Global Polyurethanes (PU) Market 2016
Albany, New York (PRWEB) September 10, 2014
Polyurethanes are found in every practical application available in our everyday surroundings. Since its invention during the 1940s, polyurethane has been implemented in a variety of applications and daily items ranging from airplane wings to baby toys. It still continues to be adapted for contemporary technology effective in different verticals of this industry.
- Introduction to Polyurethanes
Polyurethanes are considered among the most vital class of polymers. Polyurethane is a flexible, resilient, and durable form of material that is fit to replace other materials such as cotton, rubber, paint, metal or wood in various applications across different fields. It exists in innumerable forms ranging from rigid foams to dense solid compositions, and also from flexible foams to elastomers. This material can be protective like varnish, hard like fiberglass, elastic like rubber, squishy like upholstery, or sticky like glue.
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Polyurethanes are most well-known polymers that are used to make foams; however, they are more than foams. They are the single most versatile, safe, and modern family of polymers existing in the industry. This material is also most commonly considered as a form of plastic that can be tailored to be either flexible or rigid, becoming the choice for a range of end-user applications such as:
- Insulation of refrigerators and freezers
- Rollers and tyres
- Composite wood panels
- Building insulation
- Cushioning for furniture
- Car parts
- Shoe soles
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This list of applications continues to increase as new inventions are found for this versatile material in the global market. Polyurethane is a crucial part of every industrial and consumer products that play a significant role in making our lives more comfortable, convenient, and environmentally friendly.
- Overview of Polyurethanes (PU) Market
In the recent years, polyurethanes (PU) market has experienced double digit growth due to a broad range of applications, as well as various key drivers. This growth is witnessed in the automotive industry and environmental sustainable characteristics. The worldwide demand for polyurethanes is estimated to approach 16 billion pounds (about 5% of total world consumption of plastics). Considering the statistics of the polyurethanes market in the U.S., the market figure approached an estimation of about 3.6 billion pounds in 1995, further increasing at a rate of 6% per year.
According to the industry best market research reports, the total market revenue of the Polyurethanes (PU) Market including the global industry analysis, size, share in the forecast period (2009 – 2016) reached USD 40.6 billion in 2011 and is expected to reach USD 57.4 billion by 2016, growing at a CAGR of 7.2% from 2011 to 2016.
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Amongst the varied segments in this market, the MDI and TDI segments are considered to be the raw materials that are used in producing flexible polyurethane foams, as well as rigid polyurethane foams respectively. Hence, under these segments the prices of polyurethane are directly dependent on the raw material prices and indirectly dominated by the crude oil and downstream feedstock prices.
- Geographic Reaches of the PU Market
Among the many geographic regions in the world, Asia Pacific is leading in terms of production and consumption of the polyurethane (PU) products. This country has witnessed increasing number of applications of polyurethanes in the medical devices, and drawn equal attention of major market players in terms of developing renewable feedstock for polyurethane.
While the opportunities in the Asian segment is growing due to the evolving economy and rising standards of living in the region, the country’s overall progress is highly emerging in the global competitive market. In addition, Europe is also expected to have the second largest market share in the polyurethane market, following to Asia Pacific region by 2016.
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