The global polyurethane market is projected to grow at a CAGR of 6.16% during the forecast period, to reach a market size of US$84.055 billion in 2024, from US$58.732 billion in 2018. Polyurethane is a polymer joined by carbamate links. They are available in multiple forms and are used for many applications across different industry verticals such as construction, automotive, furnishing, electronics, and more. The demand for polyurethane will rise with the increasing construction and manufacturing activities around the globe. Furthermore, the growing automotive and electronics industry will further escalate the market growth in the coming years. However, the fluctuating prices of raw materials and the multiple health hazards present posed by the polyurethane is anticipated to impact the growth of the the market during the forecast period. The North American region holds a substantial share in the market owing to the high adoption of the advanced materials.
Global Polyurethane Market by Application :
By application, the global polyurethane market is segmented as automotive, building and construction, furnishing, electronics, packaging, and others. Automotive held a significant market share in 2018 on account of increasing automotive production and rising expenditure on the maintenance and modification of automobiles. Increasing construction expenditure towards the building of new houses will be a major factor responsible for the burgeoning demand for this polymer in the building and construction industry. In addition, booming demand for office and home furniture in the developing nations on account of escalating disposable income and the exploding number of SMEs will augment the demand for this polymer for coating purposes. Electronics and packaging will record a modest growth throughout the forecast period.
Industrialization and construction activities in emerging economies :
Industrialization and construction are on a rise in the emerging economies of the world. Countries like India and China are on continuously growing and have also become a hub for multiple multinationals to set up their manufacturing units due to the availability of cheap labor and supportive government policies. The “Make in India” policy adopted by India, has resulted in multiple global brands set up manufacturing units in these regions. Since polyurethane is used in multiple industries such as automotive, furnishing and electronics, the rapid industrialization will lead to a growth in the demand for polyurethane products in the coming years.we are delivering expected market research of polyurethane market due to rapid construction in emerging economies
Global polyurethane market by Geography :
By geography, the global polyurethane market is segmented as North America, South America, Europe, Middle East and Africa, and Asia Pacific. Asia Pacific polyurethane market is estimated to hold a significant share and is further anticipated to grow rapidly on account of growing construction industry in region, which in turn, is driving the demand for polyurethane.
Sample view of Global Polyurethane Market
Similarly, the recovery of the economy from the recession and the efforts by the government of the United States to boost domestic manufacturing is expected to drive jobs and disposable income, which is expected to supplement the domestic manufacturing the country that uses a polyurethane as a component while the Europe polyurethane market is estimated to grow steadily during the forecast period.
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