The global Polyurethane Market size is expected to reach USD 105.29 billion by 2030, registering a CAGR of 4.4% according to a new report by Grand View Research, Inc. The market is driven by the growing need for high-performance and lightweight composites in the automotive industry. The use of thermoplastic polyurethane (TPU) in car components has significantly reduced total vehicle weight. The automobile industry's need for plastics has been driven by the need to reduce total vehicle weight in order to reduce fuel consumption and carbon emissions. As an alternative to metals, PU is frequently utilized in automobile applications such as engine encapsulation, seats, external panels, instrument panels, external panels, and cables and wires.
Automobile
manufacturers have been obliged to look for new ways to reduce fuel consumption
as the Corporate Average Fuel Economy (CAFE) has increased. Due to the
intrinsic relationship between mass and fuel consumption, light weight is a
critical issue in these standards. Additionally, the reduction in mass at
unfastened locations reduces noise and vibration while also smoothing the ride.
Automobile manufacturers are primarily focused on car components made of
various types of plastics in order to improve vehicle performance and follow
the trend of lightweight vehicles.
Plastics
are increasingly being used in automobile components such as automotive
interiors, exterior panels, engine cabins, and instrument panels to improve
fuel efficiency. Plastics can help reduce total vehicle weight and achieve the
necessary fuel economy when used instead of metal components. This tendency,
together with rising vehicle production, is predicted to boost polyurethane
demand in applications such as engine encapsulation, outer body panels, and
interior panels.
The
COVID-19 pandemic had a significant impact on vehicle production and caused
disruption throughout the automotive value chain. The market for polyurethane
in automotive applications is projected to be impacted by a slowdown or
standstill in production activity, negative consumer sentiments, and decreased
consumer demand due to COVID-19.
During
the forecast period, the electronics and appliances application segment is
expected to increase at a significant rate. Protective coverings, printed
circuit boards, electrical housings, and other items are made of polyurethane.
While delivering outstanding general performance in electrical equipment,
polyurethane enables cheaper unit costs and faster manufacturing. A key reason
driving polyurethane demand in electronics and appliances is the growing
relevance of encapsulating electronic components like circuits and sensors.
Related Press
Release@ Polyurethane
Market Report
Polyurethane Market Report Highlights
- The rigid
foam product segment accounted for the largest revenue share in 2022 and
is expected to witness prominent growth during the forecast period
- The
construction application segment dominated the global market and accounted
for more than 25.0% share of the global revenue in 2022
- The Asia
Pacific accounted for the largest revenue share of more than 45.10% in
2022. The strong manufacturing bases of the automotive, electronics, and
appliances industries in China, India, South Korea, and Japan are expected
to boost the market growth in the near future
- Over the
last years, a number of strategic efforts have been implemented in order
to improve market growth. For instance, on October 22, 2021, Huntsman
International LLC launched a new range of low-emission MDI-based foam
systems for automotive interiors; the ACOUSTIFLEX LE and RUBIFLEX LE
polyurethane product lines. This product innovation enabled the automotive
formulators and foam manufacturers to produce high-performance polyurethane
foams, while significantly reducing interior emission levels
List of Key Players in the Polyurethane Market
- Dow, Inc.
- BASF SE
- Covestro AG
- Huntsman
International LLC
- Eastman
Chemical Company
- Mitsui &
Co. Plastics Ltd.
- Mitsubishi
Chemical Corporation
- Recitel
NV/SA
- Woodbridge
- DIC
Corporation
- RTP Company
- The Lubrizol
Corporation
- RAMPF
Holding GmbH & Co. KG
- Tosoh
Corporation
Related
Reports@
Plastic
Films And Sheets Market
Polyurethane Market Segmentation
Grand
View Research has segmented the global polyurethane market based on product,
application, and region:
Polyurethane Product Outlook (Volume, Kiloton; Revenue,
USD Million, 2018 - 2030)
- Rigid Foam
- Flexible
Foam
- Coatings
- Adhesives
& Sealants
- Elastomers
- Others
Polyurethane End-Use Outlook (Volume, Kiloton; Revenue,
USD Million, 2018 - 2030)
- Furniture
& Interior
- Construction
- Electronics
& Appliances
- Automotive
- Footwear
- Packaging
- Others
Polyurethane Regional Outlook (Volume, Kiloton;
Revenue, USD Million, 2018 - 2030)
- North
America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Spain
- Russia
- Denmark
- Sweden
- Norway
- Asia Pacific
- China
- India
- Japan
- South Korea
- Central
& South America
- Brazil
- Middle East
& Africa
- Saudi
Arabia
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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