Polyurethane Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The polyurethane market was valued at over USD 70. 5 billion in 2021, and the market is projected to register a CAGR of over 5. 5% during the forecast period (2022-2027). The market was negatively impacted by COVID-19 in 2020.
New York, Sept. 05, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Polyurethane Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06316155/?utm_source=GNW
However, the market has recovered significantly in 2021, owing to rising consumption from various end-use applications including furniture and interiors, automotive, and others.
*Key Highlights*
Over the short term, the major factor driving the market is the rising demand from the bedding, carpet, and cushioning industry.
Growing environmental concerns are expected to hinder the growth of the market.
Increasing demand for bio-based polyurethane is likely to act as an opportunity in the future.
Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.
*Key Market Trends*
Increasing Demand from the Building and Construction Industry
Polyurethane finds its largest application in the building and construction industry, where it is used in various household, commercial, and industrial applications. Owing to its excellent strength-to-weight ratio, insulation properties, durability, and versatility, polyurethane is frequently used in building and construction applications.
In building and construction, polyurethanes are used to make high-performance products that are strong but lightweight, perform well, and are durable and versatile.
The building and construction industry is the largest consumer for rigid and sprays polyurethane foam. There are many benefits of using rigid polyurethane foam insulation, including its energy efficiency, high performance, versatility, thermal/mechanical performance, and environment-friendly nature.
According to figures published by the US Census Bureau and the US Department of Housing and Urban Development, the number of privately-owned residential units permitted by building permits was at a seasonally adjusted annual rate of 1,873,000 in December 2021. Each year, a total of 1,128,000 single-family permits were issued. Unit authorizations in structures with five or more units were 675,000 per year. Building permits are expected to be issued for 1,724,700 housing units in 2021. This figure was 17.2 percent higher than the predicted figure of 1,471,100 for 2020.
Similarly, durable and strong spray foam is used in the building and construction industry to improve the building’s strength.
Several major commercial construction operations in the Middle East are being driven by various government projects, such as Saudi Arabia Vision 2030, Abu Dhabi Economic Vision 2030, and others. Qiddiya, Sharaan resort at Al-Ula, Al Widyan, King Fahad Medical City Expansion, and King Abdullah Bin Abdulaziz Medical Complexes are examples of Saudi Arabian construction projects that have a favorable impact on market growthGoing forward, lithium-ion batteries are slated to fuel the future and experience great demand in the times to come.
From the above-mentioned factors, the demand for polyurethane from the building and construction industry is expected to grow over the forecast period rapidly.
The Asia-Pacific Region to Dominate the Polyurethane Market
The Asia-Pacific region dominated the global market share. With growing construction activities and rapid urbanization in countries such as China and India, the usage of polyurethane is increasing in the region.
•China is amid a construction mega-boom. According to the National Bureau of Statistics of China, the construction works output value in the country increased from CNY 23.27 trillion in 2020 to CNY 25.92 trillion in 2021. Furthermore, China is expected to spend nearly USD 13 trillion on buildings by 2030, creating a positive outlook for polyurethane.
According to the International Organization of Motor Vehicle Manufacturers (OICA), China is the largest producer of automobiles. The country’s automotive sector has been shaping up for product evolution, with the country focusing on manufacturing products to ensure fuel economy while minimizing emissions, owing to the growing environmental concerns.
According to figures released by the China Passenger Car Association (CPCA). In China, around 3.3 million New Energy Vehicles, meaning battery-electric cars and plug-in hybrids, will be sold in 2021. Of these 505,000 new energy vehicles, 423,000 were BEVs and 82,000 were PHEVs. In December 2021, 505,000 NEV were sold.
The Indian furniture market is also very strong. According to InvestIndia (National Investment Promotion and facilitation agency), India’s total rental furniture and appliances market reached INR 33,500 crores during FY21. The market is expected to garner USD 61.09 bn by the end of 2023.
In Japan, according to Japan Electronics and Information Technology Industries Association (JEITA), the domestic production by the Japanese electronics industry witnessed a growth rate of 10.8% Y-o-Y in 2021 and reached JPY 10,954.34 billion, thereby, enhancing the demand for polyurethane from various electronics segment. Moreover, in the first four months of 2022, the production by the Japanese electronics industry accounted for JPY 3,656.44 billion, registering a growth rate of around 0.2% compared to the same period in 2021.
Due to all such factors, the market for Polyurethane in the region is expected to have a steady growth during the forecast period.
*Competitive Landscape*
The polyurethane market is consolidated in nature, with intense competition among the top players to increase the major share in the global market. Some of the?major players include (not in any particular order) BASF SE, Wanhua, Huntsman International LLC, Dow, and Covestro AG, among others
*Additional Benefits:*
The market estimate (ME) sheet in Excel format
3 months of analyst support
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