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Polyurethane Dispersions Market size is forecast to reach $ 2.8 billion by 2027, after growing at a CAGR of 7.2% during 2022-2027.
HYDERABAD, TELANGANA, INDIA, November 24, 2022 /einpresswire.com / -- polyurethane dispersions market size is forecast to reach $ 2.8 billion by 2027, after growing at a CAGR of 7.2% during 2022-2027. PUD stands for polyurethane dispersion, which is a polyurethane polymer resin distributed in water rather than a solvent. The growth of the market is due to rising demand from textile, leather coatings, automotive sector, paint & coatings, and others. The demand for leather products is mainly driven by consumer goods as leather is used to manufacture footwear, handbags, and others which are estimated to drive the consumption of polyurethane dispersions. Water-based polyurethane dispersion consists of a low volatile organic compound; thus, these are widely used in the automotive industry for paints. As dimethylol propionic acid is commonly utilised in aqueous urethane dispersions to give high gloss waterborne coatings with outstanding flexibility and durability, and it is employed in the manufacturing and processing of water-soluble resins. According to the International Organization of Motor Vehicle Production (OICA), automotive production in Spain (passenger cars and commercial vehicles) increased to 2822355 units in 2019 compared to 2819565 in 2018 which created demand for paint and coatings, in turn, is increased the market size.
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Key takeaways:
This IndustryARC report on the Polyurethane Dispersions market highlights the following areas -
1. Asia-Pacific dominated the polyurethane dispersions market due to rapid growth in the automotive sector as well as leather, textile, and others industries in developing and emerging Asian countries.
2. Increasing implementation of various stringent environmental regulations on reduction of high volatile organic compound (VOC) emissions is driving the market demand of polyurethane dispersions market.
3. Local Air Quality Regulators and Environmental Protection Agency (EPA) are continuously assessing the number of VOCs released from paints & coatings, leather, and textile industries. Thus, the imposition of regulations is providing new opportunities for polyurethane dispersion.
4. However, the volatility of crude oil prices may hamper the market growth. Polyols are a petrochemical product that is used to manufacture polyurethane dispersions.
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Segmental Analysis:
1. Polyurethane Dispersions Market Segment Analysis – By Type : Water-based segment type held the largest share of the global polyurethane dispersion industry in 2021. Water-based polyurethane dispersions are versatile and environmentally friendly materials that are available in a wide range of hardness and solid content. Their versatility and wide range of superior properties, such as abrasion resistance, impact strength, and low-temperature flexibility are the driving forces to their continuously expanding usage in many applications.
2. Polyurethane Dispersions Market Segment Analysis – By Application : Paints and coatings held the largest share of the global polyurethane dispersion in 2021 and are growing at a CAGR of 7.4% during 2022-2027. Polyurethane dispersions are used in paints due to low volatile organic compound emission, excellent durability, high abrasion resistance, and absence of harmful monomers. Hence, the increasing automotive production is estimated to grow the demand for paints which, in turn, is estimated to boost the polyurethane dispersions consumption.
3. Polyurethane Dispersions Market Segment Analysis – By Geography : Asia Pacific dominated the market of polyurethane dispersions market in 2021 above 30%, due to growing demand from various industries such as paint & coatings, automotive, adhesives & sealants, leather and textiles, construction, and others in Asian countries. Polyurethane dispersion is used as raw material to manufacture synthetic leather and footwear. Therefore, the increasing footwear industry is estimated to boost the market.
Competitive landscape:
The top 5 players in the Polyurethane Dispersions industry are:
1. Dow Chemical Company
2. BASF SE
3. Mitsui Chemical Inc.
4. Covestro AG
5. Huntsman Corporation
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Related Reports:
A. Polyurethanes Market
B. Polyurethane Adhesives Market
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