Asia Pacific Polyurethane Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product and Application

The Asia Pacific polyurethane market is expected to grow from US$ 25,293.66 million in 2021 to US$ 54,797.36 million by 2028; it is estimated to grow at a CAGR of 11.7% from 2021 to 2028.

The Asia Pacific region comprises several developing and developed economies such as India, Japan, China, South Korea, and Australia.These emerging countries are further witnessing an upsurge in urbanization and industrialization, which offers ample opportunities for the key market players in the polyurethane market.

Countries such as Australia, Japan, India, China, South Korea, Singapore, Taiwan, and Indonesia have large manufacturing industries such as chemical, textile, automotive, and electronics.The manufacturing sector in these countries has experienced a huge shift over the years.

The Asia Pacific manufacturing sector is highly adopting innovation accelerators, which include advanced technologies and processes.. Asia Pacific market for rigid polyurethane foams is dominated by China, India, and Indonesia on account of the rapid industrialization in these countries. Expansion of the construction and furniture sectors, along with the presence of major automotive OEMs, is a key factor propelling the demand for rigid foam in APAC. The government support to weatherize low-income households and meet transitioning standards for green buildings is anticipated to further drive the rigid polyurethane foam demand in insulation applications.

In Asia Pacific, India witnessed an unprecedented rise in number of COVID-19 cases, which led to the discontinuation of polyurethane manufacturing activities.Downfall of other chemical and materials manufacturing sectors has negatively impacted the demand for polyurethane during the early months of 2020.

Moreover, decline in the overall resin and polymer manufacturing activities has led to discontinuation of polyurethane manufacturing projects, thereby reducing the demand for polyurethane.Similar trend was witnessed in other Asia Pacific countries, such as Japan, China, and Australia.

However, the countries are likely to overcome the drop in demand with the economic activities regaining their pace, especially in the beginning of the 2021.

Based on application, the market is segmented into furniture and interiors, construction, electronics and appliances, automotive, footwear, packaging, and others.The construction segment is expected to grow at the fastest CAGR during the forecasted period.

Nowadays, home construction demands high-performance materials that are strong, still lightweight, perform well, easily installed, durable, and versatile.Polyurethane conserves natural resources and help preserve the environment by reducing energy usage.

With its insulation properties, excellent strength-to-weight ratio, durability also versatility, polyurethane is often used in building and construction applications.In the roof, reflective plastic coverings on top of the polyurethane foam can bounce sunlight and heat away by helping the house stay cool while reducing energy consumption.

Polyurethane building materials further add design flexibility to new homes and remodeling projects. Foam-core panels deliver a wide variety of colors and profiles for walls and roofs, while foam-cored entry doors along with garage doors are available in different finishes and styles. Polyurethanes also play an important role in modern materials, including composite wood. Polyurethane-based binders are utilized in composite wood products to permanently glue basic materials into oriented strand board, laminated veneer lumber, medium-density fiberboard, long-strand lumber, and even strawboard and particleboard.

The overall Asia Pacific polyurethane market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves the purpose of obtaining an overview and forecast for the Asia Pacific polyurethane market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.

The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the Asia Pacific polyurethane market. A few key companies operating in the market are Covestro AG, the Dow Chemical Company, Lubrizol Corporation, DIC Corporation, BASF SE, Mitsui Chemicals, Inc., Recticel NV, Huntsman Corporation, and Tosoh Corporation.