Polyurethane Composites Market Analysis by Type (Glass, and Carbon); by Manufacturing Process (Lay-Up, Pultrusion, and Resin Transfer Molding); and by End Use Industry (Transportation, Electrical & Electronics, Construction, Wind Energy, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035
Buy Now Report ID: 3756 | Published Date: Apr 14, 2023
The global polyurethane composites market is estimated to garner a revenue of ~USD 1400 Million by the end of 2035 by growing at a CAGR of ~7% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of ~USD 700 Million in the year 2022. The growth of the market can be attributed to the growing automotive industry across the globe. Further, the rising manufacturing of electric cars is also expected to add to the market growth. Moreover, the expanding automotive industry might raise demand for lightweight materials, which would therefore increase demand for polyurethane composites. As per estimates, the market share of electric vehicle sales in the US increased by more than 4% in 2021.
In addition to these, factors that are believed to fuel the market growth of polyurethane composites include the rising demand in the aerospace industry. For instance, there is a need for lightweight materials in sectors such as aerospace, owing to their significant contribution to weight reduction. Further, aerospace companies employ polyurethane foam (PU foam) in the seats of most passenger airplanes, to insulate the walls, ceilings, and luggage compartments, and also as separators between lavatories and class segments of airplanes. Additionally, the surging demand for fuel-efficient aircraft is predicted to present the potential for market expansion over the projected period.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~7% |
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Base Year Market Size (2022) |
~ USD 700 Million |
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Forecast Year Market Size (2035) |
~ USD 1400 Million |
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Regional Scope |
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Growth Drivers
Rising Construction and Building Sector – On account of the growing urbanization, the market is expected to expand more in the upcoming years. As of 2021, the US engineering and construction sector had significant growth of over 5% in construction spending.
Increasing Usage of Waste Products – The amount of garbage produced has increased owing to the growing population across the globe is estimated to drive market growth. Further, the waste produced by polyurethane composites can be utilized as flakes, powders, and pellets. According to statistics, by 2050, there will be over 3 billion tonnes of trash generated worldwide.
Surging Demand for Electrical Appliances – The rising sales of home appliances owing to the movement in working culture towards work from home is expected to expand the market more in the upcoming years. According to the most recent expenditure data, in 2020, more than 500 million household appliances were sold in the United States.
Growing Number of Surgical Procedures – It is expected that the rising prevalence of chronic wounds across the globe is anticipated to drive market growth. The majority of bandages for wounds are composite structures. Further, a coating that is impervious to liquids and microorganisms is created using polyurethane wound-dressing films. Every year, over 300 million major surgical procedures are carried out globally.
Challenges
The global polyurethane composites market is segmented and analyzed for demand and supply by end-use industry into transportation, electrical & electronics, construction, wind energy, and others. Out of the five end users, transportation is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to the growing demand for automobiles across the globe. Composites made of polyurethane are often employed in the transportation sector, which in turn will increase its demand in the segment. For instance, they are utilized in vehicles and trucks as fillers in car seats, steering wheel horn pads, and other places. In addition, airports, motorways, and high-speed railroads are all benefited from the maintenance and strengthening provided by polyurethane grouting technology. As per recent estimates, sales of passenger vehicles in India, are anticipated to increase by over 9% in 2024.
The global polyurethane composites market is also segmented and analyzed for demand and supply by manufacturing process into lay-up, pultrusion, and resin transfer molding. Amongst these three segments, the lay-up segment is expected to garner a significant share. The growth can be attributed to the ease of processing and low cost of this manufacturing process. The simplest and oldest manufacturing different technique for creating composites is lay-up. For instance, wet lay-up vacuum bagging is a simple, adaptable approach that doesn't call for specialized equipment. Further, this method uses a single-sided mold to soak each layer of fiber reinforcement with liquid resin. This, as a result, is anticipated to create numerous opportunities for the growth of the segment in the coming years.
Our in-depth analysis of the global polyurethane composites market includes the following segments:
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By Type |
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By Product |
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By End Use Industry |
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The Asian Pacific polyurethane composites market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. The growth of the market can be attributed majorly to the increasing infrastructure sector in the region. For instance, the growing construction projects in different sectors, such as social infrastructure, and transportation infrastructure, are also anticipated to boost market growth during the forecast period. Further, in applications for civil infrastructure and construction materials, composite materials are being employed more and more. For temporary housing applications, composite structural insulation panels are designed and produced utilizing vacuum-aided resin transfer molding and low-density polyurethane foam. Owing to the advantages of inherent design flexibility, using these types of composite panels in building construction will result in affordable, high-performance products. The use of core-filled composite structures has significant advantages over traditional panels, including stronger buckling resistance, higher strength, stiffness, and reduced structural weight. In addition, applications for glass fiber-reinforced polymer composites in infrastructure seem promising which in turn will contribute to the market growth in the region. In the coming ten years, the Asia Pacific infrastructure industry is anticipated to rise by more than 5% annually.
The North American polyurethane composites market, amongst the market in all the other regions, is projected to grow with the highest CAGR during the forecast period. The growth of the market can be attributed majorly to the increased use of polyurethane composites in the aerospace sector. For instance, manufacturers of aerospace products are implementing a common technique termed "lightweight" to lower the cost of fuel and increase fuel efficiency. Owing to their great strength, honeycomb panels constructed of composites and paper mixes are frequently a preferred option for lightweighting. Further, metal and plastic ornamental objects in airplane cabins are frequently replaced with polyurethane foam, all these factors are anticipated to contribute to the increase in demand for polyurethane composites in the region.
Further, the market in Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market can be attributed majorly to the growing production of vehicles. The production of large internal body parts of vehicles will drive the demand for polyurethane composites in the region. For instance, Germany uses thermoplastic composites as a protective coating in vehicles, which is also anticipated to contribute to the market growth in the region.
Covestro AG teamed up with Coleitec to speed up the development of applications for polyurethane (PU) composite materials. Moreover, this strategic alliance will help in promoting both the energy and automotive industries.
Wanhua Chemical Group Co., Ltd. collaborated with 3Trees, to introduce waterborne polyurethane waterproof coatings. These coatings will provide several benefits, such as low VOC content, high environmental friendliness, and excellent mechanical performance to the waterproof industry, and other industries.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
Ans: Rising construction and building sector and the increasing use of waste products are the major factors driving the market growth.
Ans: The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2023 – 2035.
Ans: Issues associated with the recycling of polyurethane composites, and fluctuating prices of crude oil are estimated to be the growth-hindering factors for the market expansion.
Ans: The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: The major players in the market are BASF SE, Huntsman International LLC, Henkel Corporation, Bayer AG, Hexcel Corporation, SGL Group, Toray Industries, Inc., Wanhua Chemical Group Co., Ltd., Sekisui Chemical Co., Ltd., and others.
Ans: 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.
Ans: The market is segmented by type, manufacturing process, end-use industry, and region.
Ans: The transportation segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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