Polyurethane Market Size To Reach $105.29 Billion By 2030

August 2023 | Report Format: Electronic (PDF)

Polyurethane Market Growth & Trends 

The global polyurethane market size is expected to reach USD 105.29 billion by 2030, registering a CAGR of 4.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market is driven by the growing need for high-performance and lightweight composites in the automotive industry. The use of thermoplastic polyurethane (TPU) in car components has significantly reduced total vehicle weight. The automobile industry's need for plastics has been driven by the need to reduce total vehicle weight in order to reduce fuel consumption and carbon emissions. As an alternative to metals, PU is frequently utilized in automobile applications such as engine encapsulation, seats, external panels, instrument panels, external panels, and cables and wires.

Automobile manufacturers have been obliged to look for new ways to reduce fuel consumption as the Corporate Average Fuel Economy (CAFE) has increased. Due to the intrinsic relationship between mass and fuel consumption, light weight is a critical issue in these standards. Additionally, the reduction in mass at unfastened locations reduces noise and vibration while also smoothing the ride. Automobile manufacturers are primarily focused on car components made of various types of plastics in order to improve vehicle performance and follow the trend of lightweight vehicles.

Plastics are increasingly being used in automobile components such as automotive interiors, exterior panels, engine cabins, and instrument panels to improve fuel efficiency. Plastics can help reduce total vehicle weight and achieve the necessary fuel economy when used instead of metal components. This tendency, together with rising vehicle production, is predicted to boost polyurethane demand in applications such as engine encapsulation, outer body panels, and interior panels.

The COVID-19 pandemic had a significant impact on vehicle production and caused disruption throughout the automotive value chain. The market for polyurethane in automotive applications is projected to be impacted by a slowdown or standstill in production activity, negative consumer sentiments, and decreased consumer demand due to COVID-19.

During the forecast period, the electronics and appliances application segment is expected to increase at a significant rate. Protective coverings, printed circuit boards, electrical housings, and other items are made of polyurethane. While delivering outstanding general performance in electrical equipment, polyurethane enables cheaper unit costs and faster manufacturing. A key reason driving polyurethane demand in electronics and appliances is the growing relevance of encapsulating electronic components like circuits and sensors.

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Polyurethane Market Report Highlights

  • Rigid foam product accounted for a revenue share of 31.42% in 2023 and is likely to dominate the market over the forecast period.

  • The construction segment dominated the market and accounted for the largest revenue share of over 26% in 2023.

  • Asia Pacific dominated the market and held a revenue share of over 68.0% in 2023. The strong manufacturing bases of the automotive, electronics, and appliances industries in China, India, South Korea, and Japan are expected to boost the market growth in the near future

  • Over the last years, a number of strategic efforts have been implemented in order to improve market growth. For instance, on October 22, 2021, Huntsman International LLC launched a new range of low-emission MDI-based foam systems for automotive interiors; the ACOUSTIFLEX LE and RUBIFLEX LE polyurethane product lines. This product innovation enabled the automotive formulators and foam manufacturers to produce high-performance polyurethane foams, while significantly reducing interior emission levels

Polyurethane Market Segmentation

Grand View Research has segmented the global polyurethane market based on product, application, and region:

Polyurethane Raw Material Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

  • Toluene Di-isocyanate

  • Methylene Diphenyl Di-isocyanate

  • Polyols

  • Others

Polyurethane Product Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

  • Rigid Foam

  • Flexible Foam

  • Coatings

  • Adhesives & Sealants

  • Elastomers

  • Others

Polyurethane Application Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)

  • Furniture and Interiors

  • Construction

  • Electronics & Appliances

  • Automotive

  • Footwear

  • Packaging

  • Others

Polyurethane Regional Outlook (Volume, Kilotons; Revenue, USD Billion, 2019 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • France

    • U.K.

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

    • Singapore

    • Taiwan

    • Thailand

    • Vietnam

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • UAE

    • South Africa

List of Key Players in the Polyurethane Market

  • Dow, Inc.


  • Covestro AG

  • Huntsman International LLC

  • Eastman Chemical Company

  • Mitsui & Co. Plastics Ltd.

  • Mitsubishi Chemical Corporation

  • Recitel NV/SA

  • Woodbridge

  • DIC Corporation

  • RTP Company

  • The Lubrizol Corporation

  • RAMPF Holding GmbH & Co. KG

  • Tosoh Corporation

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