Polyurethane Composites Market Trends

Growth Drivers

• Rising Construction and Building Sector – On account of the growing urbanization, the market is expected to expand more in the upcoming years. As of 2021, the US engineering and construction sector had significant growth of over 5% in construction spending.

• Increasing Usage of Waste Products – The amount of garbage produced has increased owing to the growing population across the globe is estimated to drive market growth. Further, the waste produced by polyurethane composites can be utilized as flakes, powders, and pellets. According to statistics, by 2050, there will be over 3 billion tonnes of trash generated worldwide.

• Surging Demand for Electrical Appliances – The rising sales of home appliances owing to the movement in working culture towards work from home is expected to expand the market more in the upcoming years. According to the most recent expenditure data, in 2020, more than 500 million household appliances were sold in the United States.

• Growing Number of Surgical Procedures – It is expected that the rising prevalence of chronic wounds across the globe is anticipated to drive market growth. The majority of bandages for wounds are composite structures. Further, a coating that is impervious to liquids and microorganisms is created using polyurethane wound-dressing films. Every year, over 300 million major surgical procedures are carried out globally.

Challenges

• Exorbitant Manufacturing Cost of Polyurethane Composites - The high cost associated with the production of polyurethane composites is one of the major factors predicted to slow down the market growth. For instance, the cost of producing and processing the material is expensive, and the price is also impacted by the increasing price of crude oil.
• Issues Associated with the Recycling of Polyurethane Composites
• Fluctuating Prices of Crude Oil