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The polyurethane (PU) market size was USD 53.94 billion in 2015 and is projected to grow at a CAGR of 7% from 2016 to 2025. High demand for lightweight & durable materials from end-use industries such as furniture, construction, electronics & appliances, automotive, footwear & packaging has driven growth in recent years.
PU is widely utilized in cushion foams, interior components, and other lightweight automotive parts to foster fuel & energy savings. Seat frames molded from this material are about 35% lighter than metal stamped frames, while innovative matrix resins used in composites.
The industry may be segmented by product into foams, coatings, adhesives & sealants, elastomers, and other products. Inherent properties of rigid & flexible foams such as structural stability allow the production of thermally insulating products, leading to high penetration.
However, elastomers are expected to emerge as the fastest growing product with over 6 % CAGR over the forecast period. These polymers offer combined benefits of plastics & rubbers, which allows high flexibility, and impact & shock resistance for high performance applications. The development of PU elastomers with intrinsic self-healing properties has also contributed to segment growth in recent years.
The development of environment-friendly coatings with poly-aspartic & 2K waterborne PU technology has also opened up new avenues for growth. Coatings are expected to occupy over 15% revenue share by 2025, as their usage amplifies in the expanding construction & automotive industries of Asia Pacific & CSA.
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