According to Chemanalyst report, “Global Polyurethane (PU) Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Application, End Use, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, the Global Polyurethane market is projected to grow at a healthy CAGR of around 6.0% during the forecast period. Demand for PU is increasing rapidly due to its variable nature and distinctive properties. These are used in almost all major end segment sectors including construction, medical, packaging, furnishing, automotive textile to paints and coatings.
Polyurethane is a co-polymer that is manufactured when polyols (more than two hydroxyl group) react with an di-isocyanate (methyl diphenyl diisocyanate (MDI) and toluene diphenyl diisocyanate (TDI)), mostly in presence of appropriate additive and catalyst. Due to its plastic traits, it is commonly used to coat surfaces. Polyurethane’s physical properties like flexibility, excellent softness and easy to clean have made this material a preferred choice for furniture sector. PU resin is used as an insulator material in construction sector, due to its properties like non-toxicity and chemical inertness. Polyurethane is widely utilized in wood composites owing to its high compatibility to the substance. PU based wood composites is used all over the world to make cabinets, home furniture and decorative fencing.
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PU has enormous amounts of applications as it is available in different forms. It is used in automotive industries to fabricate the exterior as well as interior parts of the automobile. PUR coatings are used in automobile’s exteriors to provide high gloss durability, scratch resistance and corrosion resistance. North America is expected to remain the largest market during the forecasted period owing to the growth of end use industries like transportation and construction.
Global economy is severely hampered by the COVID-19 pandemic. The construction sector which is one of the major end uses of PU, due to indefinite lockdown leading to the shortages of manpower, capital, resources, and raw materials. However, demand for hot melt PU adhesives for the packaging sector showed a tremendous boost since the onset of pandemic due to the surge in demand from the healthcare and Food & Beverage industry. The second half of FY 2020 showcased substantial recovery in other end uses of Polyurethane. In the beginning the prices were dropped amid lackluster buying appetite and market oversupply due to declined prices of MDI.
According to ChemAnalyst report, “Global Polyurethane (PU) Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Application, End Use, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, Some of the major players operating in Polyurethane market are Bayer, BASFYantai Wanhua Mitsui chemicals, LANXESS, DowDuPont, Shell International, Covestro
Regionally, the Global PU market has been segmented into various regions including Asia-Pacific, North America, South America, Europe, and Middle East & Africa. As per the ChemAnalyst report, Asia-Pacific is the dominating region for the demand of PU. Also major capacities have been setup domestically in the region to cater the demand. Presently China is the largest market for PU due to the presence of large-scale end-use industries coupled with rapid capacity expansions.
“Global Polyurethane market is currently facing huge blow due to the repercussions caused by the unprecedented outbreak of Coronavirus in the first half of 2020 and shortages in upstream feedstocks in second half of 2020. Despite the massive downturn in nearly all major industries, its hot melt adhesive derivative demand boosted from healthcare sector amidst COVID-19 pandemic. Major players are optimistic over its significant demand recovery by the final quarter of FY 2020. As PU is appreciably utilized nearly in all sectors and majorly in the construction, furniture and automotive sector, this is anticipated to drive the global market of the Global Polyuethane the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.
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