(I-BusinessNews.Com, July 13, 2021 ) Polyurethane Additives Market size is forecast to reach $5.7 billion by 2026, after growing at a CAGR of 5.1% during 2021-2026. Globally, the growing demand for innovative and cost-effective additives in various end-use industries is projected to raise the demand for polyurethane additives over the upcoming years. It is anticipated that the rising demand for polyurethane additives for the development of lightweight, durable, and versatile products will boost market growth. Furthermore, the increasing use of various types of polyurethane additives such as catalysts, surfactants, filler, and flame retardants, which contribute to the outstanding performance of foams and create advantages in the final foam performance, is anticipated to create new opportunities for the growth of the polyurethane additives industry in the forecast era.
Impact of Covid-19
The COVID-19 pandemic and subsequent halt in manufacturing activities had an impact on various end-use industries such as automotive & transportation, building & construction, bedding & furniture, electronics, and others. Thus, due to which the polyurethane additives market was affected in the year 2020. Furthermore, lockdown in various countries led to supply chain disruptions, logistical restrictions, workforce unavailability and demand drop, limited availability of components, and low company liquidity, which had an adverse impact on the polyurethane additives market growth over the year 2020.
Polyurethane Additives Market Segment Analysis – By Type
Flame retardants held the largest share in the polyurethane additives market in 2020. Organohalogen and organophosphate chemicals such as polybrominated diphenyl ethers (PBDEs) and chlorinated trisiloxanes (CTXs) are among the flame retardants of concern (TDCPP). There are different types of flame retardants, such as chlorinated flame retardants, brominated flame retardants, phosphorous flame retardants and some inorganic flame retardants. These are used to produce high-quality polyurethanes that are used in various applications such as electronics, automotive, and construction. Thus, with the rising use of flame retardants in the production of polyurethanes the market for polyurethane additives is estimated to rise in the forecast period.
Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=503068
Report Price: $ 4500 (Single User License)
Polyurethane Additives Market Segment Analysis- By Application
Foams held the largest share in the polyurethane additives market in 2020 and is projected to grow at a CAGR of 4.2% during the forecast period 2021-2026. Polyurethane additives contribute to the outstanding performance of polyurethane foams and create advantages in the final foam performance. In the manufacture of polyurethane flexible foams, the additives are used to enhance the comfort properties of mattresses, upholstered furniture and automobile interiors. Additionally, the use of polyurethane additives in polyurethane rigid foam applications contributes to the outstanding insulation properties of refrigerators and construction materials. Increasing use of open cell flexible polyurethane foam made by mixing auxiliary blowing agents, catalysts, and other additives, in the upholstered furniture cushions, automotive seat cushions and interior trim, and carpet cushion has also raised the growth of the polyurethane additives market.
Polyurethane Additives Market Segment Analysis- By End Use Industry
Transportation sector held the largest share with 26% in the polyurethane additives market in 2020. Polyurethane additives such as catalysts, surfactants, filler, and flame retardants are used in the formulation of foams, coatings, and elastomers, which is increasingly being used in the transportation industry. Polyurethane coatings provide the vehicle exterior with high gloss, durability, scratch resistance and corrosion resistance. It is also used to glaze windshields and windows, increase strength, and provide resistance to fog. Polyurethane additives improve emulsification and nucleation, prevent coalescence, stabilize cell membrane, and increase the ingredient compatibility and decrease the surface tension. Thus, due to these factors the demand for polyurethane additives is anticipated to rise with the flourishing transportation sector in the forecast period.
Polyurethane Additives Market Segment Analysis- Geography
Asia Pacific held the largest share with 37% in the polyurethane additives market in 2020. The demand for polyurethane additives market in the region is majorly driven by the growing demand for polyurethane foams, polyurethane coatings, polyurethane elastomer, and polyurethane adhesives from various end use industries such as building and construction, transportation, electronics, and packaging. The demand for polyurethane additives is driven mostly by the increasing production of automotive in emerging economies, such as India, Japan, and China. The rising use of flexible foams in the interior systems of the automotive, aircrafts, and railways, has raised the growth of the market. According to the International Trade Administration, by both annual sales and manufacturing output, China remains the world’s largest vehicle market, with domestic production expected to reach 35 million vehicles by 2025. Thus, the rising production and sales of automotive is therefore anticipated to increase the demand for polyurethane additives in the forecast period.
Polyurethane Additives Market Drivers
Increasing Building and Construction Activities will Drive the Market Growth
Polyurethanes are used in the building and construction industry to create high-performance materials that are solid yet lightweight, perform well, and are robust and flexible. As a result, demand for polyurethane additives is expected to rise in the near future as the building and construction industry expands. Over the last few years, construction activities in different regions have increased significantly. According to the United States Census Bureau, the federal government spent US$ 1,369.2 billion on total construction activities in January 2020, up 1.8 percent from US$ 1,345.5 billion in December 2019. In 2019, the US government invested $977,366 million on overall private construction and 328,669 million on overall public construction. Also, between 2019 and 2023, the construction industry is expected to expand at a real-terms annual rate of 5% as per the International Trade Administration. Thus, with an increase in construction activities, rise in the demand for polyurethane additives is witnessed over the forecast period.
Inquiry Before Buying @ https://www.industryarc.com/reports/request-quote?id=503068
Polyurethane Additives Market Challenges
Volatility in Raw Material Prices
The majority of the raw materials used to produce polyurethane comes from crude oil. Brent crude oil spot prices in 2020 averaged USD 40 per barrel in June, up by USD 11 per barrel from May and USD 22 per barrel from multiyear lows in April, according to the US EIA (Energy Information Administration). As OPEC producers agreed to extend the deepest production cuts through July, prices soared, and several locations that had been on lockdown requested more liquid fuels. Global oil inventories fell for the first time in June 2020 since December 2019, according to the EIA, due to supply reductions and increasing demand. The global oil inventory reached 8.4 million barrels per day, resulting in a dramatic drop in crude oil prices. Thus, fluctuating crude oil prices would affect the raw material prices for polyurethane additives and will hamper the growth of the market.
Polyurethane Additives Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the polyurethane additives market. Major players in the polyurethane additives market are BASF SE, Evonik Industries AG, Covestro AG, Kao Corporation, Tosoh Corporation, Huntsman International LLC, Momentive, The Dow Chemical Company, Air Products and Chemicals, Inc., and Suzhou Xiangyuan Special Fine Chemical Co., Ltd among others.
Asia-Pacific dominates the polyurethane additives market owing to the rising use of polyurethane additives in building and construction activities and increasing production of automotive in countries such as China, India, Malaysia, and Japan.
Increasing demand for more innovative and cost-effective additives in the furniture manufacturing industry is expected to fuel the growth of the market.
Also, the demand for polyurethane additives is driven primarily by the increasing usage of foams in growing end-use industries such as bedding & furniture, electronics, automotive, and building & construction.
Related Reports :
A. Plastic Additives Market
B. Polyurethane Elastomers Market
For more Chemicals and Materials Market reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to email@example.com to discuss more about our consulting services.