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Polyurethane Market Size, Share & Trends Analysis Report By Raw Material (Polyols, Toluene Di-isocyanate, Methylene Diphenyl Di-isocyanate, and Others), By Application, By Product, By Regional Outlook and Forecast, 2023 - 2030

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    Report

  • 430 Pages
  • March 2024
  • Region: Global
  • Marqual IT Solutions Pvt. Ltd (KBV Research)
  • ID: 5949648
The Global Polyurethane Market size is expected to reach $102.3 billion by 2030, rising at a market growth of 4.3% CAGR during the forecast period. In the year 2022, the market attained a volume of 29,519.9 kilo tonnes, experiencing a growth of 3.5% (2019-2022).

The growth of the packaging industry is a crucial factor in the higher demand for it. Thus, the packaging segment captured 7.6% revenue share in 2022. For instance, as per the National Investment Promotion & Facilitation Agency, the Indian packaging industry is expected to reach $ 204.81 Bn by 2025, with a rate of 26.7% from 2020-2025. Therefore, the segment will grow rapidly in the coming years.



Polyurethane foams are widely used in producing mattresses, sofas, chairs, and other upholstered furniture due to their exceptional comfort and durability. Polyurethane foam offers superior cushioning properties, providing support and resilience for extended periods and enhancing furniture products’ overall comfort and longevity.

Additionally, according to the European Commission, the Italian government is considering extending the measure until 2023. EU funding for energy-efficient housing investment and social housing promotion are EUR 18.5 billion and EUR 2.8 billion, respectively. Additionally, households have steadily grown since 2010, reaching 26.1 million in 2020 (+5.7%). Therefore, the expansion of the global construction industry is driving the market’s growth.

However, Polyurethane production relies heavily on petrochemical-based raw materials such as polyols and isocyanates. Fluctuations in crude oil prices, which serve as the primary feedstock for petrochemicals, directly impact the cost of raw materials for its manufacturers. Any disruptions in the global oil supply, geopolitical tensions, or changes in oil production quotas by major oil-producing nations can lead to rapid and unpredictable changes in raw material prices. Thus, volatility in raw material prices is hampering the market’s growth.

By Product Analysis

On the basis of the product, the market is segmented into rigid foam, flexible foam, coatings, adhesives & sealants, elastomers, and others. The rigid foam segment recorded 30.4% revenue share in the market in 2022. Rigid foam is highly valued for its excellent thermal insulation properties. It is extensively used in construction to insulate roofs, walls, floors, and refrigeration systems.



By Raw Material Analysis

Based on raw material, the market is divided into toluene di-isocyanate, methylene diphenyl di-isocyanate, polyols, and others. In 2022, the polyols segment garnered 41.6% revenue share in the market. Polyols serve as one of the main building blocks in its production. They can be derived from various sources, including petrochemicals and renewable feedstocks like soybeans or corn.

By Application Analysis

Based on application, the market is categorized into furniture & interiors, construction, electronics & appliances, automotive, footwear, packaging, and others. The furniture and interiors segment procured 21.3% revenue share in the market in 2022. In terms of volume furniture and interiors segment would register 6,652.5 kilo tonnes in 2022. Polyurethane foam is lightweight compared to traditional furniture materials such as wood or metal.

By Regional Analysis

Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Europe region generated 16.2% revenue share in the market. Europe has stringent energy efficiency regulations and building codes to reduce carbon emissions and promote sustainable construction practices.

Market Competition and Attributes



The polyurethane market is marked by fierce competition and dynamic attributes, driven by its versatile applications in construction, automotive, furniture, electronics, and packaging. Key players continually innovate to meet evolving demands and regulatory standards, emphasizing lightweight, durability, and insulation properties. Sustainability is a growing focus, with bio-based polyurethane gaining prominence. Economic conditions, technological advancements, and regulatory changes impact market trends. The material's popularity is closely tied to industries like construction and automotive.

Recent Strategies Deployed in the Market

  • Jan-2024: BASF SE came into partnership with Xuchuan Chemical, a chemical manufacturing company. Through this partnership, BASF SE would enhance its portfolio and market presence in China.
  • Dec-2023: BASF SE establishes production capacity for essential specialty amines in the Americas. This expansion would enhance its production capabilities for essential polyether amines and amine catalysts, which are marketed under the Baxxodur® and LupragenTM brands.
  • Nov-2023: Covestro AG introduced five state-of-the-art, environmentally friendly polyurethane coating solutions "The Desmodur® N 31500 hardener, Desmodur® ultra-E 30800, NeoCryl® XK 824, NeoCryl® A 2085, Decovery® CQ 6010". These solutions are designed to meet the needs of various industries, spanning transportation, construction, printing and packaging, and industrial coatings.
  • Mar-2023: BASF SE established a polymer dispersions production plant in the Daya Bay Petrochemical Industrial Park in Guangdong, China. The news plant would aid the architectural coatings, construction, and battery binder sectors.
  • Aug-2023: Covestro AG established a new production facility for polyurethane dispersions (PUDs) in Shanghai, China. The plant would manufacture waterborne polyurethane dispersions (PUDs) that exhibit performance properties comparable to solvent-based varieties.
  • May-2023: Mitsui Chemicals, Inc. came into partnership with Sanyo Chemical Industries, Ltd., a chemical manufacturing company. Through this partnership, Mitsui Chemicals, Inc. would bolster the production and supply of polypropylene glycols (PPGs) in Japan.

List of Key Companies Profiled

  • ArcelorMittal S.A.
  • thyssenkrupp AG
  • BASF SE
  • Covestro AG
  • The Dow Chemical Company
  • Huntsman Corporation
  • Lanxess AG
  • Mitsui Chemicals, Inc.
  • Tosoh Corporation
  • Eastman Chemical Company

Market Report Segmentation

By Raw Material (Volume, Kilo Tonnes, USD Billion,2019-2030)
  • Polyols
  • Toluene Di-isocyanate
  • Methylene Diphenyl Di-isocyanate
  • Others
By Application (Volume, Kilo Tonnes, USD Billion,2019-2030)
  • Construction
  • Furniture & Interiors
  • Electronics & Appliances
  • Footwear
  • Automotive
  • Packaging
  • Others
By Product (Volume, Kilo Tonnes, USD Billion,2019-2030)
  • Rigid Foam
  • Flexible Foam
  • Coatings
  • Adhesives & Sealants
  • Elastomers
  • Others
By Geography
  • North America
  • US
  • Canada
  • Mexico
  • Rest of North America
  • Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
  • LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Table of Contents

Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 Global Polyurethane Market, by Raw Material
1.4.2 Global Polyurethane Market, by Application
1.4.3 Global Polyurethane Market, by Product
1.4.4 Global Polyurethane Market, by Geography
1.5 Methodology for the research
Chapter 2. Market at a Glance
2.1 Key Highlights
Chapter 3. Market Overview
3.1 Introduction
3.1.1 Overview
3.1.1.1 Market Composition and Scenario
3.2 Key Factors Impacting the Market
3.2.1 Market Drivers
3.2.2 Market Opportunities
3.2.3 Market Restraints
3.2.4 Market Challenges
3.3 Porter Five Forces Analysis
Chapter 4. Strategies Deployed in Polyurethane Market.
Chapter 5. Global Polyurethane Market by Raw Material
5.1 Global Polyols Market by Region
5.2 Global Toluene Di-isocyanate Market by Region
5.3 Global Methylene Diphenyl Di-isocyanate Market by Region
5.4 Global Others Market by Region
Chapter 6. Global Polyurethane Market by Application
6.1 Global Construction Market by Region
6.2 Global Furniture & Interiors Market by Region
6.3 Global Electronics & Appliances Market by Region
6.4 Global Footwear Market by Region
6.5 Global Automotive Market by Region
6.6 Global Packaging Market by Region
6.7 Global Others Market by Region
Chapter 7. Global Polyurethane Market by Product
7.1 Global Rigid Foam Market by Region
7.2 Global Flexible Foam Market by Region
7.3 Global Coatings Market by Region
7.4 Global Adhesives & Sealants Market by Region
7.5 Global Elastomers Market by Region
7.6 Global Others Market by Region
Chapter 8. Global Polyurethane Market by Region
8.1 North America Polyurethane Market
8.1.1 North America Polyurethane Market by Raw Material
8.1.1.1 North America Polyols Market by Country
8.1.1.2 North America Toluene Di-isocyanate Market by Country
8.1.1.3 North America Methylene Diphenyl Di-isocyanate Market by Country
8.1.1.4 North America Others Market by Country
8.1.2 North America Polyurethane Market by Application
8.1.2.1 North America Construction Market by Country
8.1.2.2 North America Furniture & Interiors Market by Country
8.1.2.3 North America Electronics & Appliances Market by Country
8.1.2.4 North America Footwear Market by Country
8.1.2.5 North America Automotive Market by Country
8.1.2.6 North America Packaging Market by Country
8.1.2.7 North America Others Market by Country
8.1.3 North America Polyurethane Market by Product
8.1.3.1 North America Rigid Foam Market by Country
8.1.3.2 North America Flexible Foam Market by Country
8.1.3.3 North America Coatings Market by Country
8.1.3.4 North America Adhesives & Sealants Market by Country
8.1.3.5 North America Elastomers Market by Country
8.1.3.6 North America Others Market by Country
8.1.4 North America Polyurethane Market by Country
8.1.4.1 US Polyurethane Market
8.1.4.1.1 US Polyurethane Market by Raw Material
8.1.4.1.2 US Polyurethane Market by Application
8.1.4.1.3 US Polyurethane Market by Product
8.1.4.2 Canada Polyurethane Market
8.1.4.2.1 Canada Polyurethane Market by Raw Material
8.1.4.2.2 Canada Polyurethane Market by Application
8.1.4.2.3 Canada Polyurethane Market by Product
8.1.4.3 Mexico Polyurethane Market
8.1.4.3.1 Mexico Polyurethane Market by Raw Material
8.1.4.3.2 Mexico Polyurethane Market by Application
8.1.4.3.3 Mexico Polyurethane Market by Product
8.1.4.4 Rest of North America Polyurethane Market
8.1.4.4.1 Rest of North America Polyurethane Market by Raw Material
8.1.4.4.2 Rest of North America Polyurethane Market by Application
8.1.4.4.3 Rest of North America Polyurethane Market by Product
8.2 Europe Polyurethane Market
8.2.1 Europe Polyurethane Market by Raw Material
8.2.1.1 Europe Polyols Market by Country
8.2.1.2 Europe Toluene Di-isocyanate Market by Country
8.2.1.3 Europe Methylene Diphenyl Di-isocyanate Market by Country
8.2.1.4 Europe Others Market by Country
8.2.2 Europe Polyurethane Market by Application
8.2.2.1 Europe Construction Market by Country
8.2.2.2 Europe Furniture & Interiors Market by Country
8.2.2.3 Europe Electronics & Appliances Market by Country
8.2.2.4 Europe Footwear Market by Country
8.2.2.5 Europe Automotive Market by Country
8.2.2.6 Europe Packaging Market by Country
8.2.2.7 Europe Others Market by Country
8.2.3 Europe Polyurethane Market by Product
8.2.3.1 Europe Rigid Foam Market by Country
8.2.3.2 Europe Flexible Foam Market by Country
8.2.3.3 Europe Coatings Market by Country
8.2.3.4 Europe Adhesives & Sealants Market by Country
8.2.3.5 Europe Elastomers Market by Country
8.2.3.6 Europe Others Market by Country
8.2.4 Europe Polyurethane Market by Country
8.2.4.1 Germany Polyurethane Market
8.2.4.1.1 Germany Polyurethane Market by Raw Material
8.2.4.1.2 Germany Polyurethane Market by Application
8.2.4.1.3 Germany Polyurethane Market by Product
8.2.4.2 UK Polyurethane Market
8.2.4.2.1 UK Polyurethane Market by Raw Material
8.2.4.2.2 UK Polyurethane Market by Application
8.2.4.2.3 UK Polyurethane Market by Product
8.2.4.3 France Polyurethane Market
8.2.4.3.1 France Polyurethane Market by Raw Material
8.2.4.3.2 France Polyurethane Market by Application
8.2.4.3.3 France Polyurethane Market by Product
8.2.4.4 Russia Polyurethane Market
8.2.4.4.1 Russia Polyurethane Market by Raw Material
8.2.4.4.2 Russia Polyurethane Market by Application
8.2.4.4.3 Russia Polyurethane Market by Product
8.2.4.5 Spain Polyurethane Market
8.2.4.5.1 Spain Polyurethane Market by Raw Material
8.2.4.5.2 Spain Polyurethane Market by Application
8.2.4.5.3 Spain Polyurethane Market by Product
8.2.4.6 Italy Polyurethane Market
8.2.4.6.1 Italy Polyurethane Market by Raw Material
8.2.4.6.2 Italy Polyurethane Market by Application
8.2.4.6.3 Italy Polyurethane Market by Product
8.2.4.7 Rest of Europe Polyurethane Market
8.2.4.7.1 Rest of Europe Polyurethane Market by Raw Material
8.2.4.7.2 Rest of Europe Polyurethane Market by Application
8.2.4.7.3 Rest of Europe Polyurethane Market by Product
8.3 Asia Pacific Polyurethane Market
8.3.1 Asia Pacific Polyurethane Market by Raw Material
8.3.1.1 Asia Pacific Polyols Market by Country
8.3.1.2 Asia Pacific Toluene Di-isocyanate Market by Country
8.3.1.3 Asia Pacific Methylene Diphenyl Di-isocyanate Market by Country
8.3.1.4 Asia Pacific Others Market by Country
8.3.2 Asia Pacific Polyurethane Market by Application
8.3.2.1 Asia Pacific Construction Market by Country
8.3.2.2 Asia Pacific Furniture & Interiors Market by Country
8.3.2.3 Asia Pacific Electronics & Appliances Market by Country
8.3.2.4 Asia Pacific Footwear Market by Country
8.3.2.5 Asia Pacific Automotive Market by Country
8.3.2.6 Asia Pacific Packaging Market by Country
8.3.2.7 Asia Pacific Others Market by Country
8.3.3 Asia Pacific Polyurethane Market by Product
8.3.3.1 Asia Pacific Rigid Foam Market by Country
8.3.3.2 Asia Pacific Flexible Foam Market by Country
8.3.3.3 Asia Pacific Coatings Market by Country
8.3.3.4 Asia Pacific Adhesives & Sealants Market by Country
8.3.3.5 Asia Pacific Elastomers Market by Country
8.3.3.6 Asia Pacific Others Market by Country
8.3.4 Asia Pacific Polyurethane Market by Country
8.3.4.1 China Polyurethane Market
8.3.4.1.1 China Polyurethane Market by Raw Material
8.3.4.1.2 China Polyurethane Market by Application
8.3.4.1.3 China Polyurethane Market by Product
8.3.4.2 Japan Polyurethane Market
8.3.4.2.1 Japan Polyurethane Market by Raw Material
8.3.4.2.2 Japan Polyurethane Market by Application
8.3.4.2.3 Japan Polyurethane Market by Product
8.3.4.3 India Polyurethane Market
8.3.4.3.1 India Polyurethane Market by Raw Material
8.3.4.3.2 India Polyurethane Market by Application
8.3.4.3.3 India Polyurethane Market by Product
8.3.4.4 South Korea Polyurethane Market
8.3.4.4.1 South Korea Polyurethane Market by Raw Material
8.3.4.4.2 South Korea Polyurethane Market by Application
8.3.4.4.3 South Korea Polyurethane Market by Product
8.3.4.5 Singapore Polyurethane Market
8.3.4.5.1 Singapore Polyurethane Market by Raw Material
8.3.4.5.2 Singapore Polyurethane Market by Application
8.3.4.5.3 Singapore Polyurethane Market by Product
8.3.4.6 Malaysia Polyurethane Market
8.3.4.6.1 Malaysia Polyurethane Market by Raw Material
8.3.4.6.2 Malaysia Polyurethane Market by Application
8.3.4.6.3 Malaysia Polyurethane Market by Product
8.3.4.7 Rest of Asia Pacific Polyurethane Market
8.3.4.7.1 Rest of Asia Pacific Polyurethane Market by Raw Material
8.3.4.7.2 Rest of Asia Pacific Polyurethane Market by Application
8.3.4.7.3 Rest of Asia Pacific Polyurethane Market by Product
8.4 LAMEA Polyurethane Market
8.4.1 LAMEA Polyurethane Market by Raw Material
8.4.1.1 LAMEA Polyols Market by Country
8.4.1.2 LAMEA Toluene Di-isocyanate Market by Country
8.4.1.3 LAMEA Methylene Diphenyl Di-isocyanate Market by Country
8.4.1.4 LAMEA Others Market by Country
8.4.2 LAMEA Polyurethane Market by Application
8.4.2.1 LAMEA Construction Market by Country
8.4.2.2 LAMEA Furniture & Interiors Market by Country
8.4.2.3 LAMEA Electronics & Appliances Market by Country
8.4.2.4 LAMEA Footwear Market by Country
8.4.2.5 LAMEA Automotive Market by Country
8.4.2.6 LAMEA Packaging Market by Country
8.4.2.7 LAMEA Others Market by Country
8.4.3 LAMEA Polyurethane Market by Product
8.4.3.1 LAMEA Rigid Foam Market by Country
8.4.3.2 LAMEA Flexible Foam Market by Country
8.4.3.3 LAMEA Coatings Market by Country
8.4.3.4 LAMEA Adhesives & Sealants Market by Country
8.4.3.5 LAMEA Elastomers Market by Country
8.4.3.6 LAMEA Others Market by Country
8.4.4 LAMEA Polyurethane Market by Country
8.4.4.1 Brazil Polyurethane Market
8.4.4.1.1 Brazil Polyurethane Market by Raw Material
8.4.4.1.2 Brazil Polyurethane Market by Application
8.4.4.1.3 Brazil Polyurethane Market by Product
8.4.4.2 Argentina Polyurethane Market
8.4.4.2.1 Argentina Polyurethane Market by Raw Material
8.4.4.2.2 Argentina Polyurethane Market by Application
8.4.4.2.3 Argentina Polyurethane Market by Product
8.4.4.3 UAE Polyurethane Market
8.4.4.3.1 UAE Polyurethane Market by Raw Material
8.4.4.3.2 UAE Polyurethane Market by Application
8.4.4.3.3 UAE Polyurethane Market by Product
8.4.4.4 Saudi Arabia Polyurethane Market
8.4.4.4.1 Saudi Arabia Polyurethane Market by Raw Material
8.4.4.4.2 Saudi Arabia Polyurethane Market by Application
8.4.4.4.3 Saudi Arabia Polyurethane Market by Product
8.4.4.5 South Africa Polyurethane Market
8.4.4.5.1 South Africa Polyurethane Market by Raw Material
8.4.4.5.2 South Africa Polyurethane Market by Application
8.4.4.5.3 South Africa Polyurethane Market by Product
8.4.4.6 Nigeria Polyurethane Market
8.4.4.6.1 Nigeria Polyurethane Market by Raw Material
8.4.4.6.2 Nigeria Polyurethane Market by Application
8.4.4.6.3 Nigeria Polyurethane Market by Product
8.4.4.7 Rest of LAMEA Polyurethane Market
8.4.4.7.1 Rest of LAMEA Polyurethane Market by Raw Material
8.4.4.7.2 Rest of LAMEA Polyurethane Market by Application
8.4.4.7.3 Rest of LAMEA Polyurethane Market by Product
Chapter 9. Company Profiles
9.1 ArcelorMittal S.A.
9.1.1 Company Overview
9.1.2 Financial Analysis
9.1.3 Segmental and Regional Analysis
9.1.4 Research & Development Expenses
9.1.5 SWOT Analysis
9.2 thyssenkrupp AG
9.2.1 Company Overview
9.2.2 Financial Analysis
9.2.3 Segmental and Regional Analysis
9.2.4 Research & Development Expenses
9.2.5 SWOT Analysis
9.3 BASF SE
9.3.1 Company Overview
9.3.2 Financial Analysis
9.3.3 Segmental and Regional Analysis
9.3.4 Research & Development Expense
9.3.5 Recent strategies and developments:
9.3.5.1 Partnerships, Collaborations, and Agreements:
9.3.5.2 Geographical Expansions:
9.3.6 SWOT Analysis
9.4 Covestro AG
9.4.1 Company Overview
9.4.2 Financial Analysis
9.4.3 Segmental and Regional Analysis
9.4.4 Research & Development Expenses
9.4.5 Recent strategies and developments:
9.4.5.1 Partnerships, Collaborations, and Agreements:
9.4.5.2 Product Launches and Product Expansions:
9.4.5.3 Acquisition and Mergers:
9.4.5.4 Geographical Expansions:
9.4.6 SWOT Analysis
9.5 The Dow Chemical Company
9.5.1 Company Overview
9.5.2 Financial Analysis
9.5.3 Segmental and Regional Analysis
9.5.4 Research & Development Expenses
9.5.5 Recent strategies and developments:
9.5.5.1 Partnerships, Collaborations, and Agreements:
9.5.6 SWOT Analysis
9.6 Huntsman Corporation
9.6.1 Company Overview
9.6.2 Financial Analysis
9.6.3 Segment and Regional Analysis
9.6.4 Research & Development Expense
9.6.5 Recent strategies and developments:
9.6.5.1 Acquisition and Mergers:
9.6.6 SWOT Analysis
9.7 Lanxess AG
9.7.1 Company Overview
9.7.2 Financial Analysis
9.7.3 Segmental and Regional Analysis
9.7.4 Research & Development Expenses
9.7.5 Recent strategies and developments:
9.7.5.1 Partnerships, Collaborations, and Agreements:
9.7.6 SWOT Analysis
9.8 Mitsui Chemicals, Inc.
9.8.1 Company Overview
9.8.2 Financial Analysis
9.8.3 Segmental and Regional Analysis
9.8.4 Research & Development Expenses
9.8.5 Recent strategies and developments:
9.8.5.1 Partnerships, Collaborations, and Agreements:
9.8.6 SWOT Analysis
9.9 Tosoh Corporation
9.9.1 Company Overview
9.9.2 Financial Analysis
9.9.3 Segmental and Regional Analysis
9.9.4 Research & Development Expenses
9.9.5 SWOT Analysis
9.10. Eastman Chemical Company
9.10.1 Company Overview
9.10.2 Financial Analysis
9.10.3 Segmental and Regional Analysis
9.10.4 Research & Development Expense
9.10.5 SWOT Analysis
Chapter 10. Winning Imperatives for Polyurethane Market

Companies Mentioned

  • ArcelorMittal S.A.
  • thyssenkrupp AG
  • BASF SE
  • Covestro AG
  • The Dow Chemical Company
  • Huntsman Corporation
  • Lanxess AG
  • Mitsui Chemicals, Inc.
  • Tosoh Corporation
  • Eastman Chemical Company

Methodology

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