By Cameron Chai
Transparency Market Research has published a new report titled, “Polyurethanes (PU) Market: Global Industry Analysis, Size, Share & Forecast (2009 - 2016)".
The report states that in 2011, the worldwide PU market revenue reached USD 40.6 billion, and by 2016, it is likely to reach USD 57.4 billion, growing at a compound annual gross rate of 7.2% between 2011 and 2016. After Asia Pacific, Europe is projected to get the second largest market share by 2016.
Lately, the PU market has experienced a double digit growth rate and this is attributed to its wide range of applications like flexible and rigid foams, sealants, adhesives, and paints and coatings, amongst others, PU is primarily utilized as an alternative for plastics, metal, cotton, paint and rubber. Healthy growth and environmental sustainability features in the automotive sector mainly drive the PU market. The main restraint in this market is the higher costs of raw materials like toluene, benzene and crude oil.
Raw materials like TDI and MDI are employed to develop flexible and rigid polyurethane foams, respectively. Therefore, the cost of PU depends on the cost of raw material prices and is indirectly affected by crude oil prices. Volatile crude oil prices have impacted both MDI and TDI, which in turn have affected the PU costs. Spring and other fibers, which are substitutes to PU, can further affect the PU market.
Asia Pacific is leading the PU market in terms of manufacture and consumption. Growing applications of PU in medical devices have attracted the interest of leading market players to develop renewable feedstock for PU.
Countries covered in the report include India, Japan, China, Brazil, US, UK, Italy and Germany.