Polyurethane Dispersions Market Expected to Reach US ~$2.82 Billion and CAGR 7.2% by 2028
The global polyurethane dispersions market size is expected to reach USD 2.82 Billion by 2028 according to a new study by Polaris Market Research.
Polyurethane dispersions are increasingly being used in construction, automotive, and textile sectors owing to increasing industrialization and urbanization across the globe. The economic growth in countries such as China, Japan, and India has led to growth in the construction and automotive industries resulting in increased demand for polyurethane dispersions.
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Growing use in leather and textile finishing and increasing environmental awareness boosts the industry’s growth. However, The COVID-19 outbreak has hampered the growth of the industry owing to operational challenges, transportation delays, travel restrictions, declined economic activities, reduced infrastructure activities, and closure of local businesses.
The different types of polyurethane dispersions include solvent-based and water-based. The demand for water-based is expected to be high during the forecast period. They offer properties such as high strength, greater environmental and UV resistance, and high abrasion resistance.
Environmental concerns and the introduction of emission regulations have boosted the growth of this segment. Companies, manufacturers, and private organizations collaborate to expand and cater to wider applications and develop advanced technologies. Polyurethane dispersions are used in diverse applications such as leather finishing, paints & coatings, fiberglass sizing, textile finishing, adhesives & sealants, and others. The paints and coatings segment held a significant share in 2020.
The strengthening construction sector and infrastructure development boost the growth of this segment. The use of these for leather finishing has also increased over the years. The growing use of synthetic leather in the manufacturing of footwear and handbags has resulted in greater demand.
Asia-Pacific dominated the global polyurethane dispersions industry in 2020 and is expected to maintain its dominance over the forecast period. Rising population, urbanization, and growth in the automotive sector support market growth in this region. Increasing applications in the construction and textile sectors further increase the demand for the industry in Asia-Pacific.
Major industry participants include Alberdingk Boley, Inc., 3M, Stahl Holding, Allnex, BASF, C. L. Chase Corporation, Hauthaway & Sons Corp., Chemtura Corporation, Cytec Industries Inc., Covestro AG, Dow Chemical Company, Hauthaway Corporation., DSM, Huntsman Corporation, Lanxess, Lamberti, Lubrizol Corporation, Perstorp, Mitsui Chemical, and Wanhua Chemical Group.
Market players are collaborating with each other for research and development, strengthening market presence, and technological innovation. The greater need to cater to growing customer requirements has encouraged market participants to leverage new technologies to develop high-quality products.
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Polaris Market Research has segmented the polyurethane dispersions market report on the basis of type, application, and region:
Polyurethane Dispersions, Type Outlook (Revenue, USD Billion, 2016 – 2028)
- Solvent-Based
- Water-Based
Polyurethane Dispersions, Application Outlook (Revenue, USD Billion, 2016 – 2028)
- Leather Finishing
- Paints & Coatings
- Fiber Glass Sizing
- Textile Finishing
- Adhesives & Sealants
- Others
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