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IN THE NEWSFebruary 2020- Covestro developed sustainable solutions for the new concept car Toyota LQ by using polyurethane composite with kenaf fibers to manufacture automobile components.
February 2020- Huntsman launched new snap cure polyurethane resin system VITROX RTM 00410, which can help in optimizing the production of complex, three-dimensional, composite parts with tight dimensional tolerances.
The global polyurethane composites market is estimated to garner a sizeable revenue and grow at a CAGR of ~4% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed largely to the growing adoption of polyurethane composites in building and construction industry for making sealants and adhesives used in home building globally. Along with these, increasing usage of the product for producing lightweight automotive components with excellent mechanical strength is also expected to propel market growth in the upcoming future. In 2017, the global demand for polyurethane adhesives and sealants for the automotive industry was more than 220 thousand tons, which is evaluated to rise up to about 250 thousand tons by the end of 2022. Furthermore, polyurethane composites possess excellent characteristics such as high stability, lightweight, more durability, and superior heat resistance. This is evaluated to raise the demand for these composites, which in turn is projected to offer lucrative opportunities to the market in the near future.
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The market is segmented by end use industry into transportation, electrical & electronics, construction, wind energy, and others, out of which, the transportation segment is anticipated to hold the largest share in the global polyurethane composites market. This can be accounted to the increasing utilization of the product to make real parcel shelves, trunk floors, sunroofs and semi-structural components in passenger and commercial vehicles. Apart from this, growing use of polyurethane composites to produce lightweight and highly durable components for commercial aircraft is also predicted to boost the growth of the market segment in the future. Additionally, on the basis of manufacturing process, the lay-up segment is assessed to acquire the largest share during the forecast period, which can be credited to the ease of processing and low cost of this manufacturing process.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
On the basis of geographical analysis, the global polyurethane composites market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to acquire the largest share over the forecast period on the back of the growing demand for polyurethane composites from transportation and manufacturing industries in countries namely China, Japan and India. In addition, increasing number of infrastructural projects is also projected to bolster market growth in the coming years. According to the India Brand Equity Foundation, in Union Budget 2021, India’s government announced that it has allocated USD 1.89 billion to support initiatives such as ‘smart cities mission’ and ‘housing for all’ in the country. Moreover, the market in North America is also expected to grab a notable share during the forecast period owing to the rise in utilization of polyurethane composites in the aerospace industry, and high investment in the defense sector in the region.
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The global polyurethane composites market is further classified on the basis of region as follows:
Our in-depth analysis of the global polyurethane composites market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing adoption of polyurethane composites in building and construction industry, and increasing usage of the product to make lightweight automotive components.
The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2022 – 2030.
High production cost of polyurethane composites is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the growing demand for polyurethane composites from transportation, construction and manufacturing industries in countries.
The major players in the market are Covestro AG, BASF SE, Huntsman International LLC, Henkel Corporation, Bayer AG, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, manufacturing process, end use industry, and by region.
The lay-up segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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