Polyurethane (PU) Market to attain maximum growth in Asia Pacific: Global PU Industry Size to exceed USD 77 billion by 2023

Global Polyurethane (PU) market size worth USD 51.5 billion in 2015, is forecast to surpass a revenue of USD 77 billion by 2023. Rising demand for energy conservation, favorable government initiatives, and increasing demand across construction and automotive industry will drive the PU industry growth over the forecast timeframe.

Automotive sector is highly focusing towards weight reduction of the vehicles to regulate fuel emissions and increase the vehicle’s efficiency. This in turn drives the demand for PU in the automotive industry. Polyurethane market size in automotive industry was worth USD 8.4 billion in 2015, and is estimated to grow significantly over the coming years. PU foams are widely used in various automotive interiors such as seats, armrests, headrests, instrument panels, and roof liners.

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Construction industry contributed towards a major share of PU market with over 30% of the overall market revenue in 2015. Growing trends of thermal and acoustic insulation in residential infrastructure will primarily drive PU industry growth in construction sector. They are primarily used as rigid foams as flooring materials, sealants, and insulators.

In terms of products, PU market is segmented as Flexible Foams, Adhesives & Sealants, Rigid Foam, Elastomers, and Coatings. Rigid PU foam market in terms of volume was 4600 kilo tons in 2015, and is estimated to grow at a CAGR of 4.9% over the period of 2016-2023. Increasing applications in construction industry as insulators will drive the product demand over the estimated timeframe. Flexible foams market size was worth USD 13 billion in 2015, and will grow noticeably over the coming years, driven by its growing demand in automotive sector. PU coatings market is expected to register a CAGR of 5% over the forecast timeframe.

Asia Pacific PU market will witness heavy growth in the coming years, owing to the expansion of automotive and construction industry across this region. APAC polyurethane market is anticipated to surpass USD 33.5 billion by 2023, primarily led by India and China. US market is forecast to surpass USD 13 billion by 2023, driven by increasing demand for PU foam in thermal insulation.

Key industry participants include Covestro, Huntsman Corporation, BASF, Dow Chemical Company, Foamex Innovations, Nippon, British Vita Unlimited, Recticel, Mitsui Chemicals, and Woodbridge Foam.

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