The report "Polyurethane Market by Raw Material (MDI, TDI, Polyols), Product (Coatings, Adhesives & Sealants, Flexible & Rigid Foams, Elastomers), End User (Building & Construction, Automotive & Transportation, Bedding & Furniture) - Global Forecast to 2021", The global polyurethane market was valued at USD 41.83 Billion in 2015 and is projected to reach USD 56.76 Billion by 2021, at a CAGR of 5.6% from 2016 to 2021. The market is driven by the increasing trend in manufacturing light weight & low carbon emitting vehicles and the improved living standards.
Factors Driving Polyurethane Market
Bedding & Furniture: Largest End-user of the Polyurethane Market
In 2015, the bedding & furniture end-use industry accounted for the largest market share in terms of volume, followed by the building and construction, appliances & white goods and automotive & transportation end-users.
- The major flexible foam consumers are the bedding & furniture end-users.
- The growing urbanization and the improved living standards of the populations, increasing usage of low cost material in the insulation of buildings, and white goods drives the polyurethane market.
Rigid Foam: The Fastest-growing Product Type Segment of the Polyurethane Market
- Rigid foam products based on polyurethane systems are estimated to grow at the highest CAGR from 2016 to 2021, in terms of volume.
- The excellent properties of rigid foam products such as, easy availability, low cost, recyclability, and easy to use, are driving the demand for this segment.
Asia-Pacific: The Largest Market for Polyurethane
Currently, the Asia-Pacific region is the largest market for polyurethane, in terms of both, value and volume. China is the largest market for polyurethane. However, India and Thailand are the fastest-growing markets for polyurethane in the region.
Covestro AG (Germany), BASF SE (Germany), The Dow Chemical Company (U.S.), Wanhua Chemical Group Co. Ltd. (China), and Huntsman Corporation (U.S.) are the key players in the polyurethane market.
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