The size of the global polyurethane market is expected to grow at a CAGR of more than 7% between 2016-2020, while the global polyurethane additives market will grow at a CAGR of 6%, reaching USD 2.68 billion in market size by 2021. The growth of these markets is attributed to the increasing demand from various end-user industries, especially building and construction. Rigid polyurethane foam has extensive usage in thermal insulation of walls for buildings, vessels for refrigerated cargo, light-weight products used in construction applications, pipelines, and cryogenic wind tunnels. These foams have preference over conventional materials such as fiberglass and mineral wool due to the relatively higher insulation offered by them. By end-user, the building and construction segment accounts for approximately 36% of the total global polyurethane additives market share.
Additionally, Technavio's polyurethane market analysis highlights that numerous major segments are also expected to witness strong growth over the next few years. For instance, the global polyurethane adhesives market is expected to register a CAGR of more than 7% by 2021, meanwhile, the global polyurethane sealants market is expected to grow at a 5% CAGR during the same time frame. The growth of these major segments will further contribute to the increasing market size of the polyurethane market over the next few years.
Several emerging trends are expected to gain traction within the polyurethane industry over the next few years and positively impact market growth. These top trends include a rising dependency on manufacturers in the Asia-Pacific (APAC), a growing demand from the electronics industry, and increased investments in R&D. Major polyurethane additives players such as BASF, Huntsman International, and Dow Chemical Company have increased their R&D expenditure to reduce manufacturing costs and provide products with enhanced properties and usage. For example, Dow Chemical Company developed the RENUVA Renewable Resource Technology, which breaks down natural oil to provide better quality and consistency. Other insights provided in our polyurethane market report include:
Within our polyurethane industry analysis, we provide deep insights into the market landscape, its segments, and their market share. Our research experts segment the polyurethane market by polyurethane type and end-user industry.
Our polyurethane market segmentation research offerings include:
We at Technavio, with our comprehensive understanding of the polyurethane market, have been monitoring the latest polyurethane industry trends and developments to create an in-depth portfolio of market research reports. These reports help our clients identify opportunities within the market and develop effective strategies to optimize their market positions. Our polyurethane market reports offer the following insights: