H1 2023: Geographically, Asia Pacific region was the leading consumer of PU resin. Due to slow demand and limited stock availability in the downstream construction and automotive industries during the first three months of 2023, the price trend of PU Resin in the Asian market remained hazy. Middle of Feb, producers in China decreased their production rates in reaction to rising feedstock prices for polyols and isocyanates. Due to a shortfall of supplies in the market at the end of the quarter brought on by the rise in feedstock prices, PU resin prices rose. In APAC, the product's price trend fell in April, rose in May, and then fell once again in June. A slight increase in demand from the automobile industry followed the subdued demand from the coatings and construction industries. Along with the instability in raw material prices, which further interrupted production, export orders from foreign markets also increased towards the middle of May 2023. Despite a slow economic recovery across the board in Asia, the price increase for polyurethane was mostly ascribed to an increase in demand from the automotive industry, where consumer spending surged significantly in mid-May 2023. Export orders from foreign markets also increased towards the middle of May 2023. Despite a slow economic recovery across the board in Asia, the price increase for polyurethane was mostly ascribed to an increase in demand from the automotive industry, where consumer spending surged significantly. In the end of H1 2023, the supply was moderate since manufacturers had sufficient stockpiles.
The global Polyurethane (PU) Resin market has reached roughly 2500 thousand tonnes in 2022 and is expected to grow at a CAGR of 5.32% during the forecast period until 2032.
Properties like flexibility, excellent softness and easy to clean have made this resin a better choice for furniture sector. PUR is used as an insulation material in construction sector, because of being nontoxic and chemically inert. PUR has countless applications as it is available in different forms. It is used in automotive industries to fabricate the exterior as well as interior parts of the automobiles. PUR coatings are used in automobile’s exteriors to provide high gloss, durability, scratch resistance and corrosion resistance. It is also used to maximize the shock absorption or a car’s bumpers and spoilers, also keep it light weight. PUR based wood composite is used all over the world to make cabinets, home furniture and decorative fencing. Polyurethane Resin are co-polymer produced when polyols (more than 2 hydroxyl group) react with an isocyanate (dual or polymeric) in presence of appropriate additive and catalyst. Since it is a plastic resin and thus is commonly used to coat the surfaces.
The demand for polyurethane resin is increasing rapidly owing to its variable nature and distinctive properties. In addition to being resistant to chemicals, water, and humidity, PU resins have good strength at both low and high temperatures. Because they offer high gloss coatings, which have expanded their adoption in these applications, they are frequently utilised in automobiles and industrial applications. These resins are used in almost all end segment industries including construction, medical, packaging, furnishing, automotive textile to paints & coatings. It is anticipated that the long shelf life, quick drying, and simplicity of disposal of these resins would lead to an increase in demand for them in a variety of industrial operations.
Based on type, Polyurethane (PU) Resin market is segmented into Water-based PU Resin, Solvent-based PU Resin, Others.
Based on region, Asia Pacific is dominating the Polyurethane (PU) Resin market. In 2022, Asia Pacific held a market share approximately of 36% of the global Polyurethane (PU) Resin. The market for polyurethane (PU) resin is predicted to grow as a result of the enormous growth in construction activities and rising government spending on public infrastructure. Furthermore, Asia Pacific also dominates the market in terms of production with China being a significant player.
Based on the end-user industry, the global Polyurethane (PU) Resin market is segmented into Automotive,
Construction, Paints & Coatings, Others. Among these, the Construction Industry is the major consumer with a share of roughly 35% in 2022. Furthermore, the Automotive industry is another prominent application of the Polyurethane (PU) Resin. It is anticipated to that the usage of polyurethane resin adoption is the rising demand for these resins for coating applications in architectural and furniture products.
Major players in the production of Global Polyurethane (PU) Resin are The Dow Chemical Company, BASF SE, Covestro A.G., Huntsman Corp., Eastman Chemical Co., Mitsui Chemicals Inc, Recticel S.A., RTP Company Inc., Lubrizol Corp., Rampf Holding GmbH & Co. KG.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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Objective of the Study:
• To assess the demand-supply scenario of Polyurethane (PU) Resin which covers production, demand and supply of Polyurethane (PU) Resin market in the globe.
• To analyse and forecast the market size of Polyurethane (PU) Resin
• To classify and forecast Global Polyurethane (PU) Resin market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Polyurethane (PU) Resin market in the globe.
To extract data for Global Polyurethane (PU) Resin market, primary research surveys were conducted with Polyurethane (PU) Resin manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Polyurethane (PU) Resin market over the coming years.
ChemAnalyst calculated Polyurethane (PU) Resin demand in the globe by analyzing the historical data and demand forecast which was carried out considering the production of raw material to produce Polyurethane (PU) Resin. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Polyurethane (PU) Resin manufacturers and other stakeholders
• Organizations, forums and alliances related to Polyurethane (PU) Resin distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Polyurethane (PU) Resin manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Polyurethane (PU) Resin market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Demand in thousand tonnes and CAGR from 2023 to 2032
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Type, Demand by Sales Channel, Demand-Supply Gap, Foreign Trade, Company Share, Manufacturing Process.
Segments covered
By Type: Water-based PU Resin, Solvent-based PU Resin, Others
By End-Use: (Construction, Chemical Intermediates, Water Treatment, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Mr.Shin Dosho
Member - Board of Directors
Osaka Gas Co. Ltd
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What is the expected CAGR of growth of global market size of Polyurethane (PU) Resin in terms of volume for 2032?
Ans:
The global market size of Polyurethane (PU) Resin is expected to grow at an expected CAGR of 5.32% by 2032.
Q2.
Which end-use industry is dominating the global Polyurethane (PU) Resin market?
Ans:
Construction Industry is dominating the global Polyurethane (PU) Resin market and consumed roughly 35% of the market in 2022.
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