“Global Polyurethane Market to reach a market value of USD 102.3 Billion by 2030 growing at a CAGR of 4.3%”
The Global Polyurethane Market size is expected to reach $102.3 billion by 2030, rising at a market growth of 4.3% CAGR during the forecast period. In the year 2022, the market attained a volume of 29,519.9 kilo tonnes, experiencing a growth of 3.5% (2019-2022).
The growth of the packaging industry is a crucial factor in the higher demand for it. Thus, the packaging segment captured 7.6% revenue share in 2022. For instance, as per the National Investment Promotion & Facilitation Agency, the Indian packaging industry is expected to reach $ 204.81 Bn by 2025, with a rate of 26.7% from 2020-2025. Therefore, the segment will grow rapidly in the coming years.
Polyurethane foams foams are widely used in producing mattresses, sofas, chairs, and other upholstered furniture due to their exceptional comfort and durability. Polyurethane foam offers superior cushioning properties, providing support and resilience for extended periods and enhancing furniture products’ overall comfort and longevity.
Additionally, according to the European Commission, the Italian government is considering extending the measure until 2023. EU funding for energy-efficient housing investment and social housing promotion are EUR 18.5 billion and EUR 2.8 billion, respectively. Additionally, households have steadily grown since 2010, reaching 26.1 million in 2020 (+5.7%). Therefore, the expansion of the global construction industry is driving the market’s growth.
However, Polyurethane production relies heavily on petrochemical-based raw materials such as polyols and isocyanates. Fluctuations in crude oil prices, which serve as the primary feedstock for petrochemicals, directly impact the cost of raw materials for its manufacturers. Any disruptions in the global oil supply, geopolitical tensions, or changes in oil production quotas by major oil-producing nations can lead to rapid and unpredictable changes in raw material prices. Thus, volatility in raw material prices is hampering the market’s growth.
On the basis of the product, the market is segmented into rigid foam, flexible foam, coatings, adhesives & sealants, elastomers, and others. The rigid foam segment recorded 30.4% revenue share in the market in 2022. Rigid foam is highly valued for its excellent thermal insulation properties. It is extensively used in construction to insulate roofs, walls, floors, and refrigeration systems.
Based on raw material, the market is divided into toluene di-isocyanate, methylene diphenyl di-isocyanate, polyols, and others. In 2022, the polyols segment garnered 41.6% revenue share in the market. Polyols serve as one of the main building blocks in its production. They can be derived from various sources, including petrochemicals and renewable feedstocks like soybeans or corn.
Based on application, the market is categorized into furniture & interiors, construction, electronics & appliances, automotive, footwear, packaging, and others. The furniture and interiors segment procured 21.3% revenue share in the market in 2022. In terms of volume furniture and interiors segment would register 6,652.5 kilo tonnes in 2022. Polyurethane foam is lightweight compared to traditional furniture materials such as wood or metal.
Free Valuable Insights: Global Polyurethane Market size to reach USD 102.3 Billion by 2030
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Europe region generated 16.2% revenue share in the market. Europe has stringent energy efficiency regulations and building codes to reduce carbon emissions and promote sustainable construction practices.
The polyurethane market is marked by fierce competition and dynamic attributes, driven by its versatile applications in construction, automotive, furniture, electronics, and packaging. Key players continually innovate to meet evolving demands and regulatory standards, emphasizing lightweight, durability, and insulation properties. Sustainability is a growing focus, with bio-based polyurethane gaining prominence. Economic conditions, technological advancements, and regulatory changes impact market trends. The material's popularity is closely tied to industries like construction and automotive.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 73.4 Billion |
| Market size forecast in 2030 | USD 102.3 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 4.3% from 2023 to 2030 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Million, and CAGR from 2019 to 2030 |
| Number of Pages | 430 |
| Number of Tables | 850 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Raw Material, Product, Application, Region |
| Country scope |
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| Companies Included | ArcelorMittal S.A., thyssenkrupp AG, BASF SE, Covestro AG, The Dow Chemical Company, Huntsman Corporation, Lanxess AG, Mitsui Chemicals, Inc., Tosoh Corporation, Eastman Chemical Company |
By Raw Material (Volume, Kilo Tonnes, USD Billion,2019-2030)
By Application (Volume, Kilo Tonnes, USD Billion,2019-2030)
By Product (Volume, Kilo Tonnes, USD Billion,2019-2030)
By Geography (Volume, Kilo Tonnes, USD Billion,2019-2030)
This Market size is expected to reach $102.3 billion by 2030.
Impact of increasing furniture and bedding industry are driving the Market in coming years, however, Concerns regarding volatility in raw material prices restraints the growth of the Market.
ArcelorMittal S.A., thyssenkrupp AG, BASF SE, Covestro AG, The Dow Chemical Company, Huntsman Corporation, Lanxess AG, Mitsui Chemicals, Inc., Tosoh Corporation, Eastman Chemical Company
In the year 2022, the market attained a volume of 29,519.9 kilo tonnes, experiencing a growth of 3.5% (2019-2022).
The Construction segment is leading the market. there by, achieving a market value of $22.1 billion by 2030.
The Asia Pacific region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; there by, achieving a market value of $58.5 billion by 2030.
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