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Burgeoning Construction Activities to Boost Polyurethane Sales at 8.2% CAGR by 2032
The latest study published by Fact.MR provide detailed insights into the global polyurethane market during the assessment period 2022-2032. This study uncovers key dynamics such as driven, restraints, and opportunities across 6 verticals. It also provide a sales forecast in market in term of product type and application for the coming decade.
NEW YORK , July 20, 2022 /PRNewswire/ -- The global polyurethane market is expected to total US$ 83.1 Bn by 2022, projecting growth at a robust CAGR of 7% during the forecast period 2022-2032.
Driven by the growing application across packaging, footwear, and furniture & interiors sectors, the demand for polyurethane is expected to exceed US$ 162 Bn by the end of 2032, as compared to the US$ 79.2 Bn registered in 2021.
Due to the rising disposable income of the global population and advent of advanced automotive vehicles, there is a substantial rise in sales of automobiles worldwide. For instance, according to a study by the International Energy Agency, approximately 88 million passenger cars were reported to be sold across the world in 2019.
Polyurethane is widely used in the manufacturing of seats, armrests, upholstery, and others in automotive vehicles. This is anticipated to augment the demand by 2X in the global polyurethane market over the forecast period.
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With growing inclination towards sustainable infrastructure development, a swift rise in construction activities is being witnessed, especially across emerging economies such as China , India , Brazil , Australia , and others.
Hence, adoption of polyurethane foam, on account of its strength-to-weight ratio, insulation properties, versatility, and durability is surging in construction sector. This is another factor projected to bolster the sales of polyurethane in the global market.
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Leading manufacturers of polyurethane are aiming at research and development (R&D) activities for launching new products to enhance their product portfolio and widen their consumer base. Besides this, others players are focusing on expanding their production capacity to expand their market share.
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More Valuable Insights on Polyurethane Market
In its latest study, Fact.MR reveal key governing factors influencing the sales in the global polyurethane market during the forecast period. The study offer compelling insights into key opportunities creating growth prospects in the polyurethane market through detailed segmentation as follows:
Polyurethane Market by Product Type:
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Key Questions Covered in the Polyurethane Market Report
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