The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The adoption of polyurethane in home furnishings are expected to drive innovation in polyurethane manufacturing, thus driving the market during the forecast period.

The global polyurethane market is expected to grow from $77.6 billion in 2022 to $88.34 billion in 2023 at a compound annual growth rate (CAGR) of 13.8%. The global polyurethane market size is expected to grow from $143.8 billion in 2027 at a CAGR of 13.0%.

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Global Polyurethane Market Segments Include:

• By Product Type: Coatings, Adhesives and sealants, Flexible and rigid foams, Elastomers, Other Product Types
• By Raw Material: MDI, TDI, Polyols
• By End User Industry: Furniture, Construction, Electronics & Appliances, Automotive, Footwear, Other End Use Industries
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global polyurethane market in 2021.

Major Market Players in the polyurethane market include The Dow Chemical Company, BASF SE, Covestro, Huntsman Corp., Eastman Chemical Co., Mitsui Chemicals, Inc., DIC Corp.

Demand for sustainable products from the construction, automotive, and footwear industries is witnessing a rising demand for the manufacturing of bio-based polyurethane (PU) with a rising awareness of environmental concerns worldwide. Bio-based polyurethanes (PU) are derived from biodegradable materials, constituting a rich source of precursors for the synthesis of polyols and isocyanates. These chemicals are readily available at a lower cost with less environmental impact and are highly biodegradable. In addition, with increasing commercialization and growing demand for flexible foam for car seats and headrests from major automotive OEMs, polyurethane manufacturers have shifted focus towards developing sustainable and environmentally friendly products of renewable materials. This will drive the use of bio-based polyurethane products in various industries, including construction, automotive, coating, and footwear. In January 2020, BASF announced a single-digit million-euro investment in the potential expansion of water-based polyurethane dispersions at its Castellbisbal site in Spain. The development will allow BASF to increase its production capacity by 30 percent.

The Polyurethane Global Market Report 2023  provides a polyurethane market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The polyurethane market forecast analyzes polyurethane market size, polyurethane market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Polyurethane refers to a form of plastic polymer material that is used to produce modern, versatile, and safe consumer and industrial products that are environmentally friendly. Polyurethane is formed by reacting a polyol (an alcohol with more than two reactive hydroxyl groups per molecule) with a diisocyanate or a polymeric isocyanate in the presence of suitable catalysts and additives. They are also widely used in medical devices such as pacemakers, artificial hearts, and other blood-contacting applications.

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