The Europe polyurethane market is expected to grow from US$ 10,213.64 million in 2021 to US$ 18,282.75 million by 2028; it is estimated to grow at a CAGR of 8.7% from 2021 to 2028.
The market for the European region includes Germany, France, Italy, the UK, Russia, and the rest of Europe.Economically strong countries such as the UK, Germany, and Russia have been witnessing significant growth, mainly in the implementation of technologically advanced solutions.
Some of the industries flourishing in the region are automotive & aerospace, building & construction, textile, packaging, and electronics, among others, which bolstering the growth of polyurethane in the region.The furniture and construction industries in Europe are witnessing significant growth owing to the stringent regulatory framework to diminish greenhouse gas (GHG) emission levels.
Moreover, furniture producers and construction industries are highly adopting polyurethane foams for several applications.When it comes to insulating buildings, rigid polyurethane foam (PUR/PIR) is one of the cost-effective insulants for new construction as it has low thermal conductivity, unmatched by any other conventional product.
With their optimal insulating performance, insulation materials composed of rigid polyurethane foam (PUR/PIR) are versatile. The products range from insulation boards for roofing, floors & ceilings, walls to window frame insulation & foam sealants through metal-faced sandwich panels for industrial buildings. To protect the environment, stringent insulation regulations have also been implemented to cut European CO2 emissions by 5% (60% of the present European Kyoto target). This factor has resulted in increased investments in rigid PU foam by regional automotive manufacturers. This is also influencing the studied market growth. The textile industry is another strong contributor to the rising demand for polyurethane in Europe.
In Europe, Russia 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 Europe countries, such as France, the UK, Italy, Spain, and Germany.
However, the countries are likely to overcome this 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 Europe 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 Europe 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 Europe polyurethane market. A few of the 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.