December 17, 2021 10:00 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Dec. 17, 2021 (GLOBE NEWSWIRE) -- The global polyurethane market size 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.” Polyurethane Market Size, Share & COVID-19 Impact Analysis, By Product Type (Rigid Foam, Flexible Foam, Molded Foam, Elastomers, Adhesives & Sealants, Coatings, and Others), By Application (Furniture, Construction, Electronics, Automotive & Transportation, Packaging, Footwear, and Others), and Regional Forecast, 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).
List of Key Players Covered in the Polyurethane Market Report are;
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Raw Material Scarcity and Restricted Access to Production Units to Hinder Growth
A number of isocyanates and polyols orders were annulled and suspended, which led to production halts. Moreover, declined demand from the end-use industries owing to the coronavirus disease is estimated to have an adverse influence on the growth of the market during the mentioned period. There is a definite suspension to industrial activities, triggering interference in the production of raw materials across the world owing to the COVID- 19 pandemic. Therefore, it is affecting the PU market and other equivalent activities in the application segment.
The report delivers a complete study of the polyurethane industry along with up-to-date trends and forthcoming anticipations to inaugurate approximate investment profits. An in-depth breakdown of any upcoming chances, threats, competitions or driving aspects is also mentioned in the report. Moreover, methodical and detailed regional examination is offered in the report. The COVID-19 influences have been added to the report in order to assist investors and business owners to comprehend the threats in an amplified manner. The key players in the market are acknowledged, and their tactics to encourage the market growth are shared in the report.
Surging Demand for Foams from Furniture Industry to Empower Growth
PUR is largely used as a foam in the furniture industry for cushioning and bedding uses. Its elastic nature, robustness, and capability to offer relaxation makes it appropriate for application in the furniture industry. Furthermore, the demand for furniture is growing world-wide owing to the fluctuating standard of living of consumers, pooled with the expansively growing population. This is anticipated to drive the polyurethane market growth across the globe.
Asia Pacific was worth USD 25.66 billion in 2020. Asia Pacific is predicted to hold a major polyurethane market share in terms of revenue as well as volume and is expected to display substantial growth.
North America is projected to exhibit a significant growth in this PU market. The dominating country in the region, the U.S. utilizes this material in the automotive as well as construction applications, which will assist the market growth.
Europe will demonstrate a considerable growth owing to the surging applications of polyurethane in the manufacturing of machinery and furniture.
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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.
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