Polyurethane Composites Market: Forecasting Robust Industry Growth and Development (2023-2035)
Polyurethane Composites
During the forecast period of 2023-2035, the global polyurethane composites market is expected to reach an estimated value of ~USD 1000 million by 2035, by expanding at a CAGR of ~7%. The market further generated revenue of ~USD 600 million in the year 2022. Major key factors propelling the growth of the polyurethane composites market worldwide are the burgeoning application of polyurethane composites in the field of civil engineering for creating sealants and adhesives used in residential construction around the world.
Market Definition of Polyurethane Composites
Polyurethane composites are polyurethane resin-based specialized polymeric materials. Polyurethane is a type of thermoplastics polymer made up of carbamate or urethane links. These polymers are typically synthesized by adapting a polyol with di or triisocyanate. Polyurethane composites have amazing properties such as high tensile properties, wear resistance, and heat resistance. Polyurethane composites have such a diverse range of uses owing to these characteristics, along with renovation, electronics, vehicle, transit, power & energy, and others.
Global Polyurethane Composites Market: Growth Drivers
The growth of the global polyurethane composites market can majorly be attributed to the increased use of the item for creating compact automobile parts with high mechanical durability, which is also expected to fuel market expansion in the near future. The world consumption of polyurethane adhesives and sealants for the automobile sector was more than 220 thousand metric tons in 2017, and it is anticipated to grow to around 250 thousand metric tons by the end of 2022. Also, the burgeoning application of polyurethane composites in the building and construction industries for creating sealants and adhesives used during home construction is rising in the market.
The global polyurethane composites market is also estimated to grow majorly on account of the following:
- Expanding the Product’s Consumption in the Manufacturing of Portable Automobiles Components
- A broad spectrum of uses in other sectors such as transportation, energy, power generation, and so on
Global Polyurethane Composites Market: Restraining Factor
Polyurethane composites’ elevated manufacturing and production costs constrain market growth. Hence this factor is expected to be the major hindrance to the growth of the global polyurethane composites market during the forecast period.
Global Polyurethane Composites Market Segmentation
· By Type (Glass, and Carbon)
· By Manufacturing Process (Lay-Up, Pultrusion, and Resin Transfer Molding)
The resin transfer molding (RTM) segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2035. RTM can be used for various types of fiber reinforcement. RTM of natural fiber composites may provide more operational, financial, and environmental advantages. As a result, this segment is expected to expand significantly throughout the forecast period. Huntsman introduced the VITROX RTM 00410 snap solution polyurethane resin system in February 2020, which can aid in the optimization of the manufacturing of complex, three-dimensional composite parts with strict appropriate dimensions.
· By End Use Industry (Transportation, Electrical & Electronics, Construction, Wind Energy, and Others)
- Region
The Asia Pacific polyurethane composites market is anticipated to hold the largest market share by the end of 2035 among the market in all the other regions owing to increased demand for polyurethane composites in the transportation and industrial sectors in China, Japan, and India. Moreover, an expansion in the number of construction projects is anticipated to accelerate industry growth over the coming years. Based on the India Brand Equity Foundation, the Indian government declared in the Union Budget 2021 that it has assigned USD 1.89 billion to aid construction approaches such as the smart cities mission and ‘housing for all’ in the nation. Furthermore, owing to the increased use of polyurethane composites in the aviation industry, the North American market is expected to obtain a significant segment over the forecast period.
The market research report on global polyurethane composites also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Key Market Players Featured in the Global Polyurethane Composites Market
Some of the key players of the global polyurethane composites market are BASF SE, Huntsman International LLC,Henkel Corporation, Covestro AG, Bayer AG, Hexcel Corporation,SGL Group, Toray Industries, Inc., Wanhua Chemical Group Co., Ltd., Sekisui Chemical Co., Ltd., and others.
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