Rising Demand for Smart Polyurethane to Drive Global Market to $184.4 Billion by 2034, Says FactMR

With increasing requirements for smart polyurethane (PU), Fact.MR, a market research and competitive intelligence provider, through its recently updated study, says that the global polyurethane market is estimated at a value of US$ 93.7 billion in 2024 and has been projected to increase at a CAGR of 7% from 2024 to 2034.

Polyurethane is used as one of the prominent raw materials in the production of smart PU foam with the use of hydrothermal adsorption and reduction processes. This material is becoming popular due to its enhanced chemical, structural, and mechanical properties. Better heat and sound insulation of polyurethane are driving its demand across end-use industries, such as automotive, etc.

Increasing Urbanization and Construction Activities Driving Demand for polyurethane in East Asia

Sales of polyurethane in East Asia are anticipated to climb at a CAGR of 8% and reach US$ 45.4 billion by 2034. Urbanization leading to the increasing count of construction activities in some of the regional countries is projected to generate requirements for polyurethane. Moreover, rising infrastructure expenditure and expansion of the infrastructure sector in East Asia are also working as prominent market growth drivers.

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Key Takeaway from Market Study

• Worldwide demand for polyurethane is poised to reach a market valuation of US$ 93.7 billion in 2024.
• The global polyurethane market is forecasted to climb to US$ 184.4 billion by the end of 2034, expanding at a CAGR of 7% from 2024 to 2034.
• Global demand for elastomers is evaluated to increase at a CAGR of 7.1% and reach a valuation of US$ 40.2 billion by the end of 2034.
• East Asia is approximated to account for 24.6% share of global market revenue by the end of 2034.
• Sales of polyurethane in South Korea are expected to rise at 9.8% CAGR from 2024 to 2034.

“Increasing preference for high-quality PU coating and adhesives in the construction industry and expansion of key end-use industries such as building & construction, furniture, etc., are contributing to the rising consumption of polyurethane,”says a Fact.MR analyst.

Expanding Role of Polyurethane in the Building & Construction Sector

Polyurethane has become an essential material in the building and construction industry, offering unmatched versatility, durability, and insulation properties. Its widespread use spans residential, commercial, and industrial applications, helping manufacturers develop high-performance, long-lasting products. The material's energy efficiency, eco-friendly attributes, and exceptional mechanical and thermal properties have further cemented its position as a preferred choice in modern construction. As demand for sustainable and efficient building materials rises, polyurethane is expected to play a crucial role in shaping the future of the industry.

Exceptional Benefits of Polyurethane

Polyurethane's adaptability is one of its greatest strengths, allowing it to bridge the gap between different materials such as plastics and rubbers. Its superior load-bearing capacity and enhanced hardness make it a durable alternative to traditional materials, while its flexibility surpasses that of many plastics. Additionally, polyurethane exhibits excellent abrasion resistance, making it highly suitable for extreme weather conditions, even in low temperatures. Its inherent resistance to chemicals and oils further enhances its durability, contributing to its growing demand across various industries.

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Key Market Players

1. Covestro AG
2. Saint Gobain S.A.
3. The Dow Chemical Company
4. Armacell
5. Huntsman Corporation
6. Future Foam, Inc.
7. Yantai Wanhua Polyurethanes
8. Tosoh Corporation
9. Foamcraft Inc.
10. Eurofoam Group
11. Lanxess

More Valuable Insightson Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the polyurethane market, presenting historical demand data (2018 to 2023) and forecast statistics for the period (2024 to 2034).

The study divulges essential insights into the market based on product type (rigid foam, flexible foam, coatings, elastomers, adhesives & sealants) and application (construction, furniture & interior, automotive, electronics & appliances, packaging, footwear), across six major regions of the world (North America, Europe, East Asia, Latin America, South Asia & Oceania, and MEA).

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