Polyurethane Composites Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market for polyurethane composites is expected to grow at a CAGR of 4% globally during the forecast period. Increasing demand for lightweight materials in the transportation industry and growing demand from the building and construction industry are driving the market growth. On the flip side, higher production costs and slowdown in global automotive production are hindering the growth of the market.

Key Highlights

• The polyurethane composites market is expected to grow during the forecast period owing to the increasing demand from the transportation industry.
• Asia-Pacific region dominates the market across the globe with the largest consumption from countries such as China, India and Japan.

Key Market Trends

Increasing demand from the Transportation Industry

• Polyurethane composites are widely used in the transportation industry and are expected to grow rapidly during the forecast period.
• Polyurethane composites are produced using different techniques depending on the application and fiber content. Some of the popular techniques used for manufacturing are lay-up, pultrusion, resin transfer molding, injection molding, and filament winding.
• Polyurethane composites possess superior characteristics such as lightweight, high stability, more durability, heat resistance, and excellent 3-D moldability.
• The trunk floors, rear parcel shelves, sunroofs, headliners, trays, semi-structural components in cars and commercial vehicles are manufactured using this process.
• Due to the advanced properties offered by the polyurethane composites, they are also widely used in the manufacturing of commercial airlines.
• The increase in demand for light weight composites from the transportation industry drives the growth of the polyurethane composites market during the forecast period.

Asia-Pacific Region to Dominate the Market

• Asia-Pacific region is expected to dominate the market for polyurethane composites during the forecast period as a result of the increase in demand from building and construction, transportation, aerospace & defense industry in countries like China, India, and Japan.
• Polyurethane composites are widely used in the building and construction industry. The increase in demand for lightweight and more durable, readily fixable (ready-made) components is expected to drive the market. They are used in window frame stiffeners, the sliding door still frames, lightweight laminate panels, cladding panels and many more.
• According to the National Development and Reform Commission, China, the Chinese government approved 26 infrastructure projects at an estimated investment of about USD 142 billion in 2019 which are expected to be completed by 2025.
• The increasing use of lightweight composites in aerospace applications is expected to drive the market for polyurethane composites because of their no VOC emissions, strength, durability, flexibility and resistance to heat and high temperatures.
• In union budget 2019-20, India allocated about USD 61.96 billion for the developments in the defense sector. The increase in investments in the defense sector from India is expected to drive the market growth during the forecast period.
• The aforementioned factors, coupled with government support, are contributing to the increasing demand for polyurethane composites market during the forecast period.

Competitive Landscape

The global polyurethane composites market is partially fragmented with players accounting for a marginal share of the market. Few companies include BASF SE, Covestro AG, Huntsman International LLC, ELANTAS and Henkel Corporation.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support