Growing demand for lightweight, high-performance composites from the automotive industry
DUBLIN, June 21, 2021 / PRNewswire / – The “Polyurethane Market Size, Share and Trend Analysis Report By Product (Flexible Foam, Rigid Foam), By End Use (Construction, Electronics & Home Appliances), By Region (APAC) , North America) and Segment Forecasts, 2021-2028 “report has been added to ResearchAndMarkets.com offer.
The global polyurethane market size is expected to reach $ 94.59 billion by 2028, registering a CAGR of 3.8% over the forecast period.
The growing demand for lightweight and high performance composites from the automotive industry is driving the growth of the market. Polyurethane (PU) is widely used in automotive applications, such as seats, dashboards, exterior panels, engine encapsulation, and cables and wires, as an alternative to metals. The use of thermoplastic polyurethane (TPU) in automotive components can significantly reduce the overall weight of automobiles, which in turn limits fuel consumption.
The growth in the Company’s Average Fuel Consumption (CAFE) has forced automakers to seek innovative ways to limit fuel consumption. The low weight of vehicles is a crucial factor in these regulations due to the inherent correlation between mass and fuel consumption. In addition, the reduction in mass at the non-articulated points helps reduce noise and vibration and makes the ride smoother. Automakers, to improve the performance of automobiles and keep up with the trend of light vehicles, mainly focus on automotive components, which are made from various types of plastics.
To improve the fuel efficiency of vehicles, manufacturers have turned to the use of plastics in automotive components, such as dashboards, exterior panels, automotive interiors, and engine cabins. This trend, along with the growth in automotive production, is expected to further drive demand for polyurethanes in automotive applications, such as exterior body panels, engine encapsulation and interior panels.
However, the Covid-19 epidemic has greatly affected auto production and disrupted the auto industry value chain. Slowing or stopping manufacturing activities and weak consumers are expected to affect product demand in automotive applications.
The electronics and home appliance applications segment is expected to advance at a substantial growth rate during the forecast period. Polyurethane is used in the manufacture of printed circuit boards, electronic enclosures, protective covers and others. It offers lower unit costs and faster production while providing excellent overall performance in electronic devices. The growing importance of the encapsulation of electronic components, such as circuits and sensors, is a major factor driving the demand for products in electronics and devices.
Highlights of Polyurethane Market Report
- The global market was valued at $ 70.67 billion in 2020 and is expected to grow at a CAGR of 3.8% from 2021 to 2028.
- In terms of revenue, Rigid Foam accounted for a significant share in 2020 and furthermore is expected to experience steady growth during the forecast period.
- The construction applications segment dominated the global market and accounted for a revenue share of over 26% in 2020.
- Asia Pacific accounted for more than 44% of global turnover. The strong manufacturing base of the automotive, electronics and home appliance industries across China, India, South Korea, and Japan is expected to increase regional market growth in the near future.
- Various strategic initiatives have been registered in recent years to drive the growth of the market.
- For example, in January 2020, BASF SE has announced a 30% expansion of the capacity of its water-based PU dispersion located in Castellbisbal, Spain. This expansion will allow the company to meet growing demand for products in the packaging, building and construction, and automotive industries.
Main topics covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive summary
2.1 Market summary
Chapter 3 Variables, Trends and Scope of Polyurethane Market
3.1 Market segmentation
3.2 Market Lineage Outlook
3.2.1 Global Plastics Market Outlook
3.2.2 Industrial Plastics Market Outlook
3.3 Mapping of penetration and growth prospects
3.3.1 New market avenues
3.4 Industry Value Chain Analysis
3.5 Regulatory framework
3.6 Technology overview
3.7 Polyurethane Market Dynamics
3.7.1 Market Drivers Analysis
22.214.171.124 High demand for building insulation given sustainability concerns
126.96.36.199 Growing Demand for Lightweight and High Performance Composites from Automotive Industry
3.7.2 Analysis of market restrictions
188.8.131.52 Commodity price volatility
184.108.40.206 Growing environmental concerns
3.8 Business Environment Analysis: Polyurethane Market
3.8.1 Porter’s five forces analysis
3.8.2 Pestel analysis
Chapter 4 Polyurethane Market: Product Estimates and Trend Analysis
4.1 Market: commodity movement analysis, 2019 and 2028
4.2 Rigid foam
4.3 Soft foam
4.5 Adhesives and sealants
Chapter 5 Polyurethane Market: Estimates and Application Analysis
5.1 Market: Application Movement Analysis
5.2 Furniture and interior
5.4 Electronics and household appliances
Chapter 6 Polyurethane Market: Regional Estimates and Trend Analysis
6.1 Market: regional movement analysis and market share, 2019 and 2028
Chapter 7 Competitive Analysis
7.1 Key global players and recent developments and their impact on the industry
7.2 Categorization of key companies / competitions
7.3 Supplier landscape
7.3.1 List of major distributors and distribution partners
7.3.2 Key Potential Customers
7.4 Strategic framework
Chapter 8 Company Profiles
- Dow Inc.
- BASF SE
- Covestro SA
- Huntsman International LLC
- Eastman Chemical Company
- Mitsui & Co. Plastics Ltd.
- Mitsubishi Chemical Corporation
- Recticel SA
- DIC COMPANY
- RTP Company
- The Lubrizol company
- RAMPF Holding GmbH & Co. KG
- Tosoh Corporation
For more information on this report, visit https://www.researchandmarkets.com/r/mr3dzo
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