The global polyurethane (PU) market is anticipated to reach USD 92.26 billion by 2026 according to a new study published by Polaris Market Research. Polyurethanes comprise linear polymers that contain carbamate groups. These groups are generally denoted as urethanes and are manufactured through condensation process. They generally involve the reaction between polyol and diisocyante. The end product has a wide range of applications in various industries such as automotive, construction, furniture, and electronics, among others.
The properties of polyurethane are highly influenced by the characteristics of polyols such as molecular structure, reactive functional groups, and molecular mass, among other properties. Such properties facilitate varied usage of polyurethanes across a wide range of industries. For instance, they are used as flexible foams which are utilized in cushions, mattresses, and car seats. Similarly, they are used as rigid foams that are generally utilized for insulation purpose in construction sector. Moreover, it is used as molded foam, elastomers, coatings, adhesives and sealants.
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Polyurethane is the only plastic that offers high flexibility, rigidness, low density, durability, biostability, resistant to oils, water, grease, and electric currents. It is capable of performing in extreme temperatures, and harsh environmental conditions. Furthermore, it offers wide resiliency range, strong bonding properties, and is utilized for manufacturing of prototypes, and repeat productions. It is available in various types namely flexible polyurethane, rigid polyurethane, Coatings, Adhesives, Sealants and Elastomers (CASE), thermoplastic polyurethane, reaction injection molding, waterborne Polyurethane Dispersions (PUDs), and binders.
The Polyurethane (PU) Market is marked by the presence of numerous players but is largely dominated by well-established international players. The market players are observed competing on the basis of comprehensive range of products and services, along with quality, pricing, and technology. The presence of large number of market players is highly responsible for lowering down cost price and sales volumes. Such scenario usually creates a negative impact on the financial health of a company. Moreover, the market products are subject to several state, local and federal laws and regulations, duties, and trade agreements. Any addition or alteration in the existing regulations or an economic downturn in different regions (where companies operates) could result in decreasing sales volume and drastically impact the market players’ revenues.
Some of the key players operating in polyurethane (PU) market include Covestro, BASF SE, Mitsui Chemicals Inc., Eastman Chemical Corporation, INEOS, Mitsubishi Chemical Corporation, DIC Corp & RTP Company Huntsman Corporation, LyondellBasell, The Dow Chemical Co., Nippon Polyurethane Industry Corp Ltd., Woodbridge Foam Corp., Lubrizol Corporation, The Rampf Holding GmbH & Co. KG. These players are observed proactively engaging in activities aimed at the development of new products and advanced technology.