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Pune, India, September 22, 2021/PRNewswire/-According to the new research "Polyurethane market by 2028-global analysis and forecast-by raw materials, polyols, products, applications and geography", the market It is expected to grow from 52.66629 billion US dollars in 2020 to 101.88711 billion US dollars in 2028; the compound annual growth rate during 2021-2028 is expected to be 9.1%.
Polyurethane is a thermosetting polymer composed of organic units connected by urethane bonds and does not melt when heated. It is lightweight, corrosion-resistant, flexible, and has considerable strength. In most cases, polyurethane is a substitute for paper, glass and metal. High mechanical strength enables polyurethane to provide insulation and substitute metal for automotive parts.
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The impact of the COVID-19 pandemic on the polyurethane market
The ongoing COVID-19 pandemic has completely changed the situation of the plastic polymer industry and has a negative impact on the growth of the polyurethane market. Due to the sudden closure of national and international borders, the COVID-19 pandemic has further distorted operational efficiency and disrupted the value chain, causing revenue loss and damage. The disruptive value chain has a negative impact on the supply of raw materials, which in turn affects the growth of the polyurethane market. However, as most economies resume operations, the global demand for polyurethane is rising. As consumers tend to order products online, the packaging industry is a dynamic growth contributor to this demand. In addition, the previously delayed construction projects are being resumed, which will further provide opportunities for polyurethane market participants to return to normal in the next few years.
Growing demand for low-VOC, green and sustainable polyurethane
If many paints, varnishes and varnishes are applied to the surface, they will release volatile organic compounds (VOC) and other harmful compounds. However, polyurethane fumes may have harmful side effects; therefore, their use must be avoided. Ultimately, VOCs are considered harmful to human health and their use should be avoided as much as possible. This factor has driven the market's demand for low-VOC, green and sustainable polyurethane. In general, investing in low-VOC or environmentally friendly polyurethane varnishes is considered the ideal treatment for hardwood floors, because it is the only way to keep the home away from unnecessary smoke toxins. Polyurethane is used as a petrochemical resin, which contains a known respiratory toxin called isocyanate. If it is not cured, it can cause asthma and other breathing problems. Those who spend time in rooms treated with uncured polyurethane floors may experience health problems such as throat and eye irritation, headache, nausea, vomiting, cough, and shortness of breath. Children and children are prone to these problems because their immune systems are very sensitive. People with respiratory diseases can also be affected. Environmentally friendly polyurethane is always the ideal treatment method for hardwood floors. However, polyurethane exposure can be limited by proper curing before re-entering the affected area. The curing time varies depending on the type and quantity of the product and the type of floor and airflow.
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Polyols will become the largest raw material segment in 2020. A variety of polyols are used to produce polyurethane to meet the requirements of different applications, such as cushioning and insulation, coatings, clothing and electronic products. The most commonly used polyols in polyurethane production are polyester polyols and polyether polyols. Polyester polyols are widely used to form rigid and flexible polyurethane foams, polyurethane adhesives, sealants, Coatings and elastomers. In addition, polyether polyols are mainly used to make polyurethane rigid foams, flexible foams and molded foams because of their enhanced hydrolytic stability and excellent resistance to weak acids and weak bases. Polyester polyol is the most widely used raw material for the synthesis of polyurethane. However, polyether polyols are rapidly replacing polyester polyols in the manufacture of polyurethanes because they are cheaper than polyester polyols.
Polyurethane market: competitive landscape and key developments
It is a few major companies operating in the global polyurethane market. The goal of market participants is to meet the growing demand for polyurethane in the automotive, construction, packaging and other end-use industries to ensure a better market position. For example, in April 2021, Covestro completed the acquisition of DSM's resin and functional materials business.
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