Polyurethane Catalyst Market Growth, Analysis, Opportunities and Forecast To 2031
Key Drivers and Restraints of Polyurethane Catalyst Market
·
Demand for polyurethane catalysts is
expected to increase at a significant pace during the forecast period due to
the increase in automotive production. Polyurethane is used in the seat covers
of vehicles, since they protect the leather from UV radiation and high
temperatures. Polyurethane is also used as coatings for various interior and
exterior applications in the automotive industry. Additionally, rise in demand
for lightweight vehicles is boosting automotive production, thereby augmenting
the demand for polyurethane in the automotive sector.
·
Growth in production of automotive
vehicles is propelling the market for polyurethane. In turn, this is is driving
the market for polyurethane catalyst.
·
High cost of polyurethane catalysts
is negatively affecting the polyurethane catalyst market
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Polyurethane Catalyst Market: Application Segment
·
Based on application, the
polyurethane catalyst market has been divided into foam, adhesive and sealant,
coating, elastomer, and others
·
The foam segment dominates the global
polyurethane catalyst market
·
Foams are used in applications such
as mattresses, furniture, and construction insulation. Rigid foams are
primarily used as insulating materials in refrigerators. Polyurethane-based
coatings consume a fairly large proportion of the polyurethane by volume
globally, as they are generally used as additives in paints, varnishes, and
finishing coats to protect and seal wood. Their strong resistance to water,
high humidity, extreme temperatures, and fungus make PU-based paints an ideal
coating material for many wooden products. Strong demand for PU foams in the
global market is expected to drive the demand for polyurethane catalyst during
the forecast period.
Asia Pacific to Hold Leading Share of Global Polyurethane Catalyst
Market
·
In terms of region, the polyurethane
catalyst market can be divided into North America, Europe, Asia Pacific, Latin
America, and Middle East & Africa
·
Asia Pacific is expected to hold
major share of the global polyurethane catalyst market, followed by North
America and Europe, during the forecast period
·
China, India, Thailand, and Vietnam
are some of the key markets for polyurethane due to their large population base
and low per capita consumption of polyurethane compared to developed countries
such as Germany or the U.S. China is the largest consumer of polyurethane, as
it is the largest producer of footwear and automobiles across the globe.
·
Approximately 65% of the world’s
footwear is manufactured in China and approximately 15% is produced in India,
Vietnam, and Indonesia combined. As a result, Asia Pacific (including China)
accounts for almost 45% of the global polyurethane consumption by volume. Asia
Pacific is also the manufacturing and export hub for many products globally.
·
India and China alone manufacture
approximately 50% of the world’s cars. These countries consume approximately
50% of the polyurethane used for automobiles globally. Expansion of the
property market has also spurred the demand for furniture, mattresses, and
insulation products. Polyurethane is a key raw material in these products.
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Key Manufacturers
Operating in Global Polyurethane Catalyst Market
·
BASF SE
·
Clariant
·
Covestro AG
·
Elé Corporation
·
Evonik
·
Gulbrasnson Chemical Pvt. Ltd.
·
Huntsman International LLC
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