According to the latest market research study released by Technavio, the global polyurethane market is expected to grow at a CAGR more than 7% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global polyurethane market based on application:
Global polyurethane market share by application 2015
|
Construction |
34.15% |
|
Furniture |
30.10% |
|
Automotive |
20.95% |
|
Electronics |
9.89% |
|
Others |
4.91% |
Source: Technavio
The top three revenue contributing application segments are discussed below:
Global polyurethane market in construction segment
The construction segment accounted for around 34% of the global polyurethane market in 2015. It is anticipated that the global construction market will grow beyond $15 trillion by 2020. In modern constructions, rigid polyurethane foam is usually used for thermal insulation and other applications. The rigid foams of polyurethane are relatively thinner than other insulating materials such as fiberglass. The prominence of green and sustainable infrastructure will increase the consumption of bio-based polyurethanes during the forecast period.
“The construction industry is growing rapidly across the globe and was the dominant segment user of polyurethane in 2015. The US and some of the developing economies like India and China are expected to account for around 60% of the global construction industry during the forecast period. These factors along with the development of advanced polymers and innovations in the construction industry are expected to drive growth in the global construction market,” says Ajay Adikhari, a lead analyst at Technavio for research on olefins.
Global polyurethane market in furniture segment
In 2015, the furniture segment accounted for around 30% of the global polyurethane market. Polyurethane is mostly used in the household furniture and bedding segment followed by the office furniture segment. The increase in global population is driving the demand for furniture and bedding, which has augmented the consumption of polyurethane for these applications. Owing to the growth of production capacities of suppliers in emerging economies such as Brazil and India, the demand for luxury bedding and furniture is also increasing. To cater to these mounting demands from the domestic markets, the manufacturers are rapidly expanding. The manufacture of bedding and furniture is entirely dependent on petroleum-based polyols for manufacturing flexible foams. However, the high-quality foams made of bio-based polyols are replacing non-renewable petroleum-based conventional materials. These polyols also lessen GHG emissions and are sustainable.
Global polyurethane market in automotive segment
The automotive segment accounted for around 21% of the global polyurethane market in 2015 and is expected to grow at a considerable rate during the forecast period. Polyurethane foams find its application in the production of facias and interior and exterior components. It has been gaining traction in the automotive industry as they allow automobile manufacturers and designers to manufacture seating and other interior components that can be conveniently assembled, disassembled, and recycled. They also exhibit superb performance characteristics over a variety of firmness without increasing the weight. Some of the advantages of polyurethane benefitting the automotive industry include reduced weight and surged fuel economy, sound absorption, corrosion resistance, increased comfort, and insulation. Technavio anticipates that the increase in the purchasing power of an individual will improve the lifestyle of a consumer in developing economies, leading to the increase in the consumption of polyurethane in the automotive segment.
Global polyurethane market in electronics segment
In 2015, the electronics segment accounted for around 10% of the global polyurethane market. In this segment, electronic appliances such as refrigerators, boilers, heaters, and coolers use panels made of a polyurethane rigid foam cores that offer insulation. In these devices, high-density polyurethane foam insulation is used to minimize heat loss and consequently increase energy efficiency in electronic devices. To ensure long-term performance of the insulation in a refrigeration panel, polyurethane also provides moisture resistance. Panels made of old-style and bio-based polyurethane foams provide around 30%-40% greater insulation per given thickness than expanded polystyrene. The numerous advantages of polyurethane are increasing the demand for polyurethane foams in the electronics industry, which will foster overall market growth during the forecast period.
The top leading vendors operating in the global polyurethane market are:
- BASF
- Covestro
- The Dow Chemical
- DuPont
- Huntsman
Other prominent vendors in the market include Alliance Polymers and Services, Austin Novel Materials, Hitachi Chemical company, Mitsui Chemicals, RAMPF Polymer Solutions, Rhino Linings, Myriant, and SNP.
A more detailed analysis is available in the Technavio report titled, ‘Global Polyurethane Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Bio-based Polyurethane Market 2016-2020
- Global Propylene Oxide Market 2016-2020
- Global Thermoplastic Polyurethane Market 2015-2019
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