to grow in the forecast period owing to an upsurge in demand for lightweight and durable materials from automotive, packaging, furniture, footwear, and other end-user industries. Moreover, demands for high-performance interior components further contributes to the polyurethane market growth. However, fluctuations in raw materials and economic downturn in developing countries affect products sales which hinder growth of the polyurethane market. On the other hand, adoption of bio-based polyurethane is likely to provide growth opportunities to the key players operating in the polyurethane market during the forecast period.

Polyurethane is a thermosetting polymer that is composed of organic units joined by carbamate links and does not melt on heating. It is light in weight, resistant to corrosion, elastic in nature, and possesses considerable strength. In most of the cases, PU is an alternative to paper, glass, and metals. High mechanical strength enables polyurethane to provide insulation and replace metals for automobile parts.

Polyurethane is used in automotive applications in coatings and sealants. Polyurethane foam products support automobile designers and manufacturers to design seating that can be easily assembled, disassembled, and recycled. They have the highest performance designations over a wide range of firmness without attached weight. The automotive industry is known as another largest user of Reaction Injection Molding or RIM polyurethane parts. RIM mainly maximizes the shock absorption of a car’s bumper, fender, and spoiler, without adding weight or bulk. The lightweight of M polyurethane further gives cars a good gas mileage and offers engineers the freedom to create innovative designs for the car parts.

Some of the major key players operating in the global polyurethane market include Covestro AG; The Dow Chemical Company; BASF SE; Mitsui Chemicals, Inc.; and Huntsman Corporation; among others. The major players in the polyurethane market are focusing on strategies such as mergers and acquisitions and research and development to increase the geographical presence and consumer base globally.

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