BEIJING, Sept. 29, 2022 (GLOBE NEWSWIRE) -- The Global Polyurethane Market Size accounted for USD 69.1 Billion in 2021 and is estimated to achieve a market size of USD 121.8 Billion by 2030 growing at a CAGR of 6.7% from 2022 to 2030.

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Polyurethanes are polymers that are widely used all over the world. It is formed when diisocyanates react with polyols in the presence of other compounds. The polyurethane market has been almost completely used worldwide in Construction, electronics, furniture, automobiles, footwear, and packaging.

Asia-Pacific emerging countries such as India and China are both major producers and consumers of polyurethane goods. Polyurethane is utilized as a basic material in both flexible and rigid foams. Adhesives, Coatings, and screening agents are also made from it. Flexible and stiff foams are the two primary product categories in the global polyurethane sector. However, volatility as well as an increase in demand for acid-epoxy apparel because of its low cost and high quality may limit the global polyurethane market throughout the projection period. Besides this, the usage of acid-epoxy coating materials is less damaging to the environment. However, there is a growing market desire for bio-based polyurethane fuels. Furthermore, as a result of the different uses, such as wooden flooring, kitchen cupboards, and furniture, the consumer preference for water-borne or UV-curated polyurethane dispersion has grown. This dispersion provides high efficiency with little process difficulties and nearly no volatile organic compound emissions (VOCs).

Polyurethanes are frequently used in construction, design, and transportation. The growing demand for polyurethanes market share is predicted to enhance sustainability in the near future. Due to the flexibility and endurance features that are beneficial in construction and automotive, the global polyurethane industry share is also pushing increased demand. The flexible and rigid foam manufacturing sector is centered on manufacturers. In many high-end applications, polyurethane can be simply mixed with other raw materials. By embracing polyurethane market shares, automakers will increase the safety, quality, and efficiency of contemporary automobiles.

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The global polyurethane market has been segmented by Acumen Research and Consulting based on product, and application. By product, the segment is divided into coatings, adhesives & sealants, flexible foam, rigid foam, elastomers, and others. According to the polyurethane market forecast, the flexible foam segment is expected to grow significantly in market over the forecasting years.

In terms of application, the market is further categorized into electronics & appliances, automotive, construction, footwear, packaging, furniture, and others. The market was dominated by the construction application segment. The desire for polyurethane in building applications is predicted to raise significantly throughout the forecast period because of the benefits of polyurethane foam, which includes good thermal insulation, chemical inertness, lightweight, and bacterial and insect resistance.

The global polyurethane market is separated into several geographic regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. According to polyurethane industry analysis, Asia-Pacific will lead the global market in 2021. The region will lead the global polyurethane sector in the future years. The Asia-Pacific market is expected to grow rapidly over the forecast period. The area's consumer product sector is driving demographic expansion. As a result, sectors such as furniture and equipment and construction are growing in Asia-Pacific. Polyurethane is a typical raw material used in the manufacture of furniture. Rigid polyurethane polymers are widely utilized in the construction sector for wall foundations. The building and construction industry growth in developing nations such as China and India is an important element driving polyurethane demand in the Asia-Pacific region.

Besides that, North America and Europe have mature polyurethane markets. The industry in these regions is likely to develop slightly due to the presence of significant producers. The polyurethane industry in the Middle East, Africa, & Latin America is expected to increase significantly in the projected period due to the presence of emerging countries as well as the development of the building and design, as well as the lying and entertainment industries in these regions.

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Some of the prominent polyurethane market companies are BASF SE, Huntsman Corp., Covestro, DIC Corp., Mitsui Chemical Corp., Nippon PU Industry Corp., Eastman Chémical Co., The Dow Chemical Company, Recticel S.A., Mitsubishi Chemical Corp., RTP Company, and Woodbridge Foam Corp.

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