The global polyurethane (PU) resin market was valued at USD 865.58 million in 2022 and it is predicted to surpass around USD 1,155.39 million by 2032 with a CAGR of 2.93% from 2023 to 2032.
Report Scope of the Polyurethane (PU) Resin Market
|Market Size in 2022||USD 865.58 million|
|Revenue Forecast by 2032||USD 1,155.39 million|
|Growth rate from 2023 to 2032||CAGR of 2.93%|
|Forecast Period||2023 to 2032|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Covered||Covestro AG, BASF SE, Henkel AG, Koninklijke DSM N.V., Dow Polyurethane, Huntsman Corporation, DuPont, Wanhua Chemical Group Co., Shanghai Dongda Polyurethane, Qingdao Xinyutian Chemical|
Rising demand for cut and tear resistance resins and increasing adoption of polyurethane resins for wood and floor coatings are factors expected to drive market revenue growth during the forecast period. Increasing usage of these resins for construction purposes and rising adoption of these resins for sealing, compressing, and insulation of circuit boards of electronic products are some other factors expected to boost market revenue growth during the forecast period.
Polyurethane resins are copolymers that are formed when an alcohol named polyol reacts with an isocyanate when proper additives and catalysts are introduced. Polyurethane resin in the US is expected to increase in volume by about 1.0% yearly, till 2024. They are widely used in cars and industrial applications as it provides high gloss coatings which have increased its adoption in such applications. Rising demand for these resins in commercial projects owing to its advantage of not losing thickness when dried is expected to drive revenue growth of polyurethane resin market. Increasing demand for these products for coating applications in architectural and furniture products are some other factors that are projected to increase adoption of polyurethane resins. This is expected to drive revenue growth of the market in near future. These resins have long shelf life after use, dries quickly, and can also be disposed of without any special precautions which are expected to increase its demand in various industrial projects.
Polyurethane resins are also widely used for the production of thermosets and elastomers which has increased its demand in industrial and commercial applications and is driving revenue growth of the polyurethane resin industry. These resins have better flow properties and can also be easily mixed and processed which makes it applicable for use in diverse industrial applications. This is expected to drive revenue growth of the market. A wide range of diisocyanates and polyols can be reacted to produce polyurethane resins and thus the use of polyurethane resins are numerous and widespread in many industries. Increasing usage of these resins by electronic device manufacturers to fix the parts, and wires and also to secure, insulate, and protect the components of the devices are some other factors expected to drive growth of the market. Polyurethane fibers are blended with nylon to create stretchy, lightweight fabrics and with advances in technology we have PU coatings, thermoplastic elastomers, and spandex. This has led to increased usage of such products in textile industry, which is expected to augment growth of the industry.
The global chemical industry is a complex and important part of the global economy and supply chain networks. Chemical production involves converting raw materials such as fossil fuels, water, minerals, metals, etc. into tens of thousands of different products that are central to modern life as we know it. In 2019, the total revenue of the global chemical industry was about USD 4 trillion. As the chemical industry enters 2022, strong demand for basic chemicals and specialty chemicals is expected to keep prices high throughout the year.
Polyurethane (PU) Resin Market Segmentations:
|By Resin Type||By Applications|
Paints & Coatings