July 06, 2022 01:33 ET | Source: Precedence Research Precedence Research
Tokyo, July 06, 2022 (GLOBE NEWSWIRE) -- The global polyurethane market size was accounted at USD 78.1 billion in 2021. Polyurethane is polymer containing chemical bond between isocyanate and polyols which is result of controlled chemical reaction of these two compounds with catalysts and added adhesives. Presently it is offered in two types; thermoplastic polymer and thermosetting polymer.Since Polyurethane possesses uniquely chemical characteristics it has vast applications in several industries; such as Automotive, constructions, wall coatings, flour coatings, protective thermal insulations, synthetic fibers and adhesives.
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Continuous efforts by the industry innovators to develop new product technologies providing with unique features to the end users are making fruitful impacts on market’s growth toward new heights. For instance, newestdevelopment of PU and TPU acrylate oligomers; these are blended in such a way, they contains quality to create semi-interpenetrating polymer networks without exhibiting radiation.
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Consistent demand for foams from furniture and interior industry to drive market growth
Polyurethane is used at large as foam in the furniture industry for bedding and cushioning. Flexible polyurethane foams are primarily useful in cushioning for many of consumer based and commercially based products, such as automotive interiors, bedding, furniture and carpet underlay. They can be designed in almost much variety for shape and firmness. It is also light in weight, durable in material also it is supportive and comfortable. This is anticipated to make market rise across the globe. Rapid urbanization with government initiatives and industrialization throughout the globe are expected to fuel the growth of the global construction industry. While in emerging economies, such as India and China are more focused on grater investments in these sectors. As a result, demand in furniture industry is experiencing surge. These factors will mainly responsible as drivers for the polyurethane market growth.
Sturdy presence of substitutes may slowdown market growth
Polyurethane is chemically adaptable material which could be used in various end-use industries and applications. Despite this fact though, there are ample substitutes available in the market today. They are alsostable in terms of chemical bonding that would outplay the product in concern, in certain applications. For example, linseed oil is used to treat wood, wooden articles, show pieces and various materials in the furniture industry. They are used as substitute to many toxic substances. Polysiloxane coatings are used instead of PUR coatings. Drawback is that, Polysiloxane coatings are based on isocyanates in marine applications. Furthermore, polysiloxane coatings' superior durability and weathering physical properties for naval applications make them a good option for PUR coatings. This would limit market expansion.
Rising need for public infrastructure in developing nations
Various chemical properties make polyurethane excellent choice for building constructions industry. It has wide uses in industrial, commercial as well as household applications. Rapid urbanization with government initiatives and industrialization throughout the globe are expected to fuel the growth of the global construction industry. While in emerging economies, such as India and China are more focused on grater investments in these sectors. For instance, China is making huge investments in these sectors. Chinese government approved 64 foremost important projects with total investments of CNY 273.4 billion.
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Currently there are more than 1,000 polymers which are commercially available in the market. Considering the chemical compositions and industry applications, only a handful of materials hold controlling stake in the market. They are PVC, polystyrenes, polyolefins and polyesters. Due to innovation and investment, polyurethane developed commercial applications on large scale. But the fact is that the industry is heading to new research of substitutes for polyurethane.
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