Scienza e Tecnologia
100 billion Reason to Watch the Global Polyurethane Market in 2028: Ken Research
The Global Polyurethane Market is expected to witness steady growth during the forecast period, driven by the rising demand for strong, lightweight goods in the construction, electronics, and automotive sectors. Throughout the projection period, demand for polyurethane is also anticipated to increase with the surging demand for sustainable building insulation.
Moreover, polyurethane insulation is customizable. Storage apparatuses, such as specific refrigerators, where COVID-19 vaccine vials can be kept, are prepared using rigid polyurethane foams. These are deployed in the global shipment of vaccines as well.
Rigid polyurethane foams are high-performance closed-cell polymers which can be used in a variety of end-user industries, including transportation, packaging, industrial insulation, and appliances, thanks to their structural stability. It aids the creation of thermally insulating products by product designers. Because they offer superior mechanical strength, better heat resistance, and sound-insulating properties, rigid foams are well suited for difficult conditions and extreme weather.
Due to rapid industrialization, China , India , and Indonesia dominate the Asia Pacific (APAC) market for stiff PU foams. The growth of the furniture and construction industries, as well as the presence of significant automotive OEMs, drive the rigid foam market in APAC. It is anticipated that the government's assistance in weatherizing low-income homes and meeting transitional standards for green buildings will further propel the demand for stiff PU foam in insulation applications.
Due to its excellent strength-to-weight ratio, insulating properties, durability, and adaptability, polyurethane is frequently utilized in building and construction applications. Oxford Economics estimates that between 2020 and 2030, worldwide construction production will increase by 42%, or US$4.5 trillion , reaching US$15.2 trillion from US$10.7 trillion in 2020.
Over the ten years leading up to 2030, construction will have an average annual growth of 3.6%, outpacing both manufacturing and services. In 2022, the furniture market is anticipated to generate almost US$500 billion in revenue. The market volume for Furniture is predicted to cross US$720 billion by 2025, with revenue forecast to expand at more than 13% CAGR from 2022 to 2025.
According to Ken Research Analysis, the Global Oleochemicals Market is expected to record a positive CAGR of ~9% during the forecast period (2022-2028) and is expected to reach approximately US$ 50 billion by 2028. The opportunity to replace conventional petroleum-based products in various sectors along with the easy availability of raw materials required for the production of oleochemicals is positively impacting the market. Petroleum is a fossil fuel that when used poses a risk to the environment. Governments are enforcing stricter regulations for the sparing use of petroleum which can be replaced by oleochemicals.
According to Ken Research Analysis, the Global Composites Market is expected to record a positive CAGR of ~8% during the forecast period (2022-2028) and is expected to reach approximately US$ 120 billion by 2028. The desirable performance of composites as well as the high adoption of composites in various end-user industries owing to their properties is positively impacting the market growth. Customers' needs for a wide range of intricately engineered parts, design patterns, and structures are met through the use of composite materials. The product supports several sectors, including wind power, consumer goods, automotive, aerospace, and the maritime sector.
Over the next five years, the Biocomposites market in North America is forecasted to grow at least 12% CAGR, owing to the stable long-term usage among end-user industries and government efforts for use of more eco-friendly products, especially in developed countries such as the USA . Consumer products such as music instruments, casings and cases, furniture, tables, toys, combs, and trays are made from wood and natural fiber plastic granulates. Customer preferences for these products due to their distinct appearance and feel, great quality, and value will help the Biocomposites market to grow. The Biocomposites market is also expected to grow because of the consistent growth in traditional industries such as construction and automotive. The increased adoption as well as robust growth in newer industries such as consumer products & packaging, aerospace & defense, and wind energy is going to contribute to the market's growth in the future.
The India adhesive market shall witness negative growth in FY'2021, due to lockdown measures, restriction on various businesses and ban on transportation in the initial phase. India adhesives market is anticipated to get back to normal by first quarter of 2021. Over the forecast period FY'2020-FY'2026F, the India adhesives market is further anticipated to showcase a CAGR of 7.6%. India industrial adhesives market is anticipated to grow at a CAGR of 7.8% during the forecast period FY'20 to FY'26. Growth in the end user industries such as packaging, automotive and other is anticipated to lead to the growth of the industrial adhesives market. With high potential in the industrial adhesive market and ease of manufacturing, the country shall witness the entry of global players in this segment. India consumer adhesives market is anticipated to grow at a CAGR of 7.4% during the forecast period FY'20 to FY'26. The consumer adhesive companies in India will continue to expand their dealer and distribution network to reach to a larger target market which would help them increase their market share.
Ken Research Private Limited
Ankur Gupta , Director Strategy and Growth
+91-9015378249
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