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ENTERPRISE, Nevada, Nov. 24, 2022 (GLOBE NEWSWIRE) -- Polyurethane Market Introduction:
Plastic element polyurethane comes in a variety of shapes and forms. It is the material of choice for a wide range of end-user applications, including insulation for refrigerators & freezers, building insulation, cushioning for furniture, beds & automotive parts, composite wood panels, shoe bottoms and athletic apparel.
According to the DataM market research report, the global polyurethane market size was valued at USD YY billion in 2021, it is projected to reach USD YY billion by 2029, with a CAGR of 6.6% over the forecast period 2022-2029.
Thermosetting polymers, such as polyurethanes, do not melt in the heat. Polyurethane requirement is anticipated to increase throughout the forecast period due to rising building insulation demand brought on by environmental concerns. Since the potential environmental impact of building developments is rather large, sustainability in building developments is a broad field that involves many actions that must be performed in the initial construction stages. Bio-polyurethane use in the construction and refrigerator industries has expanded due to expanding auto and construction markets.
Polyurethane Market Drivers:
Throughout the forecast period, the market is anticipated to be driven by the expanding demand for polyurethane from the packaging, construction and automotive industries. The construction industry is expanding quickly due to solid market fundamentals for commercial real estate and rising state and federal funding for public works and institutional projects.
The South San Francisco Civic Center campus, LaGuardia Airport Construction Project, O'Hare Airport Construction Project and Second Avenue Subway Construction Project are just a few of the ongoing U.S. construction projects that are expected to increase demand for polyurethane in the construction industry over the coming years.
Polyurethane Market Restraints:
The risky impact of polyurethane on the environment could limit market expansion. Due to the industrial release of TDI, which pollutes the air, the raw materials used to make polyurethane, such as MDI and TDI, are considered environmentally hazardous. After evaluating and checking the TDI levels, Environment Canada and Health Canada concluded that their concentration harms human health.
Environment Canada has released a Pollution Prevention (P2) Planning Notice to ensure proper environmental management of TDI discharges. Additionally, landfills have been outlawed in Europe, specifically for waste tires and PU products, to fully utilize PU's enormous potential as a coal-alternative energy source and reduce environmental pollution.
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Polyurethane Market Opportunities:
Rising green building construction is anticipated to enhance the polyurethane industry further. Due to rising investments in intelligent, energy-efficient business and residential buildings, green buildings are rapidly being built. In addition to presenting lucrative prospects, these structures also comply with federal and environmental requirements, offering a significant answer to rising consumer expectations for sustainability.
To control heating, ventilation and air conditioning (HVAC) and offset the energy lost due to insufficient insulation, construction materials' effectiveness has eventually increased the demand for efficient insulating materials. As a result, polyurethane foams are used as exceptionally effective insulation materials, resulting in higher energy savings.
COVID-19 Impact Analysis:
The COVID-19 epidemic restricted government activity, prohibited travel, resulted in lockdowns and forced the shutdown of companies, all of which hurt the polyurethane market. The polyurethane market suffered due to the shutdown of the building and construction sectors.
The flexible insulator polyurethane. Storage containers, such as specialized refrigerators, are made from rigid polyurethane foams and can hold COVID-19 vaccine vials. It help carries vaccines around the world. Due to this, it is anticipated that the need for polyurethane will increase soon.
Recent Developments in the Industry:
1. Coverstro intended to expand production capacity by constructing new thermoplastic polyurethane facilities in the Shanghai location in December 2021. In 2023, the factory is expected to be completed.
2. In February 2020, Huntsman finished acquiring Icynene-Lapolla. The acquisition will help Huntsman grow its downstream polyurethanes business in North America.
Polyurethane Market Segmentation:
As per the research analysis, the global polyurethane market is segmented by raw material into toluene diisocyanate, polyols, methylene diphenyl diisocyanate and others, by product form into adhesives & sealants, coatings, elastomers, flexible foam, rigid foam, by end-user into automotive & transportation, appliances & white goods, bedding & furniture, building & construction, footwear and packaging. Based on end-user, building & construction is estimated to be the dominant segment during the forecast period (2022-2029). Polyurethane is most commonly used in the building and construction sector because of its superior strength-to-weight ratio, insulating qualities, toughness and adaptability. High-performance items operate well, are robust but lightweight, durable and versatile are made with polyurethanes. The building and construction sector is mainly using rigid and sprayed polyurethane foam. Using rigid polyurethane foam insulation has several advantages, including its energy efficiency, high performance, adaptability, mechanical & thermal performance and environmental friendliness.
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The global polyurethane market is segmented into major countries, including North America, Europe, South America, Asia Pacific and Middle East & Africa.
Asia-Pacific Polyurethane Market:
The majority of the world's polyurethane market is in Asia-Pacific. The use of polyurethane is expanding in the region because of rising construction activity and fast urbanization in nations like China and India. According to the International Organization of Motor Vehicle Manufacturers (OICA), China is the world's greatest automobile producer. Due to growing environmental concerns, the country has been focusing on producing products that ensure fuel efficiency while decreasing emissions to prepare for significant product evolution.
The China Passenger Car Association (CPCA) reported that in 2021, it was anticipated that 3.3 million New Energy Cars (NEVs), including battery-electric vehicles (BEVs) and plug-in hybrid vehicles (PHEVs), would be marketed in China. A total of 505,000 NEVs were sold in December 2021. 423,000 of these were BEVs and 82,000 were PHEVs. The furniture market in India is thriving. The total rental market for furniture and appliances in India reached around US$ 41 billion in FY 2021, according to InvestIndia (a national agency for investment promotion and facilitation). By the end of 2023, the rental market is anticipated to generate US$ 61.09 billion.
North America Polyurethane Market:
There is a significant demand for PU products in the region from several important end-use industries, such as furniture, construction, packaging and automotive. In recent years, there has been a significant demand for PU due to rising consumer disposable income, reviving the automotive industry and the attractiveness of personalized, individually packaged consumer items.
A significant factor driving the market growth in construction and the growth of the polyurethane market in the region has been increased infrastructure spending in U.S. to upgrade existing road and public infrastructure.
Europe Polyurethane Market:
A strict regulatory framework to lower greenhouse gas (GHG) emission levels has resulted in tremendous growth for Europe's furniture and building industries. Regional automakers have raised their spending on rigid PU foam due to this factor.
The rise of important end-use industries like automotive components and construction, notably in UK, together with polyurethane's adaptability as a product in new applications and its uses and qualities like sustainability and lightweight are predicted to fuel demand for the material.
Leading polyurethane manufacturers are working hard to develop cutting-edge technologies for unusual applications. The bulk of market participants competes based on the raw materials used to produce polyurethane, such as polyol, methylene diphenyl diisocyanate and toluene diisocyanate.
Large and medium-sized businesses are producing polyurethane in global and regional markets.
Major key companies which are contributing to the growth of the market include;
DOW Chemical Company
Manali Petrochemicals Ltd
Mitsui Chemicals Inc
Wanhua Chemical Group Co., Ltd
Woodbridge Foam Corporation
Tosoh Corporation and Eastman Chemical Co.
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polymethyl methacrylate (pmma) microsphere market is segmented By Size Type (0 to 30 Microns for Polymethyl Methacrylate (PMMA) Microsphere the industry, Above 30 Microns), By Applications (Medical, Films, Ceramics & Composites, Coatings, Electronics, Paints & Coatings, Cosmetics, 3D Printing Inks, Displays, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029
building and construction adhesives market is segmented By Type (Urethane, Epoxy, Acrylic, Vinyl), By Technology (Water-Based Adhesive, Solvent-Based Adhesive, Hot-Melt Adhesive), By Application (Flooring, Roofing, Manufactured Housing, Concrete, Others), By End-User (Residential, Commercial, Industrial), By Region (North America, Europe, South America, Asia-Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029
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The Full Report has the below insights:
The report offers a comprehensive evaluation of the market in terms of Market Value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2020-2021) and verifiable projections about market size during the forecast period (2022-2029). Visualize the composition of the global polyurethane market segmentation by raw material, product form, end-user and regions highlighting the key commercial assets and players.
By Raw Material : Toluene Diisocyanate, Polyols, Methylene Diphenyl Diisocyanate, Others By Product Form : Adhesives & Sealants, Coatings, Elastomers, Flexible Foam, Rigid Foam By End-User: Automotive & Transportation, Appliances & White Goods, Bedding & Furniture, Building & Construction, Footwear, Packaging. By Region : North America, South America, Europe, Asia Pacific and Middle East and Africa Identify commercial opportunities in the global polyurethane market by analyzing trends and co-development deals. The report also covers data insights on various industry forces such as, porter's five forces analysis, supply chain analysis, pricing analysis, regulatory analysis. Excel data sheet with thousands of data points of global polyurethane market-level 4/5 segmentation. PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study. Product mapping in excel for the key product of all major market players The report will provide access to approximately 61 market data tables, 64 figures and close to 180 pages.
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