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.”

According to our expert analysts, the rising usage of ground-breaking production technologies with progressive characteristics is predicted to influence the PU market affirmatively. For instance, the formation of TPU and PU acrylate oligomers that are amalgamated and radiation-cured to attain semi-interpenetrating polymer networks (IPN).

Segmentation

The market is segregated into rigid foam, flexible foam, molded foam, elastomers, adhesives & sealants, coatings, and others, on the basis of form.

Based on the application, the market is branched into furniture, construction, electronics, automotive, packaging, footwear, and others. Amongst these, the furniture segment is anticipated to record fastest growth rate during the forecast period.

Geographically, the global market is classified into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Competitive Landscape

Procurements Instigated by Crucial Companies to Endorse Market Growth

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.

Industry Development

July 2020: BASF and Yutong Bus Co. Ltd., who is a bus manufacturer, co-jointly invented a progressive polyurethane-based seating system intended for buses. This seating is produced utilizing Elastoflex PU of BASF and delivers augmented flame-retardant characteristics.

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