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Polyurethane Composites Market: Transportation Industry Leaping Forward With Increasing Demand for PU
In-vehicle engineering, significant weight reductions are being achieved through the use of fiber-reinforced plastics. The OEMs are adopting versatile profitable, and simple processing along with unattainable individuality and functional integration with conventional materials. Polyurethane composites (PU) and carbon reinforcing fibers form of it – a prominent alternative used in the pultrusion industry, provide an exceptional way of exploiting the benefits of fiber-reinforced plastics. In the European Union, the transport sector is responsible for emitting one-third of total CO2 emission which is substantially growing. PU composites contribute through the reduction of material intensity via weather and corrosion resistance and high-performance coatings improving material durability. Rising adoption of PU in the end-use industries such as building & construction, transportation, wind power energy, and electric & electronics is propelling the growth of the polyurethane composites market in recent times. The transportation segment of the market is gaining profitable revenues with the development of lightweight automotive components. The segment is expected to increment at a notable CAGR of 10% during the forecast period 2019-2025 as the product has superior physical and mechanical properties competing with the other materials. Therefore, the PU composites’ versatility is highly instrumental in attaining the particular mechanical properties that are solely required for specific applications. Because of this, the demand for PU composites is driving the transportation industry growth.
As of 2018, the global polyurethane composites market size was evaluated to be $517 million. Moreover, the market is poised to grow at a CAGR of 6% during the forecast period 2019-2025.
Polyurethane Composites Market dominated by APAC
APAC held the largest regional revenue share in the polyurethane composites market of 46% in 2018. The growth is attributed to heavy investments in various application industries and a high economic growth rate. An increase in the disposable income, rise in population, and change in the lifestyle of the people in the region along with rising demand for polyurethane resin from the footwear and automobile industries is bolstering the polyurethane composites market share. In 2017, the automotive industry in China and India experienced a growth rate of 3.19% and 5.83% in terms of vehicle production respectively. In the recent era, the automotive and transportation industries have been growing at an adequate rate, especially in China and India, thereby creating noteworthy prospects. Furthermore, the government in APAC is taking several initiatives for improving the inflow of foreign direct investment in order to cater to the demand for PU composites in the domestic marketplace.
Major Frontrunners in the Market
The key companies dominating the global polyurethane composites market are BASF SE, SGL Group, Bayer AG, Owens Corning, Hexcel Corporation, Sekisui Chemical Co., Ltd., Huntsman Corporation, Wanhua Chemical Group Co., Ltd., The Dow Chemical Company, and Toray Industries.
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