Global Polyurethane Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Rigid Foam, Flexible Foam, Molded Foam, Elastomers, Adhesives & Sealants, Coatings and Others), By Application (Furniture, Construction, Electronics, Automotive, Packaging, Footwear and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033

Global Polyurethane Market Insights Forecasts to 2033

• The Global Polyurethane Market Size was estimated at USD 78.02 Billion in 2023
• The Market Size is Expected to Grow at a CAGR of around 4.47% from 2023 to 2033
• The Worldwide Polyurethane Market Size is Expected to Reach USD 120.81 Billion by 2033
• North America is expected to grow the fastest during the forecast period.

The global polyurethane market size was worth around USD 78.02 Billion in 2023 and is predicted to grow to around USD 120.81 Billion by 2033 with a compound annual growth rate (CAGR) of 4.47% between 2023 and 2033. The polyurethane industry is propelled by growing demand in the automotive, construction, and furniture sectors, heightened insulation requirements, urbanization, and increasing demand for lightweight, durable, and energy-efficient products.

Market Overview

The polyurethane market is the world's industry engaged in the manufacture, distribution, and use of polyurethane; a general-purpose polymer produced through the reaction between diisocyanates and polyols. Polyurethanes find broad applications across industries like construction, automotive, furniture, appliances, and footwear owing to their characteristics such as flexibility, toughness, insulation, and chemical and abrasion resistance. In addition, polyurethane is an important raw material that is employed in the creation of smart PU foam, which is produced through hydrothermal reduction and adsorption reactions. The high-tech PU foam has become more popular because it possesses higher structural, chemical, and mechanical properties. In the automotive industry, the combined PU foam can achieve improved sound and heat insulation through the addition of carbon-based substances to the recipe. These compounds contribute to a uniform particle structure, improve material orientation, and increase viscosity and electrical resistivity. Consequently, intelligent PU foam is finding more and more applications in parts such as wheels, seats, gear knobs, and door trims. The increasing demand for such high-performance materials will significantly drive the polyurethane market.

Report Coverage

This research report categorizes the polyurethane market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the polyurethane market. Recent market developments and competitive strategies such as expansion, type launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the polyurethane market.

Driving Factors

Polyurethane finds extensive application in the construction industry in the form of insulation panels, sealants, adhesives, and coatings. With increasing focus on energy-efficient buildings and strict insulation standards, construction demand for PU keeps increasing, especially in cold climates and urban areas. Additionally, flexible PU foams are critical in mattresses, sofas, and cushions because of their comfort, durability, and longevity. The rising population of the world, growing disposable incomes, and developing housing market are driving demand for this sector.

Restraining Factors

Polyurethane is not biodegradable and hard to recycle, particularly rigid foams. The presence of PU waste in landfills imposes environmental loads. The absence of effective recycling infrastructure restricts sustainable use, impacting market perception and long-term sustainability.

Market Segmentation

The polyurethane market share is classified into product type and application.

• The flexible foam segment dominated the market in 2023 and is projected to grow at a substantial CAGR during the forecast period.

Based on the product type, the polyurethane market is divided into rigid foam, flexible foam, molded foam, elastomers, adhesives & sealants, coatings, and others. Among these, the flexible foam segment dominated the market in 2023 and is projected to grow at a substantial CAGR during the forecast period. The growth is attributed to flexible PU foam finds extensive applications in the automotive segment like seating, headrests, armrests, and cushioning. The comfort it offers, the sound insulation, and the weight reduction make the material a choice for automakers. Increasing demand for lightweight and ergonomic solutions in the automotive sector adds to the growth of the flexible foam segment.

• The furniture segment accounted for a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.

Based on the application, the polyurethane market is divided into furniture, construction, electronics, automotive, packaging, footwear, and others. Among these, the furniture segment accounted for a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. The segmental growth is due to PU foam being easily adaptable for various uses, providing furniture producers with the convenience of producing good-quality products according to certain needs of consumers. Whether for comfort or support, PU foam is adaptable accordingly.

Regional Segment Analysis of the Polyurethane Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia Pacific is anticipated to hold the largest share of the polyurethane market over the predicted timeframe.

Asia Pacific is anticipated to hold the largest share of the polyurethane market over the predicted timeframe. Asia-Pacific, China, India, Japan, and South Korea are the manufacturing powerhouse of the world. They are strong industrial nations that are among the largest consumers of polyurethane in end-user industries including automobile, building construction, textile, and electrical electronics. These countries have a cost advantage with affordable labor, raw materials, and manufacturing base. Lower manufacturing cost provides them an edge in attracting bulk production, thus supporting demand for polyurethane products.

North America is expected to grow at a rapid CAGR in the polyurethane market during the forecast period. North America, especially the United States, boasts one of the most advanced automotive industries, with major Ford, General Motors, and Tesla at the forefront of innovation. Polyurethane finds extensive application in the automotive industry across multiple sectors such as seating, insulation, bumpers, and dashboards. The automotive industry's quest for lightweight materials is generating demand for PU products, especially flexible foams and rigid foams.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the polyurethane market along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Dow, Inc.
• BASF SE
• Covestro AG
• Huntsman International LLC
• Eastman Chemical Company
• Mitsui & Co. Plastics Ltd.
• Mitsubishi Chemical Corporation
• Recitel NV/SA
• Woodbridge
• DIC Corporation
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs) 

Recent Development

• In July 2024, Evonik launched TEGOSTAB surfactants for rigid and flexible PU markets. These surfactants use renewable feedstocks and have ultra-low cyclic siloxane content, which supports the formulator to achieve aggressive emissions goals while retaining high-quality foam production.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the polyurethane market based on the below-mentioned segments: 

Global Polyurethane Market, By Product Type

• Rigid Foam
• Flexible Foam
• Molded Foam
• Elastomers
• Adhesives & Sealants
• Coatings
• Others

Global Polyurethane Market, By Application

• Furniture
• Construction
• Electronics
• Automotive
• Packaging
• Footwear
• Others

Global Polyurethane Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa