Polyurethane Catalysts market Revenue, Future Growth, Trends, Top Key Players, Business Opportunities, Industry Share, Size Analysis by Forecast 2029
The global polyurethane catalysts market size is projected to experience sterling expansion owing to the exponential growth of the construction industry, states Fortune Business Insights™in its report, titled “Polyurethane Catalysts Market, 2022-2029”.
The construction of residential and commercial buildings is accelerating at a breakneck speed across the globe, driven by increasing populations, expanding urban areas, and developing economies. According to Oxford Economics, the value of output from the construction industry will reach USD 15.5 trillion by just 2030, showcasing a meteoric rise of 85% over the next nine years. Polyurethane catalysts, such as Tosoh’s TEDA, are an essential component in making flexible and rigid polyurethane (PU) foams, which are extensively deployed in the construction industry. Thus, the skyrocketing demand for buildings and constructions worldwide is set to propel the adoption of PU catalysts and augment the prospects of this market.
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In terms of product type, the market has been categorized into amine catalysts, organic metal catalysts, and others. Based on application, the market is grouped into foam, coating & glue adhesion agent, elastomer, and others. By region, the global market has been segregated into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
Highlights of the Report
This report contains an in-depth analysis of the market drivers, trends, and restraints, along with a granular assessment of the various segments of the market. In addition, valuable insights into the regional opportunities impacting the market are also incorporated into the report, as well as a holistic examination of the major market players and their dominant strategies.
Environmental Benefits of PU to Positively Impact Market Growth
While rampant plastic pollution has sent alarm bells ringing around the planet, environmental experts have pointed out that not all plastics cause pollution. Polyurethane is one such plastic, which offers notable environmental benefits. For example, PU and its derivatives, such as polyurethane catalysts, function as highly effective insulating agents for buildings, thus lowering the energy required by buildings for heating and cooling, making them energy-efficient and reducing carbon emissions. Furthermore, PU products make vehicles lighter in weight, and thus fuel-efficient, as PU is lighter than metals and other heavy materials. In addition to these, PU waste is often utilized to incinerate solid waste, thereby eliminating the need for fossil fuels. These exceptional properties of PU and PU-based products are one of the foremost reasons that will power this market during the forecast period.
Growing Urban Spaces to Brighten the Asia Pacific Market Prospects
Asia Pacific is expected to dictate the polyurethane catalysts market share in the forthcoming period owing to the speedy growth of urban areas in the region, which is fueling the demand for construction activities. For example, the UN predicts that India and China will experience a massive influx of migrants into urban areas by 2050. In Europe, the market is anticipated to be driven by the rising demand for energy-efficient insulation for buildings in the building, which can be facilitated by polyurethane catalysts. Meanwhile, the market in North America is set to undergo prolific growth on account of the rapid adoption of sophisticated PU manufacturing technologies.
Portfolio Enhancement Activities by Key Players to Animate Market Competition
With an eye on enlarging their market footprint, key producers of polyurethane catalysts are aggressively broadening their portfolios to diversify their brands. One of the most prominent measures undertaken by these companies is to create PU-based products that are environmentally friendly, in an effort to improvesustainability in the chemical industry.
- February 2021: Evonik converted its complete portfolio of silicone surfactants in Europe to include on low VOC-based products. The company’s entire suite of PU additive stabilizers will now be transformed to produce low VOC polyurethane foams.
List of Key Players Profiled in the Polyurethane Catalysts Market Report
- Evonik Industries AG
- Polychemie Asia Pacific Permai
- Suzhou Xiangyuan Special Fine Chemical Co., Ltd
- The Dow Chemical Company
- Covestro AG
- BASF SE
- Gulbrasnson Chemical Pvt. Ltd.
- Tosoh Corporation
- Huntsman International LLC
- Kao Corporation
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