DUBLIN--(BUSINESS WIRE)--The "Polyurethane Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The market for polyurethane is expected to grow at a CAGR of around 8% during the forecast period of 2019-2024.
The major factor driving the market studied is the growing demand from bedding, carpet and cushioning industry. Competition from fiberglass and polystyrene foam is expected to hinder the growth of the market studied.
- Foam segment dominated the market in 2018 and is expected to grow during the forecast period owing to the increasing application as an insulating agent.
- Increasing demand for bio-based polyurethane is likely to act as an opportunity in the future.
- Asia-Pacific dominated the market across the globe with the largest consumption from countries such as China and India.
Major Market Trends
Increasing Demand from the Building & Construction Industry
- Polyurethane based foams are used as insulating materials in homes, refrigerators, and are used for several other purposes. Insulating foams helps consumers cut down their heating and cooling costs.
- The building & construction industry is by far the largest consumer for rigid and sprays polyurethane foam. With the rising number of building codes that promote energy-efficient structures, home builders and consumers are gradually moving toward building strategies that deliver performance and energy savings in the long run.
- According to the department of energy, heating and cooling costs account for 48% of the energy use in a typical US household. Spray polyurethanes are important solutions in improving a home's energy efficiency, along with other insulating foams, such as EPS, XPS, etc.
- According to the US Environmental Protection Agency, energy star program can save up to 11% on a person's energy bills, by adding insulation and sealing air leaks.
- If properly insulated, the spray foam insulation can also provide protection against moisture. This, in turn, reduces the chances of walls developing harmful molds, mildews, etc. In addition to providing temperature and moisture control, insulation is often used to provide noise reduction. The insulation also proves to be helpful during the summer season in reducing air-conditioning.
- From the above mentioned factors, the demand for polyurethane from building & construction industry is expected to rapidly grow over the forecast period.
Asia-Pacific to Dominate the Global Market
- Asia-Pacific region dominated the global market share in 2018. With growing construction activities and rapid urbanization in countries such as China and India, the usage of polyurethane is increasing in the region.
- Furniture and construction industries are among the fastest-growing end-user industries in India. The construction sector in India has been growing rapidly with an increased investment by the government. The Indian government's Housing for All by 2022' is a major game changer for the industry. A cumulative total of USD 24.67 billion foreign direct investment has been made for the construction activities (including townships, built-up infrastructure, and construction- development projects) in the country, between the period of April 2000 to December 2017.
- The country is likely to witness an investment of around USD 1.3 trillion in housing over the next seven years, where it is likely to witness the construction of 60 million new homes. Thus the availability of affordable housing is expected to rise by around 70% by 2024, in India.
- In the first quarter of 2018 alone, office leasing activity across India's top 8 markets was at an all-time high. A total of about 11 million sq. ft. of office space take-up was recorded in Q1 2018, registering an increase of about 25% from Q1 2017. This has largely driven the commercial construction activity in India.
- All such factors coupled with increasing consumption from other emerging economies of Asia-Pacific is driving the growth of the market in the region.
The polyurethane market is fragmented and is dominated by very few players. Some of these major players include BASF, Wanhua Industrial Group, Huntsman Corp, Mitsui Chemicals, and Covestro.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Growing Demand from Bedding, Carpet and Cushioning Industry
4.1.2 Growing Demand from Construction Industry
4.1.3 Increasing Emphasis on Recycling
4.2.1 Competition from Polystyrene and Polypropylene Foam
4.2.2 Toxic Nature of Polyurethane Coatings
4.3 Industry Value-Chain Analysis
4.4 Porters 5 Force Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Raw Material Analysis
4.6 Import-Export Trends
5 MARKET SEGMENTATION
184.108.40.206 Rigid Foam
220.127.116.11 Flexible Foam
5.1.3 Adhesives and Sealants
5.1.5 Other Applications
5.2 End-user Industry
5.2.1 Furniture and interiors
5.2.2 Building and Construction
5.2.3 Electronics and Appliances
5.2.7 Other End-user Industries (Industrial, Textiles and Apparel, Fibers, Medical, and Marine)
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.3.2 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
5.3.4 South America
220.127.116.11 Rest of South America
5.3.5 Middle East & Africa
18.104.22.168 Saudi Arabia
22.214.171.124 South Africa
126.96.36.199 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 BASF SE
6.4.2 BCI Holding S.A.
6.4.4 Covestro AG
6.4.5 DIC Corporation
6.4.7 Huntsman International LLC
6.4.8 INOAC Corporation
6.4.9 Kuwait Polyurethane Industries W.L.L
6.4.11 Mitsui Chemicals Inc. (MCNS and Kumho Mitsui Chemicals)
6.4.12 Recticel s.a./n.v.
6.4.13 Rogers Corporation
6.4.14 Sheela Foam Ltd.
6.4.15 Tosoh Corporation
6.4.16 Wanhua Industrial Group Co. Ltd.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing demand for Bio-based Polyurethane
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