Albany, NY -- (SBWire) -- 02/28/2019 --Polyurethane Market – Snapshot
Polyurethanes are widely utilized polymers. They are formed through the reaction of diisocyanates with polyols in the presence of other chemicals. Polyurethanes are used across the globe in almost all industries including furniture, construction, electronics, automotive, footwear, and packaging. Coatings, adhesives & sealants, and elastomers are key product segments of the global polyurethane market.
The global polyurethane market was valued at US$ 40,063.0 Mn in 2017 and is anticipated to expand at a CAGR of 7.2% from 2018 to 2026, according to a new research report titled 'Polyurethane Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,' published by Transparency Market Research (TMR) The global polyurethane market is driven by rise in the usage of polyurethane in various end-user industries such as bedding & furniture and building & construction.
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Rise in Demand for Polyurethane in Bedding & Furniture Industry to Fuel Market
Polyurethane is used as a raw material in the manufacture of furniture. The bedding & furniture industry is a major consumer of polyurethane. Increase in the global population is boosting the demand for consumer products. This, in turn, is fueling the bedding & furniture market. Polyurethane is employed in the production of polyurethane coatings. These coatings possess high resistance to voltage fluctuations. This fuels the demand for polyurethane coatings in industries such as automotive and white goods & appliances.
Methylene Diphenyl Diisocyanate (MDI) a Preferable Raw Material for Production of Polyurethane
MDI is largely consumed in the manufacture of polyurethane, due to its high thermal insulation and flexibility. Additionally, MDI is the rapidly expanding raw material segment, as MDI is less hazardous to health in comparison to TDI.
Rapid Growth of Automotive and Transportation Industries in Developing Economies of Asia Pacific Propelling the Demand for Polyurethane
Polyurethane is employed in the production of lightweight vehicles. Automotive and transportation industries in Asia Pacific are expanding at a rapid pace. This is propelling the demand for polyurethane in the region. Furthermore, the appliances & white goods industry in Asia Pacific and Latin America is expanding at a rapid pace. Polyurethane is used in coatings of electric wires, as it can bear voltage fluctuations. This is augmenting the demand for polyurethane in the appliances & white goods segment.
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High Degree of Competition among Market Players
High degree of competition exists among market players operating in the global polyurethane market. The market is moderately fragmented. It is dominated by large-sized players. Key players account for a major share of the market. Prominent players profiled in the report are Covestro AG, Huntsman Corporation, RTP Company, BASF SE, LANXESS, Mitsui Chemicals, Inc., DowDuPont, Tosoh Corporation, The Lubrizol Corporation, Perstorp, Manali Petrochemicals Ltd., Wanhua Chemical Group Co., Ltd., and Woodbridge Foam Corporation.
Global Polyurethane Market to Reach US$ 74,475.9 Mn by 2026 : TMR