The polyurethane additives market size is projected to reach USD 4.5 billion by 2025, at a CAGR of 4.2%. The major restraint of the polyurethane additives market is the volatility in its raw material prices and the recyclability of polyurethanes.
Flame retardant polyurethane additives are developed as a result of innovation and technology advancements, which have increased the application areas of polyurethane additives in the insulating applications of various industries such as electronics, automotive & transportation, and building & constriction. BASF (Germany) and Evonik Industries (Germany) have a strong emphasis on the R&D and have developed various types of polyurethane additives.
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On the basis of types, polyurethane additives have been segmented into catalysts, surfactants, fillers, flame retardants, and others. The growing demand for innovative and cost-effective polyurethane additives is driving the demand for these polyurethane additives.
On the basis of applications, polyurethane additives have been segmented into foams, adhesives & sealants, coatings, elastomers, and others. The growing construction industry in the emerging countries of APAC and South America are driving the demand for polyurethane additives in these applications.
APAC consists of major developing nations, such as China and India, and therefore, the scope for development for most of the industries is high. The region accounted for the largest market share and is the fastest-growing market for polyurethane additives. The growth of the market in the region is attributed to the presence of emerging countries and their high economic growth rate, the rise in infrastructure projects, increasing urbanization, and a growing standard of living. These developing countries are the driving engines for the polyurethane additives market in the region.
The growing demand for foams in the automotive & construction and building & construction industry is increasing the demand for polyurethane additives in these industries. The growing construction industry in the emerging countries of APAC is driving the demand for polyurethane additives in the APAC market. Various manufacturers are shifting their production base to the region because of advantages such as low cost of production and the ability to serve the local emerging market.
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The key players in the polyurethane additive market include Evonik Industries (Germany), BASF (Germany), Huntsman Corporation (US), Covestro (Germany), Dow Inc. (US), Lanxess AG (Germany), Albemarle Corporation (US), Tosoh Corporation (Japan), Momentive (US), and BYK (US). These players have established a strong foothold in the market by adopting strategies, such as expansion and new product launch.
