Rigid polyurethane foam will stimulate demand in the polyurethane market
Release Time:
2019-01-31
According to a recent research report by the US market research firm GrandViewResearch, by 2020, the global market for rigid polyurethane foam is expected to reach $736.71 billion.
According to a recent research report by the US market research firm GrandViewResearch, by 2020, the global market for rigid polyurethane foam is expected to reach $736.71 billion. Furniture and interior applications dominate the polyurethane market, with demand for approximately 3,991.6 tons in 2013. The increased use of automobiles and electronic appliances, including seat cushions, interior parts and refrigerators, will stimulate demand in the polyurethane market.
Asia Pacific is the world's largest market for flexible polyurethane foams. In 2013, the demand for polyurethane in the region was around 7,352.6 tons. During the period 2014-2020, demand is expected to increase at a compound annual growth rate of 5.9%. The increase in construction spending in emerging markets such as China and India will drive the development of the polyurethane market in the Asia Pacific region. In addition, strong demand in the automotive and electronics sectors also plays an important role. In terms of production, the relatively low raw material pricing in the Asia-Pacific region is the biggest advantage for the industry.
The main findings of the report show:
In 2013, the global polyurethane market demand was 15,670.6 tons. By 2020, it is expected to reach 22,058.4 tons. The compound annual growth rate will reach 5% from 2014 to 2020.
In 2013, flexible polyurethane foam and rigid polyurethane foam accounted for 38% and 26% of the total market respectively.
Automotive recycling is expected to be the market with the greatest potential for polyurethane development, with a compound annual growth rate of 5.3% from 2014 to 2020.
In the Asia-Pacific region, China is the largest consumer of polyurethanes, with demand in the region accounting for more than 25% in 2013. Strong domestic demand and production capacity will drive demand for polyurethanes in China.
The United States is the largest consumer of polyurethanes in North America, and its demand in 2013 accounted for more than 83% of the North American polyurethane market.
The global rigid polyurethane foam market is highly competitive, and product innovation and application development are driving this market. R&D spending in this market will continue to grow over the next six years, and many companies will focus on developing bio-based polyurethane solutions.
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