Polyurethane Additives Market to Grow with a CAGR of 3.65% through 2028

Surge in research and development activities is expected to drive the Global Polyurethane Additives Market growth in the forecast period, 2024-2028

 

According to TechSci Research report, “Polyurethane Additives Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Polyurethane Additives Market stood at USD 3.68 billion in 2022 and is anticipated to grow with a CAGR of 3.65% in the forecast period, 2023-2028. The initiatives taken by government based on Polyurethane Additives has led to favorable market conditions for the Global Polyurethane Additives Market. Several factors contribute to the growth of various Polyurethane Additives products.

The North American Industry Classification System (NAICS) code 326150 is specifically assigned to fabricators of flexible polyurethane foam. These fabricators play a crucial role in providing this versatile material for various applications. The Maximum Achievable Control Technology (MACT) standards for Flexible Polyurethane Foam Fabrication Operations are designed to ensure that the production process adheres to strict regulations for reducing Hazardous Air Pollutants (HAP) emissions. These standards aim to protect both the environment and human health by promoting sustainable practices in the industry.

In addition to regulatory measures, government initiatives are actively contributing to the growth of the Polyurethane Additives Market. One notable example is the support provided by governments for the construction sector, which is expected to drive the market in Canada. These initiatives include incentives, subsidies, and policies that encourage the use of polyurethane additives in construction projects. By promoting the adoption of these additives, governments aim to enhance the performance and durability of construction materials while minimizing environmental impact.

Technological advancements resulting from extensive research and development (R&D) efforts are playing a crucial role in driving the market forward. These advancements include groundbreaking innovations such as the development of flame-retardant and antimicrobial polyurethane additives. By expanding the application scope of polyurethanes, these innovative additives are fueling the growth of the market.

Furthermore, the continuous R&D activities carried out by companies are enabling them to offer highly customized solutions to meet specific customer requirements. For example, intensive research has led to the development of polyurethane additives with enhanced UV resistance, exceptional heat stability, and specific mechanical properties. These tailored solutions are in high demand across various industries, further driving the market growth and establishing polyurethane additives as a versatile choice for a wide range of applications.

The Global Polyurethane Additives Market is segmented into type, end user, regional distribution, and company.

Based on its end user, the automotive segment held the largest share in the market. Polyurethane additives play a crucial role in the formulation of foams, coatings, and elastomers used in the transportation industry. These additives, including catalysts, surfactants, fillers, and flame retardants, contribute to the enhanced performance and durability of the final products.

 

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Polyurethane coatings, for instance, offer numerous benefits to vehicle exteriors. They provide a high gloss finish, ensuring an aesthetically pleasing appearance. Moreover, these coatings exhibit excellent scratch resistance, protecting the vehicle's surface from wear and tear. Additionally, they offer exceptional corrosion resistance, safeguarding the vehicle against damage caused by environmental factors.

Furthermore, polyurethane additives are widely employed in the glazing of windshields and windows. By adding strength and improving resistance to fog, these additives enhance the overall safety and visibility for drivers and passengers.

In addition to their functional properties, polyurethane additives contribute to the manufacturing process itself. They improve emulsification and nucleation, preventing coalescence and ensuring uniformity in the final product. These additives also stabilize cell membranes, enhancing the structural integrity of the foams, coatings, and elastomers. Moreover, they increase ingredient compatibility and decrease surface tension, facilitating the manufacturing process and resulting in high-quality end products.

Considering these factors, the demand for polyurethane additives is projected to grow in tandem with the automotive and transportation sectors in the forecast period. The versatility and performance-enhancing properties of these additives make them indispensable in the formulation of advanced materials for the transportation industry.

Based on region, Asia Pacific segment is expected to grow during the forecast period.

In the Asia-Pacific region, China stands as the largest economic powerhouse. With its robust growth, China has accounted for nearly 39% of global furniture production, driven by a surge in domestic demand and increased exports to European countries. Notably, according to the MMR Analysis, China has also emerged as the world's leading automobile producer, with its automotive production steadily climbing since 2018. This remarkable growth trajectory led to the production of an impressive 85.3 million vehicles in 2022. Consequently, Asia-Pacific is poised to exhibit the highest growth rate during the forecast period, propelled by China's economic dominance and its significant contributions to various industries.

 

Major companies operating in Global Polyurethane Additives Market are:

• Air Products and Chemicals, Inc.
• Evonik Industries AG
• Covestro AG
• Huntsman International LLC
• BASF SE
• Tosoh Corporation
• The DOW Chemical Company
• KAO Corporation
• Eastman Chemical Company
• Albemarle Corporation.

 

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“Growing application of Polyurethane Additives in various end user industries are key drivers of the Polyurethane Additives Market. Growth in competitive landscape and presence of well-established companies in the market who are dedicated to enhance their productivity of Polyurethane Additives with every passing year are anticipated to register an impressive growth to Global Polyurethane Additives Market in the forecast period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Polyurethane Additives Market By Type (Catalysts, Surfactants, Fillers, Others), By End User (Automotive, Construction, Bedding & Furniture, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Polyurethane Additives Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Polyurethane Additives Market.

 

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