The global polyurethane industry was USD 56.45 billion in 2020. The market is projected to grow from USD 57.34 billion in 2021 to USD 81.74 billion in 2028 at a CAGR of 5.1% during the 2021-2028 period.
This information is provided by Fortune Business Insights™, in its report, titled, “Polyurethane Market, 2021-2028.”
Drivers and Restraints
PUR is largely used as a foam in the furniture industry for cushioning and bedding uses. Its elastic nature, robustness, and capability to offer relaxation makes it appropriate for application in the furniture industry. Furthermore, the demand for furniture is growing world-wide owing to the fluctuating standard of living of consumers, pooled with the expansively growing population. This is anticipated to drive the polyurethane market growth across the globe.
Regional Insights
Asia Pacific was worth USD 25.66 billion in 2020. Asia Pacific is predicted to hold a major polyurethane market share in terms of revenue as well as volume and is expected to display substantial growth.
North America is projected to exhibit a significant growth in this PU market. The dominating country in the region, the U.S. utilizes this material in the automotive as well as construction applications, which will assist the market growth.
Europe will demonstrate a considerable growth owing to the surging applications of polyurethane in the manufacturing of machinery and furniture.
Competitive Landscape
The dominating players in the market are incessantly rooting for proficient approaches to thrust their brand value as well as validate the global market growth of the product by confronting least possible hindrances. One such competent strategy is purchasing competitive companies and further safeguarding a profit for both the involved companies.
List of Key Players Covered in the Report
- BASF SE (Germany)
- The Dow Chemical Company (U.S.)
- Covestro AG (Germany)
- Yantai Wanhua Polyurethanes Co., Ltd. (China)
- Huntsman (U.S.)
- Foamcraft, Inc. (U.S.)
- Mitsui Chemicals & SKC Polyurethanes Inc. (South Korea)
- Lanxess (Germany)
- Eurofoam Group (Austria)
- Inoac Corporation (Japan)
- Rogers Corporation (U.S.)
- Recticel (Belgium)
- Future Foam, Inc. (U.S.)
- Tosoh Corporation (Japan)
- Armacell (Germany)
- Fxi-Foamex Innovations (U.S.)
- Compagnie De Saint-Gobain S.A. (France)
Information Source: https://www.fortunebusinessinsights.com/industry-reports/polyurethane-pu-market-101801
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