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Polyurethane is a polymer composed of organic units which are linked by urethane. Polyurethane additives are the chemical substances which are added to these polyurethane polymers to modify and enhance some of its properties to make it suitable for specific applications and desired purposes. The polyurethane additives endow some essential properties to the parent material such as low density, flexibility, durability, intensified weather ability along with resistance to heat, light, abrasion, oil, and chemical.
These additives are used to make high-performance products that are tough but lightweight, perform well, and are durable and highly versatile. They also enhance the processing speed and the stability of the polymers. Polyurethanes are used in various industries, predominantly in the construction and the automobile industry. They enhance the properties of adhesives, foams, sealants, elastomers, coatings, binders and consequently find application in roof insulation, production of seating, upholstery furniture, insulated panels, and gap filling for the space around doors and windows.
The global polyurethane additives market is expected to grow at a more than healthy CAGR over the course of the next few years.
The growth of this market is attributed towards major pertaining factors including; the growing demand and application of polyurethane additives in various industry verticals, the growing demand for innovative and cost-effective additives worldwide, the growing construction industry in the emerging countries, the bolstering demand for innovative additives, the increasing usage of bio-based products towards the manufacturing of greener products and the changing consumer’s awareness regarding healthier lifestyle, food, and non-consumable products etc.
Moreover, PU materials today are heavily used in the manufacturing of many automotive parts, including exterior body parts, trunk liners, anti-lock brake systems, timing belts, fuel lines and others. Also, flexible PU foams are used in seating, headrests, arm rests, HVAC, and other interior systems for automotives, like in airliners, trains, and buses. PU coatings provide vehicle exteriors with high gloss, durability, scratch resistance, and corrosion resistance. All these factors contribute significantly in the growth of polyurethane additives market.
Furthermore, other factors such as, the rapid urbanization boosting the building & construction activities around the globe coupled with the rising demand for polyurethane from the furniture and footwear industry, the rapid growth of the transportation sector, the worldwide growth in demand for elastomers among buildings and construction industry, the rise in applications of rigid foams for insulation purposes, the reduction in energy costs associated with heating and cooling requirements and the rising demand for polyurethane foams in beddings, carpets and cushions will further augment the market growth.
However, the volatility in prices of raw materials, the stringent regulatory measures undertaken by some mature economies to phase out the use of harmful chemical products and the recyclability of polyurethane additives are factors that currently hinder the growth of this market.
POLYURETHANE ADDITIVES MARKET SEGMENTATION:
By End-Use Industry:
The Asia Pacific region is the largest and the fastest growing regional market for polyurethane additives. This region is projected to continue to dominate in the market in the next few years as well. The growth in this region could be attributed to various factors such as the growing construction, automotive and furniture manufacturing industries, the increasing disposable incomes of people and the rapid economic growth in the region etc. The major contributors in the region include India and China.
The North American region is the second largest regional market for polyurethane additives followed by Europe. This region is estimated to account for robust growth in the upcoming years owing to the rising investments by governments and market players for the supply of these products, the rise in number of reconstruction activities and the rising demand for this product from the automotive sector in this region. The aircraft manufacturers and the building & construction industry primarily foster the demand for PU additives in this region. The major contributor in the region is the U.S.
FEW KEY PLAYERS IN POLYURETHANE ADDITIVES MARKET:
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