Global polyurethane market: Key market research findings
- Shift towards bio-based PU production
- Growing demand from electronic industry
Technavio has added a new market research report on the global polyurethane market, which is expected to grow at a CAGR of around 5% between 2015 and 2019. The growing demand from the automobile industry primarily drives the demand for polyurethane (PU). It is used as a replacement for the metals used in the automobiles, owing to its light weight and high impact resistance. APAC dominates the global market for PU, occupying around 45% of the total market share. The rising demand from the automobile industry and the increase in the use of PU as a replacement for polyvinyl chloride (PVC) in China and India are boosting the market growth of this region.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for growth, as well as the segments with the maximum growth potential.
“The market is expected to witness a considerable shift in PU production over the next four years. Bio-based raw materials such as vegetable oil will replace the conventional petroleum-based raw materials such as polyols and diisocyanates. Rising awareness towards eco-friendly and sustainable environment in various countries has influenced the shift towards bio-based PU production,” says Sriram Mohan, Lead Analyst, Chemicals & Materials, Technavio Research.
In recent years, PU has gained importance as a potential replacement for PVC in medical applications. Several properties such its high tensile strength, better biocompatibility, resistance to chemicals, oils and UV light and good hydrolytic stability, has boosted PU applications in the medical sector.
Also, the rise in demand for PU from the electronics industry is anticipated to contribute to the market growth during the forecast period. Polyurethane products are replacing silicone in smartphones and tablets. The huge demand for electronic products from emerging countries such as India and China is also boosting this market’s growth.
The leading vendors in the global polyurethane market include BASF, Bayer MaterialScience, Huntsman, and Yantai Wanhua PU. The market is oligopolistic in nature with the dominance of few European and US firms. Vendors in this market compete on the basis of technology, formulation, and service.
A more detailed analysis is available in the Technavio report, Global Polyurethane Market 2015-2019.
We can customize reports by other regions and specific segments upon request.
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