Global Polyurethane Catalysts Market Share, Size, Analysis - Segmented by Product Type, Function, Application, and Geography - Growth, Trends, and Forecast (2022 - 2030)
The polyurethane catalysts market is estimated to grow at a moderate to high rate during the forecast period, 2018-2023. Asia-Pacific is expected to witness highest growth in the demand for polyurethane business during the forecast period, owing to the rising demand from automotive and construction industry.
Increasing Automotive Production demands more Polyurethane materials
Automotive is one of the major sectors, where demand for polyurethane material has been on the rise. This is particularly due to their requirement in the seat covers of vehicles, since they protect the leather from UV radiation and high temperatures. PU is also used as coatings in automotive industry for various interior and exterior applications. Additionally, the increasing demand for lightweight vehicles has boosted the automotive production, hence, which further increased the demand for polyurethane from the automotive sector. Hence, with the growing production levels of automotive vehicles, the market for polyurethane have majorly benefitted due to their multiple automotive applications. With the further growing levels, the production of automotive vehicles is driving the market for polyurethane materials in the Asian markets.
Polyurethane Foam is likely to drive the Polyurethane Catalysts Market
PU foams, in both flexible and rigid forms, accounted for approximately 43% of the total PU consumption globally. Flexible foams are used in applications such as mattresses, furniture, and construction insulation, amongst other uses, while rigid foams are mainly used as insulating materials in refrigerators. PU-based coatings consume a fairly large proportion of the PU by volume globally as they are generally used as additives in paints, varnishes, and finishing coats to protect and seal wood. Their strong resistance to water, high humidity, extreme temperatures, and fungus make PU-based paints an ideal coating material for many wooden products. Strong demand for PU foams in the global market is expected to drive the PU catalyst demand over the forecast period.
Asia-Pacific to Witness Strong Growth in Polyurethane Catalysts Market
The global focus of PU is currently on Asia-Pacific as well as the Middle East countries. China, India, Thailand, and Vietnam are some of the key markets for PU due to their large population base and low per capita consumption of PU compared to developed countries, such as Germany or the United States. China is the largest consumer of PU as it is the largest producer of footwear and automobiles globally. Approximately 65% of the world’s footwear is manufactured in China and approximately 15% is produced in India, Vietnam, and Indonesia, combined. As a result, Asia-Pacific (including China) accounted for almost 45% of the global PU consumption by volume.
Asia-Pacific is also the manufacturing and export hub for many products globally. Apart from footwear, some sectors, like the automotive industry in China and India, are among the largest in the world. India and China alone manufacture approximately 50% of the world’s cars and, in turn, consume approximately 50% of the PU used for automobiles globally. The growing property market has also spurred the growth of the furniture, mattress, and insulation industries, all of which rely heavily on PU as a key raw material.
Polyurethane Catalysts Market Major Players
BASF SE
Clariant
Covestro AG
Elé Corporation
Evonik
Gulbrasnson Chemical Pvt. Ltd.
Huntsman International LLC
Kao Corporation
Momentive Performance Materials Inc.
Reasons to Purchase Polyurethane Catalysts Market Report
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Which end-user type is expected to dominate the polyurethane catalysts market
Which region is expected to witness fastest growth during the forecast period
Identify the latest developments, market shares and strategies employed by the major market players
3 months analyst support along with the Market Estimate sheet in excel
Customize Polyurethane Catalysts Market Report
This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you to get a report that suits your needs.
Increasing Automotive Production demands more Polyurethane materials
Automotive is one of the major sectors, where demand for polyurethane material has been on the rise. This is particularly due to their requirement in the seat covers of vehicles, since they protect the leather from UV radiation and high temperatures. PU is also used as coatings in automotive industry for various interior and exterior applications. Additionally, the increasing demand for lightweight vehicles has boosted the automotive production, hence, which further increased the demand for polyurethane from the automotive sector. Hence, with the growing production levels of automotive vehicles, the market for polyurethane have majorly benefitted due to their multiple automotive applications. With the further growing levels, the production of automotive vehicles is driving the market for polyurethane materials in the Asian markets.
Polyurethane Foam is likely to drive the Polyurethane Catalysts Market
PU foams, in both flexible and rigid forms, accounted for approximately 43% of the total PU consumption globally. Flexible foams are used in applications such as mattresses, furniture, and construction insulation, amongst other uses, while rigid foams are mainly used as insulating materials in refrigerators. PU-based coatings consume a fairly large proportion of the PU by volume globally as they are generally used as additives in paints, varnishes, and finishing coats to protect and seal wood. Their strong resistance to water, high humidity, extreme temperatures, and fungus make PU-based paints an ideal coating material for many wooden products. Strong demand for PU foams in the global market is expected to drive the PU catalyst demand over the forecast period.
Asia-Pacific to Witness Strong Growth in Polyurethane Catalysts Market
The global focus of PU is currently on Asia-Pacific as well as the Middle East countries. China, India, Thailand, and Vietnam are some of the key markets for PU due to their large population base and low per capita consumption of PU compared to developed countries, such as Germany or the United States. China is the largest consumer of PU as it is the largest producer of footwear and automobiles globally. Approximately 65% of the world’s footwear is manufactured in China and approximately 15% is produced in India, Vietnam, and Indonesia, combined. As a result, Asia-Pacific (including China) accounted for almost 45% of the global PU consumption by volume.
Asia-Pacific is also the manufacturing and export hub for many products globally. Apart from footwear, some sectors, like the automotive industry in China and India, are among the largest in the world. India and China alone manufacture approximately 50% of the world’s cars and, in turn, consume approximately 50% of the PU used for automobiles globally. The growing property market has also spurred the growth of the furniture, mattress, and insulation industries, all of which rely heavily on PU as a key raw material.
Polyurethane Catalysts Market Major Players
BASF SE
Clariant
Covestro AG
Elé Corporation
Evonik
Gulbrasnson Chemical Pvt. Ltd.
Huntsman International LLC
Kao Corporation
Momentive Performance Materials Inc.
Reasons to Purchase Polyurethane Catalysts Market Report
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Which end-user type is expected to dominate the polyurethane catalysts market
Which region is expected to witness fastest growth during the forecast period
Identify the latest developments, market shares and strategies employed by the major market players
3 months analyst support along with the Market Estimate sheet in excel
Customize Polyurethane Catalysts Market Report
This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you to get a report that suits your needs.
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