Know More About “Europe Polyurethane (PU) Market 2015-2024” Growth Worldwide….

Posted by Mrudula Anil Karmarkar on December 16th, 2020

Europe polyurethane (PU) market is expected to reach USD 26.24 billion by 2024, according to a new report by Grand View Research, Inc. Growing need for sustainable construction in the region is a key driving factor for industry growth.

The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics. The report will account for Covid19 as a key market contributor.

The industry is primarily driven by growth in end-use industries such as construction, automotive & transportation and furniture & bedding. Reinforcement of construction industry in the European region is anticipated to be the key driving factor over the forecast period. Eastern European countries such as Hungary, Poland and Slovakia are anticipated to witness significant growth regarding construction spending which in turn is expected to drive rigid polyurethane foam demand.  Rigid foam was the highest consumed product and accounted for over 30% of the European market volume in 2015. EU regulations towards energy efficiency of households and financial incentives aimed at improving insulation and cutting down on energy costs is expected to drive the product’s growth. It is also expected to witness the highest growth of 4.0% over the forecast period.

Further key findings from the report suggest:

  • Europe polyurethane market size was 4.91 million tons in 2015 and is expected to reach 6.90 million tons by 2024, growing at a CAGR of 3.8% from 2016 to 2024.
  • Construction was the largest consumer of polyurethanes and accounted for over 35% of the overall volume in 2015. Electronics & appliances is expected to witness the highest growth of 5.3% over the forecast period.
  • Germany was the leading consumer with demand share estimated at 17.4% in 2015. Being a major automotive manufacturing hub and exporter of passenger cars, rigid foams were the dominant product consumed in the country. The product accounted for nearly 30% of Germany’s PU consumption in 2015.
  • Russia is expected to witness the highest growth of 4.3% over the forecast period. High construction output and growth of automotive industry is expected to drive the regional market.
  • Key players operating in Europe PU market include BASF, The Dow Chemical Company, Bayer Material Science, Huntsman Corporation, Nippon Polyurethane Corporation Ltd., Foamex International and Evonik Industries.

Europe polyurethane (PU) market was valued at USD 15.42 billion in 2015. Stringent regulations pertaining to energy efficiency and carbon emission reduction in the region is anticipated to be the major driving factor over the forecast period.

The industry in Europe expected to be driven by growing investment in construction across the U.K., Germany, Poland, and Sweden. Total construction spending in the European Union amounted to EUR 1.37 trillion in 2014, a 7% increase as compared to the spending in 2013.

Since 2012, Germany, France, and the UK have been the three largest construction markets in Europe. These countries represent 54% of the total construction investment recorded in 2014. Polyurethane (PU) discovery dates back to over eight decades by Otto Bayer and his co-workers at the I.G. Farben laboratory in Germany.

They form a group of plastics that can be either thermosetting or thermoplastic and can be tailored to become either rigid or flexible forms. Therefore, making it a material of choice for numerous end-use industries such as building insulation, refrigerators & freezers, furniture & bedding, automotive components, and coatings & adhesives.

As per ISOPA, the European Diisocyanate & Polyol Producers Association, buildings currently waste a large amount of the energy being provided to them resulting in heating up of the earth instead of homes. Polyurethane contributes majorly towards resources as well as energy conservation in buildings owing to its superior insulation properties. Durability and abrasion resistance are its inherent characteristics providing long life to the products.

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Grand View Research has segmented the Europe polyurethane (PU) market on the basis of product, end-use and region:

Europe Polyurethane (PU) Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2010 - 2024)

  • Rigid Polyurethane Foam
  • Flexible Polyurethane Foam
  • Polyurethane Coatings
  • Adhesives & Sealants
  • Polyurethane Elastomers

o    Sprayed Polyurethane Elastomers

o    Cast Polyurethane Elastomers

o    Others

  • Others

Europe Polyurethane (PU) End-Use Outlook (Volume, Kilo Tons; Revenue, USD Million, 2010 - 2024)

  • Furniture & Bedding
  • Construction
  • Electronics & Appliances
  • Automotive
  • Footwear
  • Packaging
  • Others

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information:www.grandviewresearch.com

 

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Mrudula Anil Karmarkar

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Mrudula Anil Karmarkar
Joined: July 2nd, 2020
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