Polyurethane Market to Increase Gradually with the CAGR 4.4% and Market Valuation Reaching USD 123.10 Billion by 2030, Construction Industry Experiencing High Demand from the Housing Sector Globally to Create Market Opportunities

The polyurethane market size is estimated to display strong growth by reaching USD 123.10 billion by 2030. Fortune Business Insights™ in its report titled “Polyurethane Market Size, Share & 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 Regional Forecast, 2023-2030” observes that the market size in 2022 stood at USD 82.93 billion and is expected to reach USD 87.10 billion in 2023. The market is expected to witness a strong CAGR of 4.4% during 2023-2030. Increasing usage of innovative production technologies with advanced features is anticipated to drive the market growth. Rising adoption of high quality PU and coating and adhesives in the construction industry is expected to create the demand for the product. The construction industry is experiencing high demand for the housing sector globally.

Recticel Acquired Foam Partner to Increase its Presence Globally

In April 202, Recticel acquired Foam Partner to increase its presence globally and provide sustainable and leading-edge solutions to its global customers. The new organization will make use of numerous resources to increase the commercialization of sustainable innovations and leading-edge solutions.

Low Demand from End-Use Industries due to the Pandemic Negatively Impacted the Market 

Halt in manufacturing activities led to hindrances across the globe due to the COVID-19 pandemic. It impacted the applications and other parallel activities. Several isocyanates and polyols orders were canceled and postponed which led to production outages. Low demand from the end-use industries due to the pandemic negatively impacted the growth of the market during the forecast period. In June 2022, the prices plunged to new lows due to slow recovery and uncertainty.

Rising Adoption of Adhesives and High Quality PU Coating to Drive Market Growth

Rising adoption of adhesives and high quality PU coating is predicted to drive the polyurethane market growth. PU adhesives are used in vehicle interiors to bond windshields, seal fuel tanks, and residential buildings and construction applications. They are durable, flexible, and have better bonding and impact resistance. They have the ability to adhere to a great extent to the base material. The demand for adhesives from construction projects is expected to be one of the leading market trends.

The product is versatile in nature due to its wide applications. However, there are many alternatives available in the market, which can act as a replacement for the product. This is set to hamper the demand for the product.

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Covestro AG is one of the Leading Suppliers of Premium Polymers with its Major Presence in Europe

The market has producers of PUR present in Asia Pacific with BASF, Covestro AG, Yantai Wanhua Polyurethanes Co., Ltd., Huntsman, and Mitsui Chemicals & SKC Polyurethanes Inc. Covestro AG is one of the leading suppliers of premium polymers with its major presence in Europe. The company has been opting for partnership strategy to create a competitive edge in the market. Similarly, the other key players in this market have developed a strong regional presence, distribution channels, and product offerings.

Notable Industry Development

• September 2021: Mitsui Chemicals and SKC Polyurethanes Inc. announced to dissolve polyurethane raw material business joint venture agreement between them. After this, both the companies can use their own strategic policies to grow their business.

List of Key Companies Profiled in the Report:

• BASF SE (Germany)


• The Dow Chemical Company (U.S.)


• Covestro AG (Germany)


• Yantai Wanhua Polyurethanes Co., Ltd. (China)


• Huntsman (U.S.)


• Foamcraft, Inc. (U.S.)


• Mitsui Chemicals & SKC Polyurethanes Inc. (South Korea)


• Lanxess (Germany)


• Eurofoam Group (Austria)


• Inoac Corporation (Japan)

Further Report Findings

• Asia Pacific dominated the market share due to increasing applications of the product in the furniture and construction industries. The market stood at USD 37.79 billion in 2022 with China accounting for the largest country in the region due to expansion in the construction industry. The country is expected to be the highest shareholder in the region during the forecast period as well.


• Europe will exhibit substantial growth owing to increasing polyurethane production for machinery and furniture application. These will further help in surging the value of this market in the region.

Table of Segmentation