Polyurethane Global Market Report 2024

The polyurethane market size has grown rapidly in recent years. It will grow from $89.92 billion in 2023 to $103.08 billion in 2024 at a compound annual growth rate (CAGR) of 14.6%. The growth observed during the historical period can be attributed to the contributions of the construction and insulation sector, the automotive industry, the furniture and bedding market, as well as the coatings and adhesives industry.

The polyurethane market size is expected to see rapid growth in the next few years. It will grow to $171.11 billion in 2028 at a compound annual growth rate (CAGR) of 13.5%. The anticipated growth in the forecast period can be attributed to the emphasis on sustainability and green initiatives, the pursuit of energy efficiency in building construction, the trend towards lightweighting in the automotive sector, and advancements in medical devices and healthcare applications. Major trends expected in the forecast period include the adoption of bio-based polyurethanes, the integration of smart materials, the development of customized formulations, and the utilization of 3D printing with polyurethanes.

The polyurethane market is experiencing growth driven by the adoption of polyurethane in home furnishings. Furniture manufacturers are increasingly utilizing flexible polyurethane foam (FPF) for cushioning materials in products like upholstered furniture, bedding, and carpet underlay. These advancements are aimed at enhancing comfort, durability, and safety while also providing more predictable and uniform end products. For instance, Flexible Polyurethane Foam (FPF), when subjected to a 90% compression for 22 hours, can recover more than 90% of its original height, outperforming other furniture materials in terms of durability. Moreover, fully cured polyurethane products are considered safe and inert, endorsed by the U.S. EPA (Environmental Protection Agency). This combination of durability, comfort, and safety positions polyurethane as a preferred material in the furniture industry, bolstering demand for polyurethane.

The primary product categories of polyurethane encompass coatings, adhesives and sealants, flexible and rigid foams, elastomers, and other related product types. Adhesives, specifically, are substances capable of effectively bonding materials together through surface attachment, resisting separation. The raw materials used in polyurethane production include MDI, TDI, and polyols. Polyurethane serves end-use industries like furniture manufacturing, construction, electronics and appliances, automotive, footwear, as well as various other sectors.

The polyurethane market research report is one of a series of new reports that provides polyurethane market statistics, including polyurethane industry global market size, regional shares, competitors with a polyurethane market share, detailed polyurethane market segments, market trends and opportunities, and any further data you may need to thrive in the polyurethane industry. This polyurethane market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The growing construction industry is expected to be a significant driver of the polyurethane market. Polyurethane's versatility and beneficial properties make it a valuable asset in construction applications, contributing to enhanced energy efficiency, durability, and overall performance. As reported in September 2021, global construction output reached $10.7 trillion in 2020 and is projected to increase by 42%, approximately $4.5 trillion, by 2030 to reach $15.2 trillion. This substantial growth underscores the importance of the construction sector in driving the polyurethane market.

Uncertain environmental regulations have posed challenges to polyurethane providers worldwide. These regulations aim to reduce toxic air pollutant emissions from the flexible polyurethane foam industry and mandate the installation of control equipment at manufacturing facilities. For instance, the Environmental Protection Agency (EPA) introduced regulations to minimize emissions of the toxic air pollutant methylene chloride from the flexible polyurethane foam sector, requiring manufacturers to eliminate the use of methylene chloride in the production of molded and rebond foam. These regulatory uncertainties present obstacles to the polyurethane market's growth.

The increasing demand for sustainable products across industries such as construction, automotive, and footwear has driven the adoption of bio-based polyurethane (PU). Bio-based polyurethanes are derived from biodegradable materials, offering a sustainable source of precursors for polyol and isocyanate synthesis. These materials are cost-effective, environmentally friendly, and highly biodegradable. Manufacturers are focusing on developing sustainable and environmentally friendly products using renewable materials to cater to the growing demand for flexible foam in various applications. For example, in September 2022, Covestro AG introduced polyether polyols used in products like molded foams, flexible foams, adhesives, sealants, elastomers, and rigid polyurethane foams for insulation in buildings, appliances, and transportation, contributing to improved thermal insulation.

Key players in the polyurethane market are leveraging innovative technologies like V PLUS Perform to enhance their profitability. V PLUS Perform is a mass balance ingredient panel insulation technique that combines and promotes the use of environmentally friendly and energy-efficient materials in structures. For instance, in December 2022, Dow Inc. introduced V PLUS Perform, a polyurethane insulation technology for use in insulated metal panels. This innovation assists insulated panel manufacturers in selecting circular and low-carbon building materials during the design phase.

In June 2023, Mearthane Products Corporation (MPC) acquired American Urethane Inc., providing MPC access to expertise in on-demand thermoset polyurethane products and polyurethane casting and molding capabilities. This acquisition enables MPC to expand its presence in Odenton, Maryland, as American Urethane Inc. specializes in manufacturing polyurethane products.

Major companies operating in the polyurethane market include Dow Chemical Company, BASF SE, Covestro AG, Huntsman Corporation, Eastman Chemical Company, Mitsui Chemicals Inc., DIC Corporation, Nippon Polyurethane Industry Corp. Ltd., Recticel S.A., Woodbridge Foam Corporation, RTP Company Inc., Lanxess AG, Lubrizol Corporation, Tosoh Corporation, DuPont de Nemours Inc., Perstorp AB, Manali Petrochemicals Ltd., Wanhua Chemical Group Co. Ltd., Rampf Holding GmbH & Co. KG, FXI Holdings Inc., Kuwait Polyurethane Industries WLL, Recticel SA, Rogers Corporation, Sheela Foam Ltd., INOAC Corporation, American Urethane Inc., TPC Inc., Weaver Industries Inc., FallLine Corporation, Uniflex Inc.

Asia-Pacific was the largest region in the polyurethane market in 2023. North America was the second-largest region in the global polyurethane market. The regions covered in the polyurethane market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the polyurethane market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The polyurethane market consists of the sales of thermoplastic polyurethanes, polyurethane ionomers, binders, and waterborne polyurethane dispersions. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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