The global polyurethane market is expected to reach USD 73,607.1 million by 2020, according to a new study by Grand View Research, Inc. Furniture & interior applications dominated the PU market, with demand estimated at 3,991.6 tons in 2013. Increasing usage in automotive and electronic appliances including seat cushioning, interior trims and refrigeration is expected to fuel polyurethane market demand.
Asia Pacific emerged as the largest regional polyurethane market, with demand estimated at 7,352.6 kilo tons in 2013, growing at a CAGR of 5.9% from 2014 to 2020. Increasing construction spending in emerging markets such as China and India is expected to drive the market growth in the region. In addition, strong demand from automotive and electronic applications is also expected to play a key role in market development. Relatively low feedstock pricing in Asia Pacific is expected to be a major benefit for industry participants in terms of production.
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Further key findings from the study suggest:
- Global PU market demand was 15,670.6 kilo tons in 2013 and is expected to reach 22,058.4 kilo tons by 2020, growing at a CAGR of 5% from 2014 to 2020.
- Flexible and rigid foams accounted for over 38% and 26% of the market volume in 2013, respectively.
- Automotive applications are expected to be most promising market segment for polyurethanes, growing at an estimated CAGR of 5.3% from 2014 to 2020.
- China was the major consumer of PU in Asia Pacific, accounting for over 25% of the total regional demand in 2013. Strong domestic demand and production capabilities are expected to drive the Chinese polyurethane demand.
- U.S. was the largest consumer of PU in North America and accounted for over 83% of the North American PU market in 2013.
- The global PU market is highly competitive and driven by product innovation and application development. R&D spending in the market is expected to grow over the next six years, with a number of participants focusing on developing bio-based PU solutions.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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