Polyurethane Composites Market Size

Polyurethane Composites Market size was over USD 631.2 Million in 2023 and is set to cross USD 1.34 Billion by the end of 2036, growing at more than 6.6% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of polyurethane composites is estimated at USD 676 Million. The growth of the market can be attributed to the growing automotive industry across the globe. Further, the rising manufacturing of electric cars is also expected to add to the market growth. Moreover, the expanding automotive industry might raise demand for lightweight materials, which would therefore increase demand for polyurethane composites. As per estimates, the market share of electric vehicle sales in the US increased by more than 4% in 2021.

 In addition to these, factors that are believed to fuel the market growth of polyurethane composites include the rising demand in the aerospace industry. For instance, there is a need for lightweight materials in sectors such as aerospace, owing to their significant contribution to weight reduction. Further, aerospace companies employ polyurethane foam (PU foam) in the seats of most passenger airplanes, to insulate the walls, ceilings, and luggage compartments, and also as separators between lavatories and class segments of airplanes. Additionally, the surging demand for fuel-efficient aircraft is predicted to present the potential for market expansion over the projected period.