Polyurethane Additives Market will Gain Momentum by 2025 to Surpass US$ 4.5 billion, Reveals MarketsandMarkets™
Polyurethane additives are chemicals that are added to polyurethane products to improve their properties. They are used to enhance the strength, flexibility, abrasion resistance, fire retardancy, water resistance, and other properties of polyurethane products. Additives can also be used to modify the physical properties of the polyurethane, such as its color, texture, and electrical conductivity.
According to MarketsandMarkets, the global polyurethane additives market size is estimated to be valued at USD 4.5 billion by 2025, registering a CAGR of 4.2% during the forecast period. The growing demand for polyurethane additives in the automotive and construction industries is the major factor driving the growth of the market. The increasing demand for polyurethane additives in the automotive industry is attributed to the growth of the automotive industry in countries such as China, India, Japan, and South Korea. The construction industry is projected to offer lucrative opportunities for the growth of the market, owing to the increasing demand for eco-friendly and energy-efficient insulation materials in buildings. The favorable government regulations for the usage of polyurethane-based insulation materials are expected to further fuel the demand for polyurethane additives in the near future.
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Based on end-use industry, the automotive & transportation segment is estimated to lead the overall polyurethane additives market in 2020.
The automotive & transportation segment is estimated to account for the largest share of the global polyurethane additives market in 2020. This can be attributed to the increasing production of automobiles across the world, which is driving the demand for polyurethane additives to reduce the weight of vehicles, improve fuel efficiency, and reduce emissions. Additionally, the increasing demand for safer and more environment-friendly vehicles is also driving the demand for polyurethane additives. The use of polyurethane additives in the automotive & transportation industry is further driven by the growing demand for lightweight and durable materials in the manufacture of automobiles.
On the basis of application, the foams segment is estimated to lead the polyurethane additives market in 2020.
Foams are widely used in the automotive, construction, and furniture industries due to their unique properties such as light weight, thermal insulation, sound insulation, shock absorption, and durability. They are used in automotive seats, dashboards, and headliners to reduce noise and vibration. In the construction industry, foams are used for insulation, building components, and roofing. In the furniture industry, foams are used for cushioning, armrests, and bedding materials. Moreover, the growing demand for comfort and luxury in automotive vehicles is boosting the demand for polyurethane foams, which, in turn, is expected to drive the polyurethane additives market.
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On the basis of type, the flame retardants segment is projected to lead the overall polyurethane additives market during the forecast period.
The flame retardants segment is projected to lead the overall polyurethane additives market during the forecast period. This is attributed to the increasing demand for flame retardants additives in various end-use industries such as construction, automotive, and electronics. In addition, stringent regulations regarding fire safety standards in different countries are also driving the demand for flame retardants in polyurethane foams. Furthermore, the growing demand for lightweight materials in the automotive industry is expected to drive the demand for polyurethane foam materials, in turn driving the growth of the flame retardants segment of the polyurethane additives market.
Based on region, APAC is estimated to lead the polyurethane additives market in 2020.
The APAC region is expected to dominate the global polyurethane additives market in 2020, owing to the increasing demand for polyurethane additives in various end-use industries such as automotive, construction, and furniture. The increasing regional demand for polyurethane additives is primarily driven by the rising disposable incomes of consumers and the presence of major end-use industries in the region. In addition, the growing demand for green buildings, which require the use of polyurethane additives, is also anticipated to contribute significantly to the market growth in the region. Furthermore, the presence of key players, such as BASF and Dow Chemical, in the region is expected to further fuel the demand for polyurethane additives over the forecast period.
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Evonik Industries (Germany), BASF (Germany), Huntsman Corporation (US), Covestro (Germany), Dow Inc. (US), Lanxess AG (Germany), lbemarle Corporation (US), Tosoh Corporation (Japan), Momentive (US), and BYK (US) are some of the leading companies in the polyurethane additives market.
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