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/EIN News/--Pune, India, November 8, 2021 (Global News Agency)--According to Fortune Business Insights™, by 2026, the global polyurethane market will reach USD 87.635 billion, with a compound annual growth rate during the period Is 6.0%. Forecast period. Increasing demand for furniture in urban areas will become one of the main growth drivers of this market. Due to the rapid development of urbanization and the general changes in the lifestyles of urban residents, the furniture industry is expanding rapidly.
Polyurethane (PUR or PU) is widely used in furniture applications, mainly for cushioning and bedding. This will be one of the most prominent polyurethane market trends, and housing development activities around the world will further strengthen this trend. In addition, the construction of commercial space will also play an important role in promoting the demand for polyurethane, which bodes well for the polyurethane market during the forecast period. The value of this market in 2018 was US$55.205 billion
The valuable characteristics of PU drive its adoption in different industries
Polyurethane is a polymer formed by the reaction of polyol and isocyanate. Polyurethane market research highlights very useful properties, including hardness, electrical insulation, flexibility, abrasion resistance and robustness under severe weather conditions. The polymer can also be provided in the form of foams, elastomers, fibers and surface coatings. These qualities make PUR a commodity in great demand throughout the industry. For example, this polymer is widely used in automobiles because it can be converted into foam. In construction, PU is widely used in sealants, adhesives and coatings. As these are booming industries, the demand for polyurethane may climb and accelerate the growth of the polyurethane market during the forecast period.
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Companies covered by Fortune Business Insights™'s polyurethane market report include:
North America leads; Asia Pacific will hold major shares
North America's revenue in 2018 was 13.504 billion U.S. dollars, so it is expected to dominate the polyurethane market share. Due to the prosperity of the construction and automobile industries, the United States has become one of PUR's largest consumers and will lead the North American market. Due to the growth of the construction and furniture industries, the Asia-Pacific region will occupy a considerable share of the market, mainly in China, where the use of polyurethane is high.
Due to its high seismic performance, the demand for this polymer in the expanding automotive and transportation industries in the Asia-Pacific region is also growing. In Europe, advances in machinery and furniture manufacturing will drive demand for polyurethane in the region. The increasing demand for polyurethane in the construction industry will become the main driving force in the South American, Middle Eastern and African markets, with Brazil and Saudi Arabia taking the lead.
Pay more attention to innovation to stimulate competition
Analysis of the polyurethane market shows that the competitive feature of this market is that participants are paying more and more attention to the development of innovative products. This will help them consolidate their position in the market and expand their product range.
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