Polyurethane Dispersion Market: by type (water based and solvent based), by application (coatings, adhesives & sealants, leather finishing, paper & textile, fiberglass sizing, and others), and by region – Forecast till 2023
Polyurethane Dispersion Industry Synopsis:
The global polyurethane market is presumed to garner USD 1,237.4 million with 6.28 % CAGR during the forecast period (2015-2023), owing to the continued growth of the automotive sector, asserts Market Research Future (MRFR). Polyurethane (PUD) is an anionic and aqueous dispersion having high molecular weight.
It can be either derived from aromatic or aliphatic isocyanate and can be produced with or without emulsifiers. PUD possesses properties such as high abrasion resistance, superior tensile strength, extreme temperature durability, and high elasticity which can be used in wood and leather finishes, textile coatings, and concrete floor coverings.
Latest Innovations / Industry News:
October 10, 2018: Covestro, one of the leading polymer companies have developed Baycusan eco E 1000. It is a film-forming polyurethane (PU) dispersion for hairstyling products which contains carbon content based on 58 percent biomass and achieves the high-performance level of synthetic acrylate polymers.
Polyurethane Dispersion Market Size is predicted to reach USD 1,237.4 million by 2023 with a CAGR of 6.28% over the assessment period.
The major players operating the global market are Michelman Inc., Allnex, The Lubrizol Corporation, Lamberti S.p.A., DowDuPont Inc., LANXESS AG, Covestro AG, 3M, Mitsui Chemicals Inc., Hauthaway Corporation, Perstorp Holding AB, BASF SE, Alberdingk Boley GmbH, Chase Corporation, and VCM Polyurethanes PVT. Ltd.
Geographically, the polyurethane dispersion market span across five regions namely, Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa.
Among all the regions, Asia Pacific is considered to dominate the global market and accounts for more than 37 % of the value share. The growth is attributed to the growing contribution of the increasing contribution of construction coatings segment in emerging countries. Additionally, rapid industrialization coupled with the penetration of polyurethane dispersion manufacturers, and availability of inexpensive land and labor are considered to impact the market positively.
Europe accounts for 26 % of the total market share in terms of value and is presumed to expand at a significant CAGR. Countries like Italy, France, U.K., and Germany are the major contributors in this region and is estimated to maintain their dominance due to presence of robust manufacturing base for the automobile sector.
Potential and Pitfalls:
With the continued growth in the automotive sector, growing consumption of leather products, and high demand from the furniture and interior industry, the global polyurethane dispersion market is likely to foster during the assessment period. The demand for leather is highly driven by the fashion industry. Growing disposable income coupled with latest fashion trends have led to the increased demand for leather products which is estimated to fuel the market growth in the coming years. Growing number of telecommuters have also increased the demand for home furniture which has increased the consumption of wood coating applied to interior furniture. Such factors have impacted the global market during the review period.
On the flip side, change in the oil prices which directly influences the price of raw materials is likely to retard the market growth. Also, the increase in the prices of raw materials decreases the profit margin of the manufacturers, which is considered to hamper the market growth in the coming years.
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The global polyurethane dispersion market has been segmented on the basis of application, type, and region.
By mode of type, the global polyurethane dispersion market has been segmented into solvent based and water based. Among these, the water-based type is anticipated to exhibit tremendous growth owing to the strict regulations regarding the use of solvent-based coatings in different applications.
By mode of application, the global polyurethane dispersion market has been segmented into fiberglass sizing, adhesives & sealants, paper & textile, leather finishing, coatings, and others. Among these, the segment for coatings is estimated to hold the largest market share with 47 % and is expected to expand at a significant CAGR during the assessment period. The growth is attributed to the increased demand for personal vehicles and rising automotive production.