According to the new market research report “Polyurethane Dispersion Market by Type (Low Solvent, Solvent-Free), Application (Paints & Coating, Adhesive & Sealants, Leather Finishing, Textile Finishing), And Region (North America, Europe, Asia Pacific, MEA, SA) – Global Forecast to 2024″, The polyurethane dispersion (PUDs) market is expected to grow from USD 2.4 billion in 2019 to USD 3.4 billion by 2024, at a CAGR of 7.1 % during the forecast period. The major factors driving the PUDs market include increasing demand from various end-use applications such as paints & coating and adhesive & sealants.
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Polyurethane dispersions (PUDs) are the dispersion of polyurethanes derived from polyols (polyether, polyester, polycarbonate, and polycaprolactone), isocyanate monomers and water-dispersing monomers (anionic, nonionic, and cationic) to form one-component or two-component systems. The method generally consists of either converting the solution of polyurethane in an organic solvent into an aqueous dispersion or of dispersing a liquid pre-polymer stage with or without the solvent in water.
MarketsandMarkets projects that the global PUD market will grow from USD 2.4 Billion in 2019 to USD 3.4 Billion by 2024, at a CAGR of 7.1% during the forecast period. The growth of the market can be attributed to the increasing consumption of polyurethane dispersion in various applications such as paints & coatings, and adhesive & sealants, among others. However, fluctuation in raw material prices acts as a restraint to the growth of the polyurethane dispersion market.
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The global polyurethane dispersion market is estimated to increase from USD 2.4 billion in 2019 to USD 3.4 billion by 2024, at a CAGR of 7.1% during the forecast period. The global polyurethane dispersion (PUD) market is driven mainly by its increasing application in paints & coatings and adhesive & sealants, among others. The growth in automotive production and increasing usage of PUDs in the textile and leather industries will drive the demand during the forecast period.
Emerging economies such as China, India, Japan, and South Korea are experiencing high demand for polyurethane dispersions. Increasing per capita expenditure, huge consumer base, rising urban population, low labor costs, and easy availability of raw materials are attracting global automobile manufacturers to shift their production facilities to Asia Pacific, thus, creating a high demand for polyurethane dispersions in these industries.
Dow Chemical Company (US), BASF SE (Germany), Mitsui Chemical Inc. (Japan), Huntsman Corporation (US) Covestro AG (Germany), Lubrizol Corporation (US), Cytec Solvay Group (Belgium), Perstorp AB (Sweden), Chase Corporation (US), Lanxess AG (Germany), Lamberti SPA (Italy), Rudolf GMBH (Germany),and Alberdingk Boley GmbH (Germany), among others are the leading polyurethane dispersion manufacturers, globally. These companies adopted new product development, joint venture, and expansion as their strategies between January 2015 and August 2018 to earn a competitive advantage in the polyurethane dispersion market.
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Covestro AG (Germany) is one of the leading players in the polyurethane dispersions market. The company has been focusing on both organic and inorganic strategies to maintain its leading position in the market. For example, in November 2017, the company commenced production of aqueous polyurethane dispersions (PUDs) at its new production site Dormagen (Germany). This expansion will help the company to provide better products & services to its customers and will help in expanding its foothold in the market.
Dow Chemical (US) is another major player in the polyurethane dispersion market. In August 2015, the company launched Voraforce TP 1200 series, the strongest and lightest composite infrastructure material in the North American market. The novel polyurethane solution enables fast, energy-efficient pultrusion composite fabrication with low volatile organic compound (VOC) emissions.
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