The global polyurethane resin market size is expected to reach USD 1,056.2 Million in 2030 and register a revenue CAGR of 3.2% during the forecast period, according to a latest report by Reports and Data. Rising usage of these resins for construction purposes, sealing, compressing, and insulation of circuit boards are key factors expected to drive market revenue growth during the forecast period. Increasing demand for polyurethane resin in the pharmaceutical industry is expected to drive market growth between 2022 and 2030. Polyurethane resins are widely used in pharmaceutical industry for the formation of hospital bedding, wound dressings, surgical drapes, and injection molded devices. Such applications of these resins in pharmaceutical industry have led to its increased demand and are expected to drive growth of the market. Polyurethane resins are also widely used in the packaging industry in the form of polyurethane foam to secure and protect the finished products. It is widely used for packaging goods during the transportation of fragile products such as electronics, medical equipment, industrial parts, glass products, and others. Such usage of these resins has led to its increased adoption in various industries and is expected to drive revenue growth of the market. On foam, polyurethane components are widely used in the electronic and electrical industries to seal, compress and insulate circuit boards, underground cables, and small fragile and pressure-sensitive components. This has led to increasing demand for these resins in electronic industry.
However, concerns regarding health complications and environmental issues related to usage of polyurethane resins are some factors that could hamper revenue growth of the market. Moreover, polyurethane resin bonds faster, which makes it difficult to get the application rightly done at the first use which could lead to a shorter time to apply these adhesives and make adjustments. This could hamper revenue growth of the market.
Some Key Highlights in the Report
Solvent-based resins segment is expected to register steady revenue growth rate over the forecast period. Rising usage of solvent-based polyurethane resins owing to its high durability and performance is expected to boost revenue growth of the segment. Solvent-based resins also provide high glossy effects and have longer life shelf which has increased its demand in various coatings applications and is expected to drive growth of the segment.
Paints and coatings segment is expected to register a steady revenue growth rate over the forecast period. Polyurethane resins are used as two-component as well as single-component coatings for various applications in paints and coatings. They are mainly used for durable high gloss coatings such as in automotive, industrial applications, flooring, wood coatings as well as PU resins used to modify alkyd resins, used in coatings, enamels, and varnishes. This is expected to drive growth of the segment.
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The market in Asia Pacific is expected to register considerable revenue CAGR over the forecast period. Increasing adoption of water-based resins owing to sustainability and eco-friendly nature, which is non-toxic for the environment, is driving market revenue growth. Increasing demand for polyurethane adhesives for shoemaking and fabric production in the countries in region is expected to drive market revenue growth.
Companies profiled in the global market report include The Dow Chemical Company, Covestro A.G., BASF SE, Huntsman Corporation, Eastman Chemical Company, Mitsui Chemical, Inc., DuPont de Nemours, Inc., Alchemie, Ltd., Shanghai Dongda Polyurethane Co., Ltd., Arakawa Chemical Industries, Ltd., and Perstorp Holdings AB.
On 01 July 2021, Laird Performance Materials was acquired by DuPont de Nemours, Inc. The companies will work together to expand their positions as pioneers in rapidly growing electronic applications such as high-performance computing, Artificial Intelligence (AI), and Internet of Things (IoT).
For the purpose of this report, Reports and Data has segmented global polyurethane resin market based on resin type, application, and region:
Resin Type Outlook (Revenue, USD Million, Volume, Kilo Tons; 2019-2030)
Application Outlook (Revenue, USD Million, Volume, Kilo Tons; 2019-2030)
Paints & Coatings
Regional Outlook (Revenue, USD Million, Volume, Kilo Tons; 2019-2030)
Rest of Europe
Rest of APAC
Rest of LATAM
Middle East & Africa
Rest of MEA
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