Polyurethane Additives Industry Covid 19 Impact Analysis, Global Growth Trends, Scale And Forecast 2030
The global Polyurethane Additives Industry is expected to witness a growth of over USD 3.5 billion by 2028, with a CAGR of 6.77% during the forecast period (2021-2028).Polyurethane Additive has a significant influence on the final performance of the versatile material, called Polyurethanes (PU), used in many areas of day to day lives. PU not only helps to improve the efficiency of the product during the use but also has a better impact over the life cycle of that product as a whole. Hence, highly polymeric materials products made with PU are long-lasting and durable.
PU materials provide extremely resistant surfaces and long-lasting bonding to the coatings and adhesives substrates. Similarly, in foams, PU is even more widespread and found in furniture and daily consumer goods. PU is also used as insulating materials, in appliances, gaskets and more. Therefore, PU materials are positioned at the center stage of the market, witnessing extensive uptake and demand worldwide. Similarly, PU additive shares the center stage along with PU materials, being a vital substrate in enhancing their performances.
Acknowledging the massive traction that market is perceiving currently, Market Research Future (MRFR) in its recently published study report mentions that the already booming global
Since, polyurethane additive is one of the key components of polyurethane, trends in production and supply of polyurethane is significant for polyurethane additive market as well. The factors influencing the market of polyurethane are bound to affect the market of polyurethane additive alike. As Polyurethane products are used in all the burgeoning industries such as automotive, construction and electrical, the demand for polyurethane additive is steadily heading forth.
In the past few years, the global market for polyurethane is growing at a high pace due to its greater adaptability and recyclability, which is in favor of sustainability principle, is acting as a tailwind fuelling the demand for polyurethane additive in the coming years. Construction activities around the world are driving the demand for the rigid foams, which is expected to help polyurethane additive market to grow further.
Growing demand for durable and impact resistant materials in automotive and electronic applications would be the key driver of the polyurethane additive market during the assessment period. On the other hand, some concerns, which are needed to be addressed such as strong competition from green or biodegradable additives, volatility in the prices of the feedstock required in the production of these additives, and increasing research in the field of development of eco-friendly and innovative products by the leading players.
Finally, the potential health hazards of polyurethane additive may hamper the growth of the market over the corresponding period. Nevertheless, the cost-effectiveness of the Polyurethane would keep the demand for polyurethane additives up and propel the market growth during the forecast period.
Polyurethane Additive Market – Segmentation
The MRFR analysis is been segmented in to four key dynamics for the convenience of understanding:-
By Types : Antioxidants, Catalysts, Emulsifier, Stabilizers, Fillers, and Flame Retardants, among others.
By Applications : Flexible Foam, Rigid Foam, Coating, Adhesives and Sealants, among others.
By End-Use Industries: Building & Construction, Automotive, Furniture Making, Packaging, and Footwear, among others.
By Regions : North America, Europe, APAC and Rest-of-the-World.
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Global Polyurethane Additive Market – Regional Analysis
Globally, Asia Pacific is the dominating market for polyurethane additive, holding almost 45% of the market share. The region has undertaken the expansion of its infrastructural projects and mulling to restart the construction activities conducted by both government and private players, which is anticipated to propel the demand for Polyurethane Additive in the region.
The constant rise of both construction and automotive industry in this region is projected to continue fetching major share of the Polyurethane Additive demand in the APAC region, which is likely to hike up the demand for the rigid foam, in turn, Polyurethane Additives. Moreover, increasing investments from the countries such as India, China and Japan transpired into the automotive and transportation sector is projected to propel the Polyurethane Additive Market in the region.
Europe is another substantial market in the global Polyurethane Additive market. The automobile industry majorly pulls the demand for the material in this region for making interiors of luxury cars.
Besides, the surging demand for the polyurethane-based products from the well-established, aerospace industry along with the demand for household and electrical insulation to increase energy efficiency associated with the regulatory norms can drive the market growth in the region.
Although North America occupies comparatively a smaller share in the global Polyurethane Additives Industry, the growing reconstruction activities and increasing demand from the automotive industry are driving the growth of the regional market.
Other promising markets for polyurethane additive are the Middle East & Africa and Latin America. Among them, the market of Polyurethane Additive in the Middle East & Africa is estimated to grow at a considerable CAGR owing to high investment potential and the availability of raw materials. Besides, the growing demand for household insulation and increasing infrastructure activities are propelling the market growth in the region.
Latin America holds the least share in the global polyurethane additive market; however, the region is projected to witness a significant change in the years to come. The changing lifestyle of people and economic scenario in Latin American countries namely Brazil, and Argentina is estimated to drive the demand for the product, witnessing a positive change. Furthermore, the growing foams manufacturing industry is projected to encourage the growth of the regional market, seeing colossal demand from the construction and automotive industry.
Global Polyurethane Additive Market – Competitive Analysis
The global Polyurethane Additive market appears to be highly competitive and diversified with the presence of many well-established players having the regional and global presence. Innovation, mergers & acquisitions, and brand reinforcement remain the key trends for leading players in the smart camera market. Manufacturers strive to develop new products that reach even higher efficiencies and have low or zero emissions.
Key Players:
Covestro AG (Germany), Evonik Industries AG. (Germany), BASF SE (Germany), Huntsman International LLC (US), Tosoh Corporation (Japan), Kao Corporation (Japan), Air Products and Chemicals, Inc. (US), The Dow Chemical Company (US), Momentive (US), and Suzhou Xiangyuan Special Fine Chemical Co., Ltd (China) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Polyurethane Additive Market.
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