Polyurethanes (PU) Market Size By Product (Flexible Foams, Rigid Foam, Adhesives & Sealants, Elastomers, Coatings), By Application (Construction, Automotive, Furniture & Interiors, Electronics, Footwear, Packaging), Industry Analysis Report, Regional Outl

Polyurethanes Market (PU) may exceed USD 80 billion by 2024; according to a new research report.

Increasing consumer inclination to own secondary vehicle and easy availability of low interest automotive loans have resulted in growing demand for high performance automobiles. Polyurethane is widely used in manufacturing seats, armrests, and head rests owing to their light weight & cushioning properties which reduces fatigue and stress associated with driving. Changing consumer outlook towards high performance vehicles, clean aesthetics, and comfort may augment polyurethane market share.

Increasing demand for high waterproof, durable, and high quality footwear may augment market share. Rising disposable income & changing consumer outlook towards sports and outdoor activities may encourage product demand. It is widely used in manufacturing flexible sports shoes, sneakers, and fashion wear owing to its easy mouldability and flexible nature. Increasing consumer inclination towards high quality, light weight, pressure absorbing, and anti-skid footwear may stimulate market share.

Polyurethane market from construction may surpass USD 25 billion by 2024. Increase in construction & renovation activities in developing economies such as China, India, Malaysia, and Singapore may trigger market share. It is widely used in manufacturing light & high performance products that perform well under stress, strain, and moist conditions. Supportive government initiatives in promoting sustainable & ecological construction activities, and stringent regulations in constructing earthquake resistant architecture may stimulate market share.

Europe polyurethane market from packaging application may exceed USD 830 million by 2024. Rising e-commerce industry & increasing inclination in local producers to sell their products online is likely to trigger market share. Changing consumer perceptions towards high quality packaging solutions, rise in demand for barrier & vibration resistant packaging, and stringent government regulations to protect consumer interest may foster market share.

Major industry participants consist of Huntsman Corporation, BASF, Foamex Innovations, British Vita Unlimited, Bayer MaterialScience (Covestro), Woodbridge Foam Corporation, Recticel SA, and Mitsui Chemicals. Companies are engaged in developing new techniques of manufacturing to diversify product portfolio, widening geographical presence, and meeting regulatory norms which may further promote industry growth.