WASHINGTON, Oct. 05, 2022 (GLOBE NEWSWIRE) -- The Global Polyurethane Market generated a revenue of USD 71.7 billion in 2021 and is expected to attain a value of USD 91.2 billion by 2028 at a healthy CAGR (Compound Annual Growth Rate) of 4.10% during the forecast period, 2022–2028.
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As the world becomes more and more industrialized, the demand for the Polyurethane Market is only going to continue to increase. Polyurethane Market is a versatile material that can be used in a variety of applications, from construction to furniture to electronic devices. In fact, Polyurethane Market has been used in many consumer products for years now, and there is no indication that this trend will stop any time soon.
One of the main reasons for this increased demand for the Polyurethane Market is its durability. Unlike other materials, Polyurethane Market can withstand a great deal of wear and tear. This means that it can be used in areas where other materials would not be suitable, such as exterior surfaces. Additionally, Polyurethane Market is resistant to both weathering and rusting. This makes it ideal for use in outdoor applications. However, the primary drivers behind this growth are the increasing popularity of eco-friendly materials, increasing demands for performance in various applications, and escalating environmental concerns.
Another reason why Polyurethane Market has become so popular is its versatility. Not only can it be used in a wide variety of applications, but it can also be customized to fit specific needs. For example, Polyurethane Market can be engineered to have certain properties, such as resistance to heat or cold.
As per Vantage Market Research, increasing concerns about global warming, air pollution, and water shortages are all contributing factors to this growing demand for Polyurethane Market. Purchasing decisions concerning Polyurethane Market goods and services will likely be influenced by a number of factors, including growth in residential building construction, increased automotive use, increasing use of rigid insulation in conventional homes and businesses, and the popularity of composite materials such as fiberglass-reinforced plastic.
Key Industry Findings & Insights from the report:
The Global Polyurethane Market was valued USD 71.7 Billion in 2021 and is all set to surpass USD 91.2 Billion by 2028, exhibiting a CAGR of 4.1% during the forecast period 2022-2028.
In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
Asia Pacific captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Polyurethane industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
China Produces 32% of the Global Polyurethane Market
Globally, 24.72 million metric tons of Polyurethane Market was produced in 2021. Wherein, almost 50% of the global production of Polyurethane Market takes place in the Asia Pacific only. Polyurethane Market products are widely used in the construction, automotive, and other industries. China is the world's top production country for Polyurethane Market products, accounting for 32% of global output in 2021. China produced 7.467 million tons of Polyurethane Market in 2021, surpassing the Rest of Asia Polyurethane Market output. This trend is expected to continue due to the increasing demand from various markets.
Nearly 57% of China's Polyurethane Market production is sold overseas. The biggest buyers are Japan, South Korea, the United States, Europe, and Southeast Asia also account for a significant share of China's exports.
This gigantic production capacity has led to China becoming a major supplier to Polyurethane Market, such as baby car seats and rainwear. In fact, China is now the number one supplier of Polyurethane Market to the European Union, which accounts for around 50% of China's EU exports. Despite its large production capacity, however, China still faces some challenges when it comes to meeting global demand for Polyurethane Market products. For example, the country's infrastructure is not always up to par, which can lead to problems in terms of shipping and distribution.
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27% of the Global Polyurethane Market Revenue Comes from Construction Industry
Polyurethane Market is the most popular composite material in the construction industry. This is because it is strong, lightweight, and weather-resistant. Construction is the largest consumer of Polyurethane Market, accounting for 27% of the global market revenue. This is due to the fact that Polyurethane Market is an affordable and sustainable material that can be used in a variety of building applications.
One reason for this growth of the Polyurethane Market is the increasing popularity of green infrastructure. Construction projects involving green infrastructure are designed to improve environmental conditions by reducing the use of energy and waste products, and they are also designed to improve the quality of life for residents in urban areas.
The Polyurethane Market coatings that are used on green infrastructure projects are tough and resistant to weathering and corrosion. This makes them a perfect choice for construction projects involving roads, railroads, bridges, and other infrastructure components. The construction industry is one of the fastest-growing sectors in the world economy, and Polyurethane Market coatings are playing an important role in the growth of the Polyurethane Market.
The growth in the construction industry has led to increased demand for Polyurethane Markets across all regions. However, Asia Pacific is projected to account for the largest share of the global market revenue by 2030. This is due to the increasing adoption of green building technologies in this region, which is driving increased demand for environmentally-friendly products.
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Manufacturing of Polyurethane Market is Shifting from large factories to Small Business
As the demand for Polyurethane Market increases, so does the need for producers who can supply this versatile material efficiently and economically. In recent years, Polyurethane Market production has moved from large factories to smaller businesses that can more easily adapt to changes in the market. This trend is expected to continue as Polyurethane Market becomes more popular and producers continue to search for ways to reduce costs.
Polyurethane Market production has traditionally been undertaken by large factories, but the demand for this material is increasingly driving small business owners to get into the Polyurethane Market manufacturing business.
Browse market data Tables and Figures spread through 146 Pages and in-depth TOC on "Polyurethane Market Size, Share & Trends Analysis Report by Product Type (Rigid Foam, Flexible Foam, Coatings, Adhesives & Sealants, Elastomers, Other Product Types), by Application (Furniture & Interiors, Construction, Electronics & Appliances, Automotive, Footwear, Packaging, Other Applications), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
There are several reasons why small businesses in the Global Polyurethane Market are winning the Polyurethane Market manufacturing race. First, Polyurethane Market production is relatively simple and inexpensive to set up. Second, Polyurethane Market production cannot be outsourced, which means that small businesses have complete control over the quality of their products. Finally, Polyurethane Market production is not as reliant on complex equipment as other manufacturing processes, which means that small businesses can start up and operate with limited resources.
As a result, smaller businesses have been able to capitalize on this trend by adapting their manufacturing processes and technologies to produce Polyurethane Market products more efficiently. In fact, many small-scale manufacturers are now able to produce high-quality products at a fraction of the cost of traditional factories. This shift is resulting in a wider variety of products being manufactured using Polyurethane Market, including custom-made components and tailor-made solutions.
For these reasons and more, it is safe to say that the Polyurethane Market manufacturing market is heading in the direction of small business owners.
Top Players in Global Polyurethane Market
Huntsman International LLC
Eastman Chemical Company
Mitsui & Co. Plastics Ltd.
Mitsubishi Chemical Corporation
The Lubrizol Corporation
RAMPF Holding GmbH & Co. KG
Key Questions Answered in The Report:
Which region will show the fastest and highest growth in the near future?
Which are the top five players and their weakness and strength of the Market?
What will be the future innovation in the upcoming six years?
Which application and product will lead the largest share of the Market?
What are the growth drivers, restraints and challenges of the industry?
What will be the CAGR and size of the Polyurethane Market for the base year and forecast period?
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Market Size Provided for Years
Region & Counties Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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Top Companies in Polyurethane Market | Growth Analysis and Market Insights of Industry Major Players.
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