Polyurethane (PU) Market Size, Trends Analysis Report, 2024-2032
Polyurethane (PU) Market Size & Share Global Analysis Report, 2024-2032

Polyurethane Market Share, Size, Trends, & Industry Analysis Report By Product (Rigid PU Foam, Flexible PU Foam, PU Coatings, PU Adhesives & Sealants, PU Elastomers); By Application; By Region, Segment Forecasts, 2024 - 2032

  • Published Date:Jan-2024
  • Pages: 115
  • Format: PDF
  • Report ID: PM1121
  • Base Year: 2023
  • Historical Data: 2019-2022

Report Outlook

The global polyurethane market was valued at USD 74.23 billion in 2023 and is anticipated to grow at a CAGR of 5.4% during the forecast period.

Polyurethane, often known as PUR or PU, is a type of organic polymer that is composed of many organic units connected by urethane molecules. The majority of polyurethanes fall under the category of thermosetting polymers since they do not melt when heated. Some particular varieties of polyurethanes have thermoplastic qualities and can be melted and remolded by using heat. It is the preferred material for a wide range of end-user applications, including electronics, appliances, cars, and construction. It may be made to be either stiff or flexible.

Polyurethane (PU) Market Size

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The robust demand from end-use sectors propels the polyurethane market. Also, the increasing focus on sustainable and energy-efficient solutions has driven innovations in the polyurethane market, as the material can be tailored to meet stringent environmental standards. An accelerating growth in the demand for refrigeration of packed food items and medicines, among other consumable products, is directly propelling demand for bio-based polyurethane. In addition, bio-based urethane foam offers better insulation than polystyrene. They exhibit properties such as moisture resistance and high durability. All the factors together are positively impacting the demand for polyurethane. The increasing shift in the utilization of bio-based urethane to petroleum-based polyurethane is expected to alter the market dynamics. This shift is largely due to the fluctuating crude oil prices and increasing awareness about the environmental pollution created by the use of fossil fuels. Moreover, an increasing trend of replacing the usage of polyols and diisocyanates with vegetable oils is observed in the industry.

Despite this, fluctuating raw material prices, particularly those of isocyanates and polyols, the key components of polyurethane, pose challenges to market stability. Stringent regulations surrounding the use of certain chemicals in polyurethane production, driven by environmental and health considerations, also impact market dynamics.


Industry Dynamics

Growth Drivers

The versatility of polyurethane drives market growth

The growth of the market is because of its exceptional adaptability, which arises from its unique chemical structure, allowing manufacturers to tailor its properties to meet a diverse range of applications. In the construction sector, polyurethane's insulation properties contribute to energy efficiency and enhanced building performance. Similarly, in the automotive industry, its lightweight and durable nature makes it an ideal material for components that require both strength and flexibility. Furniture manufacturers use polyurethane for its comfort and resilience, while the electronics industry benefits from its electrical insulating properties.

Also, the medical field utilizes polyurethane for its biocompatibility and sterilization resistance. Polyurethane coatings and adhesives find applications in countless products, from textiles to industrial machinery, owing to their protective and bonding characteristics. The versatility of polyurethane extends to its ability to be rigid or flexible, foam or solid, transparent or opaque, depending on the desired outcome. This adaptability represents polyurethane as one solution for all materials for addressing a wide range of industry needs.

Report Segmentation

The market is primarily segmented based on product, application, and region.

By Product

By Application

By Region

  • Rigid PU Foam
  • Flexible PU Foam
  • PU Coatings
  • PU Adhesives & Sealants
  • PU Elastomers
  • Others
  • Automotive
  • Appliances
  • Construction
  • Electronics
  • Furnishing
  • Footwear
  • Packaging
  • Others
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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By Product Analysis

Rigid PU Foam dominated the market in 2023     

In 2023, the polyurethane market witnessed the dominance of rigid polyurethane (PU) foam, and this dominance is due to a combination of advantageous properties that position it as a material of choice across diverse applications. Rigid PU foam's remarkable thermal insulation capabilities have made it particularly preferred in the construction industry, where energy efficiency is an important concern. Its ability to provide high insulation values while maintaining structural strength contributes to its wide use in building insulation applications, including roofs, walls, and foundations.

Also, the automotive industry has preferred rigid PU foam for its lightweight and sturdy characteristics, enabling the production of fuel-efficient vehicles without compromising safety or performance. Also, the versatility of rigid PU foam extends to its application in refrigeration and appliances, where its insulating properties help enhance energy efficiency. The material's excellent load-bearing capacity and dimensional stability have also contributed to its prevalence in various industrial and manufacturing applications. Owing to all these applications, the Rigid PU Foam dominated the market in 2023.

By Application Analysis

The construction segment held the largest revenue share in 2023

The construction segment emerged as the largest revenue share-holding segment in the market because of its unparalleled versatility and diverse range of applications that address key challenges in modern construction. Rigid polyurethane foam, in particular, has become important to building insulation, offering superior thermal efficiency that helps in energy conservation. Its lightweight and robust nature makes it an ideal material for structural components, contributing to the construction of durable and energy-efficient buildings.

Polyurethane coatings and adhesives are extensively utilized in construction for their protective qualities and bonding capabilities, ensuring longevity and structural strength. Also, the material's resistance to moisture, chemicals, and temperature variations further enhances its suitability for construction applications. The adaptability of polyurethane to various construction needs, from insulation to sealants, contributes to its widespread adoption across residential, commercial, and industrial projects.

Polyurethane Seg

Regional Insights

Asia Pacific region dominated the polyurethane market in 2023.

The Asia Pacific region showed its dominance in the global market. This is because of the robust industrial and economic growth witnessed across key countries in this region. As a result, there has been an increased demand for polyurethane across diverse sectors, including construction, automotive, electronics, and furniture. The burgeoning construction activities in countries like China and India, coupled with a growing emphasis on energy-efficient solutions, significantly contributed to the widespread adoption of polyurethane in insulation materials, coatings, and adhesives. Also, the thriving automotive industry in the Asia Pacific has fueled the demand for lightweight and durable materials, with polyurethane being a preferred choice for various automotive components.

The North American region is expected to showcase the fastest growth rate in the forecast period within the market owing to the resurgence of manufacturing activities in North America, driven by technological advancements and innovations in polyurethane formulations. The region's focus on sustainability and environmental regulations has increased investments in eco-friendly polyurethane solutions, representing the global shift towards greener alternatives.

Polyurethane Reg

Key Market Players & Competitive Insights

The global market is fragmented, with major players as well as several medium-sized and small regional and country-level businesses operating in various regions of the world. The polyurethane market includes both large and medium-sized companies that operate on a regional and worldwide scale, respectively. Regional players possess strong distribution networks and exhibit proactivity in adapting their products to regulatory changes at the national and regional levels.

Some of the major players operating in the global polyurethane market include:

  • Covestro
  • Eastman Chemical Corporation
  • INEOS, Mitsubishi Chemical Corporation
  • Lubrizol Corporation
  • LyondellBasell
  • Mitsui Chemicals Inc.
  • Nippon Polyurethane Industry Corp Ltd.
  • The Dow Chemical Co.
  • The Rampf Holding GmbH
  • Woodbridge Foam Corp.

Recent Developments

  • In April 2023, Dubai-based system house Pearl Polyurethane Systems introduced the new PearlBond adhesive range to ensure increased availability of PU-based adhesives.
  • In April 2023, Basse Materials launched new polyurethane tooling board products, including BP600 medium-density, BP1200, and BP1700 abrasion-resistant, high-density PU tooling materials for vacuum forming, thermoforming, and automotive modeling.
  • In July 2023, Rymbal, a B2B player in the footwear industry, launched a product named  “RymaSoft,” which is an advanced polyether–based polyurethane system designed for footwear.

Polyurethane (PU) Market Report Scope

Report Attributes


The market size value in 2024

USD 78.01 billion

Revenue Forecast in 2032

USD 118.46 billion


5.4% from 2024 – 2032

Base year


Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD billion and CAGR from 2024 to 2032

Segments Covered

By Product, By Application, and By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa


Report customization as per your requirements concerning countries, regions, and segmentation.

Explore the market dynamics of the 2024 Polyurethane (PU) Market share, size, and revenue growth rate, meticulously examined in the insightful reports crafted by Polaris Market Rersearch Industry Reports. The analysis of Polyurethane (PU) Market extends to a comprehensive market forecast up to 2032, coupled with a retrospective examination. Avail yourself of a complimentary PDF download to sample this in-depth industry analysis.

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The global polyurethane market size is expected to reach USD 118.46 billion by 2032

BASF SE, Covestro, Eastman Chemical Corporation, INEOS, Mitsubishi Chemical Corporation are the top market players in the market

Asia Pacific region contribute notably towards the global Polyurethane (PU) Market

The global polyurethane market is anticipated to grow at a CAGR of 5.4% during the forecast period.

The Polyurethane (PU) Market report covering key segments are product, application, and region.