The Global polyurethane market is projected to grow at a CAGR of 6.16% to reach US$ 84.055 billion in 2024 from US$58.732 billion in 2018. Polyurethane is a plastic material which exists in various forms. It is versatile and is used in a wide variety of applications to create all kinds of consumer and industrial products. High demand from major end-user segments such as automobile, fast moving consumer goods, building and construction, and electronics is driving the polyurethane market growth. Rapid urbanization in the developing economies is leading to an increased demand for furnished and other consumer products that is significantly boosting the demand for polyurethane solutions. Geographically, Asia Pacific is estimated to grow at a good rate on account of growing industrialization and building and construction activities in the region. Also, burgeoning penetration of bio-based polyurethane due to growing environmental concern will further boost the market growth during the forecast period.
Rapid Industrialization and Construction in emerging economies
Burgeoning penetration of polyurethane among various end-users
Fluctuation in petroleum prices
In October 2018, Covestro AG invested $1.7 billion in MDI so as to strengthen its position in MDI globally.
In August 2018, MCNS Polyurethanes India inaugurated ceremony for its newly commissioned polyurethane system in Sri City, India.
The major players profiled in the global polyurethane market include BASF SE, The Dow Chemical Company, Covestro AG, Huntsman International LLC, Eastman Chemical Company, Mitsui Chemicals, Inc., Mitsubishi Chemical Co., Ltd., Tosoh Corporation, DIC Corporation, PSI Urethanes, Inc., LANXESS, PRECISION URETHANE, Koninklijke DSM N.V., SKF, and Merck KGaA.
The global polyurethane market has been analyzed through the following segments:
Flexible Polyurethane Foam
Rigid Polyurethane Foam
By Product Form
CASE (Coatings, Adhesives, Sealants, and Elastomer)
Building and Construction
Middle East and Africa