A three-pronged approach was followed for deducing the polyurethane market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:
Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for polyurethane market to gather the most reliable and current information possible.
Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of polyurethane market data depending on the type of information we’re trying to uncover in our research.
Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.
Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.
Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.
Qualitative Functional Deployment (QFD) Modelling for market share assessment.
Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.
Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.
Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.
This step also entails the finalization of the report scope and data representation pattern.
Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.
The polyurethane market was categorized into four segments, namely raw material (Toluene Di-isocyanate, Methylene Diphenyl Di-isocyanate, Polyols), product (Rigid Foam, Flexible Foam, Coatings, Adhesives & Sealants, Elastomers), application (Furniture and Interiors, Construction, Electronics & Appliances, Automotive, Footwear, Packaging), and regions (North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa)
The polyurethane market was segmented into raw material, product, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:
Demand estimation of each product across countries/regions summed up to from the total market.
Variable analysis for demand forecast.
Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.
Primary interviews for data revalidation and insight collection.
Used extensively for new product forecasting or analyzing penetration levels.
Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.
Primary interviews and vendor-based primary research for variable impact analysis.
The polyurethane market was analyzed at a regional level. The global was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-four countries, namely, the U.S.; Canada; Mexico; Germany; France; the UK.; Italy; Spain; Denmark; Sweden; Norway; China; India; Japan; South Korea; Singapore; Taiwan; Thailand; Vietnam; Brazil; Argentina; Saudi Arabia; UAE; and South Africa.
All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.
The polyurethane market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:
Dow Inc. - Dow Inc. was established on April 1, 2019, after it got separated from Dupont and is headquartered in the U.S. The company is headquartered in Midland, U.S. It operates through three segments, namely industrial intermediates & infrastructure; performance materials & coatings; and packaging & specialty plastics. The company caters to the needs of various end-use industries such as consumer goods, healthcare, food & beverage, personal care, construction, life sciences, paints & coatings, and paper.
BASF SE - BASF SE was established in 1865 and is headquartered in Ludwigshafen, Germany. It is engaged in the production of a broad range of products such as petrochemicals, catalysts, nutrition products, coatings, monomers, intermediates, construction chemicals, performance materials & chemicals, dispersions & pigments, crop protection products, and personal care chemicals. The company has segregated its business into six segments, namely chemicals, industrial solutions, materials, nutrition & care, surface technologies, and agricultural solutions. It caters its products to various industries including agriculture, automotive & transportation, pharmaceutical, oil & gas, food & beverage, and construction.
Covestro AG - Covestro AG was a part of Bayer Group’s Chemicals and Plastics unit and was established as an independent company in 2015. The company is headquartered in Leverkusen, Germany. It has segmented its business into three categories, namely polycarbonates (PC), polyurethanes (PU), and adhesives & coatings. The company serves various end-use industries such as consumer goods, electrical & electronics, automotive, construction, healthcare, cosmetics, medical, wood & furniture, and packaging.
Huntsman International LLC - Huntsman International LLC., was founded in 1982, is a multinational chemical manufacturer and supplier. The company is headquartered in Texas, U.S., and operates in over 30 countries with more than 70 manufacturing facilities and R&D centers. The company operates through four business divisions including polyurethanes, textile effects, advanced materials, and performance products. Products offered by the company caters the need of various end-use industries including transportation, construction, energy and fuels, clothing, footwear, and household.
Eastman Chemical Company - Eastman Chemical Company was founded in 1920 and is headquartered in Tennessee, U.S. The company operates through four business segments, namely additives & functional products, advanced materials, fibers, and chemical intermediates. It serves various end-use industries including automotive & transportation, construction, consumer goods, chemical, agriculture, food & beverage, hygiene & healthcare. The product portfolio of the company includes decorative, safety & security, and sun-control window films. It offers window films through advanced materials business segment.
Mitsui & Co. Plastics Ltd. - Mitsui & Co. Plastics Ltd. was established in 1947 and is headquartered in Tokyo, Japan. The company operates through five business units, namely industrial material, functional materials unit, industrial products unit, chemicals & additives unit, and advanced materials unit. Some of the company’s products include plastic resins, chemicals, synthetic rubber, construction materials, natural rubber, and films that are used in applications such as packaging, LCDs, printed circuit boards, semiconductors, and other electronic equipment.
Mitsubishi Chemical Corporation - Mitsubishi Chemical Corporation was established in 1933 as Nippon-Tar Industries. In 1994, the company changed its name to Mitsubishi Chemical Corporation. It is headquartered in Tokyo, Japan. The company operates through ten business segments, namely chemicals, polymers & resins, plastic molded & processed products, carbon fiber & composite material, electronics, inorganic products, fibers & textiles, environment & living solutions, agriculture & healthcare, and service & IT solutions.
Recticel NV/SA - Recticel NV/SA was established in 1778 and is headquartered in Brussels, Belgium. The company is a manufacturer of polyurethane-based thermal insulation and lightweight seating and mattresses for residential construction projects and building refurbishments. Its products also serve various automotive and industrial applications. The company has classified its overall business into three segments, namely flexible foams, bedding segment, and insulation.
Woodbridge - Woodbridge was established in 1978 and is headquartered in Mississauga, Canada. It offers chemical conversion technologies to support several sectors across the globe. Woodbridge offers modern particle foams and urethane to serve military, automotive, commercial, and recreational vehicle sectors along with other sectors such as building products, healthcare, and protective packing. The company’s polyurethane foam line is used in armrests, rear seat bolsters, head restraints, and carpet paddings.
DIC CORPORATION - DIC Corporation was established in 1908 and is headquartered in Tokyo, Japan. The company is engaged in the manufacturing of pigments, polymers, inks, and specialty plastics and compounds. It operates through three business segments, namely packaging & graphic, color & display, and functional product. The company offers its products and services to various industries such as automotive, packaging, healthcare, electrical & electronics, and others.
Supply Side Estimates
Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.
Segment revenue determination via variable analysis and penetration modeling.
Competitive benchmarking to identify market leaders and their collective revenue shares.
Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.
Demand side estimates
Identifying parent markets and ancillary markets
Segment penetration analysis to obtain pertinent
Heuristic forecasting with the help of subject matter experts
Forecasting via variable analysis
Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.
Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.
Understanding market estimates and forecasts (with the base year as 2023, historic information from 2019 to 2023, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.
The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.
The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.
We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.
All market estimates and forecasts have been validated through primary interviews with the key industry participants.
Inflation has not been accounted for to estimate and forecast the market.
Numbers may not add up due to rounding off.
Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).
Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).
Latin America includes Central American countries and the South American continent
Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.
GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.
We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:
Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.
Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.
The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.
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