Luton, Bedfordshire, United Kingdom, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Polyurethane Additives Market.
The global polyurethane additives market is expected to grow at 5.2% CAGR from 2023 to 2029. It is expected to reach above USD 5.52 billion by 2029 from USD 3.5 billion in 2022.
Polyurethane additives are compounds that are added to polyurethane polymers to increase their overall performance. They help increase the characteristics of the polymer, thus affecting the processing speed as well as stability of the polymer. Polyurethane additives contribute to the outstanding performance of polyurethane foams and create advantages in the final foam performance. Polyurethanes are formed by reacting a polyol (an alcohol with more than two reactive hydroxyl groups per molecule) with a diisocyanate/polymeric isocyanate in the presence of suitable catalysts (tertiary amine catalysts) and additives. Moreover, multiple diisocyanates and a wide range of polyols are further processed to produce polyurethanes.
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Polyurethane Additives Market Recent Developments
- In Dec 2021, Covestro and Eco-Mobilier partnered to collect and recycle used furniture to generate value aiming at mattresses and upholsteries. Both parties want to further develop waste markets for foam used in such applications, to enable its use in chemical recycling processes with high efficiency at an industrial level.
- In Dec 2021, BASF launched Elastollan Thermoplastic Polyurethane (TPU) for applications in fashion consumables, furniture, and automotive segments.
- In Nov 2021, Evonik partnered with The Vita Group for an efficient polyurethane mattress recycling process.
Asia Pacific held the largest share with 37% in the Polyurethane additives market in 2022.
The demand for polyurethane additives market in the region is majorly driven by the growing demand for polyurethane additives foams, polyurethane additives coatings, polyurethane additives elastomer, and polyurethane additives adhesives from various end use industries such as building and construction, transportation, electronics, and packaging. The demand for polyurethane additives is driven mostly by the increasing production of automotive in emerging economies, such as India, Japan, and China. The rising use of flexible foams in the interior systems of the automotive, aircrafts, and railways, has raised the growth of the market. According to the International Trade Administration, by both annual sales and manufacturing output, China remains the world’s largest vehicle market, with domestic production expected to reach 35 million vehicles by 2025. Thus, the rising production and sales of automotive is therefore anticipated to increase the demand for polyurethane additives in the forecast period.
China is Expected to Dominate the Asia-Pacific Region
- In Asia-Pacific, China is the largest economy in terms of GDP. The country witnessed about 8.1% growth in its GDP in 2022, even after the trade disturbance caused due to its trade war with the United States.
- China is one of the largest countries in the world, where the construction sector dominates almost all other sectors in growth. In 2022, the revenue of construction enterprises in China was CNY 8,013.8 billion, up by 2.1% over the previous year. The profits made by construction enterprises qualified for general contracts and specialized contracts reached CNY 855.4 billion, up by 1.3% from a year earlier, of which the profits made by state-holding enterprises were CNY 362.0 billion, up by 8.0%.
- The rapid growth of the furniture manufacturing industry in the country is majorly fueled by the increasing domestic demand, coupled with significant demand from the foreign market.
- China accounted for almost 40% of the global furniture production. The production was further increased rapidly due to the increase in domestic demand and exports to European countries.
Increasing building and construction activities will drive the market growth.
The polyurethane additives market is in its emerging phase, owing to the growth in demand for elastomers among buildings and construction industry. In addition, rise in applications of rigid foams for insulation purposes and reduction in energy costs associated with heating and cooling requirements augment the market growth. Emerging economies, such as China and India, are expected to lead the market growth, owing to the major consumption of polyurethane additives in end-user industries, such as buildings, and rise in disposable income, which drive the demand for high-quality consumer products, and is expected to increase the use of polyurethane in many consumer goods. However, volatility in raw material prices could result in lower demand for polyurethane additives, and increased pressure from regulatory bodies is expected to curtail the growth of polyurethane additive market.
Polyurethane Additives Market Report Scope
| Report Attribute | Details |
| Market size value in 2022 | USD 3.5 billion in 2022 |
| Revenue forecast in 2029 | USD 5.52 billion by 2029 |
| Growth rate | CAGR of 5.2% from 2023 to 2029 |
| Base year for estimation | 2022 |
| Historical data | 2018 - 2022 |
| Forecast period | 2023 - 2029 |
| Quantitative units | Volume in kilo tons, revenue in USD million and CAGR from 2023 to 2029 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product, application, region |
| Regional scope | North America; Europe; China; Asia; Pacific; Central & South America; MEA |
| Key Market Drivers | The polyurethane additives market is in its emerging phase, owing to the growth in demand for elastomers among buildings and construction industry. |
| Key companies profiled | BASF SE, Evonik Industries AG, Covestro AG, Kao Corporation, Tosoh Corporation, Huntsman International LLC, Momentive, The Dow Chemical Company, Air Products and Chemicals, Inc., Suzhou Xiangyuan Special Fine Chemical Co., Ltd. |
Polyurethane Additives Market Players
The polyurethane additives market key players include BASF SE, Evonik Industries AG, Covestro AG, Kao Corporation, Tosoh Corporation, Huntsman International LLC, Momentive, The Dow Chemical Company, Air Products and Chemicals, Inc., Suzhou Xiangyuan Special Fine Chemical Co., Ltd.
To increase their market position, these businesses have implemented a variety of growth tactics. These companies are using expansion, new product development, mergers and acquisitions, and collaboration as important growth strategies to improve their product portfolio and geographical presence in order to meet the rising demand for polyurethane additives from emerging economies.
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Key Market Segments: Polyurethane Additives Market
Polyurethane Additives Market by Type, 2023-2029, (USD Million)
- Surfactants
- Catalyst
- Fillers
- Flame Retardant
- Others
Polyurethane Additives Market by Application, 2023-2029, (USD Million)
- Foam
- Adhesives and Sealants
- Coatings
- Elastomers
- Binders
Polyurethane Additives Market by End User, 2023-2029, (USD Million)
- Furniture
- Automotive and Transportation
- Building and Construction
- Electronics
- Pharmaceutical
- Others
Polyurethane Additives Market Trends
Increasing Demand from the Automotive Industry
- The automotive industry provides one of the best examples of the diverse applications of PU materials. Nearly every type of PU product is used in the automotive end-user industry.
- Flexible PU foams are used in seating, headrests, armrests, HVAC, and other interior systems for automotive, like in airliners, trains, and buses. PU coatings provide a vehicle's exterior with high gloss, durability, scratch resistance, and corrosion resistance. PU coatings are also used for glazing windshields and windows, increasing strength and providing fog resistance.
- PU elastomers protect against tire punctures and are used in other molded components, such as shock absorbers. Thermoplastic PU materials are used to manufacture many automotive parts, including exterior body parts, trunk liners, anti-lock brake systems, timing belts, and fuel lines. The unique properties of PU elastomers contribute to their exclusive usage in gaskets, O-rings, and other seals.
- Seating is the largest application of PU in the automotive industry. Many automotive seating manufacturers demand products made with bio-based polyols. However, the market penetration of "green" PU is still in emergence in most global PU markets.
- Globally, more than 90% of automobiles are produced with bonded windshields and rear windows using one-component PU sealants. The automotive industry is the largest end-user industry for reaction injection molding (RIM) PU parts. RIM is used to maximize the shock absorption of vehicle fenders, bumpers, and spoilers, without adding weight or bulk.
- According to the OICA data, global automotive production increased by around 3% and reached 80 million in 2022. Car sales increased by more than 2.4 million in 2022 compared to the previous year.
- However, with growing concerns about environmental pollution from petrol- and diesel-based vehicles, the production of electric vehicles is expected to pick up over the next five years. This is likely to drive the demand in the market studied over the forecast period.
- According to IEA, in 2030, global electric vehicle sales are expected to reach 125 million as per the New Policies Scenario (excluding two/three-wheelers). In the EV30@30 Scenario, in 2029, around 70% of the vehicle sales in China are expected to be EVs. Also, half of the vehicles sold in Europe are EVs, along with 37% in Japan, 30% in Canada and the United States, and 29% in India.
- All the aforementioned factors are expected to drive the market during the forecast period.
Polyurethane Additives Market Dynamics:
The increased need for cost-effective and innovative additives: Flexible polyurethane foam is used in mattresses, furniture padding, bedding, flooring underlay, automobile seats, and other applications. Due to their large cell content, these polymers are readily ignitable. As the fire dangers associated with the use of such polymeric materials, which can result in the loss of lives and property, are of great concern to government regulating bodies, consumers, and makers, this characteristic limits its use in areas where it must adhere to specific fire regulations.
Fluctuations in the prices of raw materials: Crude oil supplies the bulk of the raw materials needed to create polyurethane. Brent petroleum oil spot rates in 2022 rose from USD 22 per barrel in April to USD 40 per barrel in June. Prices rose, and several lockdown zones requested more liquid fuels as the Organization of the Petroleum Exporting Countries (OPEC) agreed to extend the most severe output cuts through July.
Increased demand for eco-friendly polyurethane additives: Some polyurethane additives are harmful, and their use is restricted due to their damaging effect on the mechanical characteristics of the polymer. As a result, selecting eco-friendly and human-safe products has become essential. Some alternate polyurethane additives are attracting scientific interest. These are renewable and natural substances that can improve the flame resistance of other polymers. As associated technology develops, there is always room for improvement. As a result, increased demand for eco-friendly polyurethane additives is a great opportunity for the Polyurethane Additives Market.
Key Question Answered
- What is the current size of the polyurethane additives market?
- What are the key factors influencing the growth of polyurethane additives?
- What are the major applications for polyurethane additives?
- Who are the major key players in the polyurethane additives market?
- Which region will provide more business opportunities for polyurethane additives in future?
- Which segment holds the maximum share of the polyurethane additives market?
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