Polyurethane Composites Market Trends
Growth Drivers
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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.
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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.
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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.
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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
Polyurethane Composites Market: Key Insights
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
6.70% |
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Base Year Market Size (2024) |
USD 673.49 million |
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Forecast Year Market Size (2037) |
USD 1.56 billion |
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Regional Scope |
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