The research study covers the present scenario and growth prospects of the global polyurethane market for 2016-2020. To calculate the market size of the base year, i.e., 2015, the report considers the revenue generated through the sales of polyurethane for various applications.
The report also presents the vendor landscape and the detailed profiles of the five key vendors operating in the market, which include BASF, Covestro, The Dow Chemical Company, DuPont, and Huntsman. These vendors have been selected based on geographic presence and their product offerings for various applications.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global polyurethane market:
- Increased use of bio-based polyurethane in construction applications
- High growth prospects in emerging economies
- Augmented use of polyurethane in refrigeration applications
Increased use of bio-based polyurethane in construction applications
Growth in global population and rapid urbanization have increased the demand for housing, infrastructure, furniture, and other consumer products. Rigid polyurethane foam is widely used for thermal insulation of walls for buildings, vessels for refrigerated cargo, light-weight products used in construction and automotive applications, pipelines, and cryogenic wind tunnels.
The rise in the demand for public infrastructure in emerging markets, such as BRICS (Brazil, Russia, India, China, and South Africa) and GCC, is a major growth propeller of the polyurethane market. China and India, the two most populous countries in the world, are also the fastest growing economies. This has led their respective governments to make huge investments in infrastructural development, increasing the demand for polyurethane. “The overall development of the global economy will accelerate the growth of the global construction market, increasing the consumption of polyurethane during the forecast period,” says Swapnil Tejveer Sharma, a lead analyst at Technavio for research on olefins sector.
High growth prospects in emerging economies
The market registered high growth in developing countries, including Brazil, China, South Korea, Mexico, and India in 2015. The growth of end-user industries in these countries — attributable to the changing lifestyles, the rise in disposable incomes, and increasing consumerism — is expected to increase the demand for polyurethane.
“Many original equipment manufacturers are shifting their manufacturing operations to these emerging economies. This shift is due to factors such as the availability of cheap labor, low transportation costs, availability of land, and less stringent government norms. This is anticipated to propel the polyurethane market during the forecast period,” says Swapnil.
Augmented use of polyurethane in refrigeration applications
The global refrigeration equipment market will account for almost USD 40 billion by 2020. Polyurethane is consumed extensively in refrigeration applications globally. Medicines, packaged food, and other consumables require refrigeration; their increasing demand is propelling the market for refrigeration equipment.
Deviations in refrigerant used and regulations regarding efficiency are likely to drive the sales of commercial refrigeration equipment in most regions. China is foreseen to be the fastest growing market for commercial refrigeration equipment. The market in the country is driven by the rapid growth of the food and beverage industry.
Panels made of polyurethane foam provide 30%-40% more insulation per given thickness than expanded polystyrene. In addition, the material offers moisture resistance and provides long-term high-performance accuracy of the insulation in a refrigeration panel, thereby increasing its acceptance in different applications.
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