The global polyurethane market size was valued at USD 70.84 billion in 2021 and is poised to grow at a significant CAGR of 4% during the forecast period 2022-28. The global polyurethane market is categorized into different segments such as oil based, synthetic based and water based on the basis of type. Among these segments, water based segment is anticipated to lead the global market because of its eco-friendly properties, needs less chemical treatment and low cost price. Furthermore, growing demand for building insulation because of the environmental issues is anticipated to fuel the demand for product over the forthcoming years. Introduction of novel products in different economies allows the polyurethane market growth over the assessment period. The Dow Chemical Company introduced the new polyurethane in 2018, which has a wide range of application.

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Sustainability in building developments is a broad topic, which contains several procedures that should be done early in the construction process because of the potential for significant environmental effect. Consequently, green buildings, smart energy-efficient business and residential structures are increasingly entering the construction market. Growing product demand from packaging, automotive and construction segments in the United States is fueling the market over the forecast period. Among these, the construction industry is growing at a fast pace in the United States due to the increase in the state and federal financing for public work projections and institutions and improving commercial real estate market basics.

The global polyurethane market segmentation:

• By Product Type: Flexible Foam, Coatings, Elastomers, Rigid Foam, Adhesives & Sealants, Binders, Thermoplastic polyurethane, others
• By Application: Automotive, Construction, Electronics & Appliances, Footwear, Furniture, Marine, Packaging, Others

Asia Pacific accounted for larger revenue share in the Polyurethane Market

The global polyurethane market report aims at providing complete outlook on polyurethane market around the globe with complete focus on major regions such as North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Among these regions, Asia Pacific got significant revenue share because of the increased availability of raw materials, skilled force and support from local government. North America market is also anticipated to account moderate CAGR rate because of the growing demand from different industries such as packaging industry, construction industry, electronic industry and others. Europe shows a significant growth in polyurethane market because of the increasing application in automotive industry and packaging sector. Latin America reveals a considerable growth in the market due to the growing demand for construction designs.

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Major players working in the polyurethane market are BASF SE, The Dow Chemical Company, Covestro, Huntsman Corp., Eastman Chemical Co. and Mitsui Chemical Corp. These players in the market focus on adopting key strategies in the market to enhance the product portfolio.

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