The latest published report by Fact.MR, a market research and competitive intelligence provider, reveals that the global polyurethane market currently holds a valuation of US$ 83.1 billion, and is slated to expand 2X to reach a valuation of US$ 162.3 billion by the end of 2032.
The market registered steady growth at 5% CAGR during 2017-2021. Fact.MR anticipates noteworthy potential in the market due to rising adoption of high-quality PU coatings and adhesives. Polyurethane adhesives are not only flexible and durable but also have better bonding and good impact resistance. They are used in vehicle interiors to seal fuel tanks, bond windshields, and other parts. Escalating demand for adhesives in different end-use industries is expected to be a major factor supporting market growth.
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In addition, polyurethane coatings protect substrates from corrosion, abrasion, and weathering. As these coatings adhere to the base material, their application in several end-use industries, such as automotive, furniture, construction, etc., is rising, thereby fueling market growth.
Key Takeaways from Market Study
- The global polyurethane market is valued at US$ 83.1 billion in 2022, and is projected to expand at 7% CAGR through 2032.
- The market witnessed 5% CAGR during the historical period of 2017-2021.
- Under product type, rigid foam dominates the market by holding 30.9% market share, and is projected to rise at 8.3% CAGR during the forecast years to hold 35.5% of the overall market share.
- The construction application segment is predicted to be valued at US$ 49.7 billion by the end of 2032.
- Based on region, demand for polyurethane is expected to increase at CAGRs of 7.1% and 7.4% in East Asia and South Asia & Oceania, respectively, over the forecast period.
- Together, North America and Europe are likely to represent 59.8% of the overall market share in 2022.
“Increasing adoption of PU coatings and adhesives of high-quality across industries such as automotive, furniture etc., is anticipated to drive market demand over the coming years,” says a Fact.MR analyst.
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Development of Market
Key suppliers of polyurethane are focusing on enhancing their brand presence in the market by making appropriate use of promotional strategies in order to promote their products and enhance their consumer base. Many promotional advertising strategies such as product launches, partnerships, collaborations, capacity expansion, etc., are being undertaken by them to improve brand presence and generate additional revenue.
Leaders in the polyurethane market are focusing on capturing prominent market share by making use of robust distribution networks and integrating their sales channels, which has enabled them to generate consistency in demand over the years.
Polyurethane Industry Survey by Category
- Polyurethane Market by Product Type :
- Rigid Foam
- Flexible Foam
- Adhesives and Sealants
- Other Product Types
Polyurethane Market by Application :
- Furniture & Interior
- Electronics and Appliances
- Other Applications
Polyurethane Market by Region :
- North America Polyurethane Market
- Latin America Polyurethane Market
- Europe Polyurethane Market
- East Asia Polyurethane Market
- South Asia & Oceania Polyurethane Market
- MEA Polyurethane Market
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