The sold production of polyurethanes in primary forms in the UK has experienced significant fluctuations over the past decade. Starting at 378.44 million Euros in 2013, it saw considerable growth until 2015, reaching 411.38 million Euros. However, in 2016, there was a notable decline of -9.09%, followed by recovery years. Notably, in 2019, production surged by 11.59% to 449.34 million Euros. The impact of the COVID-19 pandemic in 2020 saw a steep decline of -17.01%. Despite this, the sector rebounded sharply in 2021 with a 17.1% increase. The growth trajectory continued through 2023, with the value standing at 479.79 million Euros and a year-on-year growth of 2.12%.
Looking at the compound annual growth rate (CAGR) trends, the five-year CAGR leading up to 2023 averaged 3.57%. Projected data from 2024 to 2028 forecasts a slower growth pace, with a forecasted five-year CAGR of 1.64% and an overall growth rate of 8.45% by 2028, reaching 530.45 million Euros.
Future trends to watch for in the polyurethane market include advancements in sustainable and bio-based polyurethanes, legislative changes impacting chemical manufacturing and environmental standards, and the potential economic impacts of geopolitical developments. Additionally, innovations in the automotive, consumer goods, and construction sectors, where polyurethanes are extensively used, may drive demand variations.
