December 20, 2018
WELLESLEY, Mass., Dec. 20, 2018 – The Asia Pacific market for polyurethane (PU) is rapidly expanding due to a wide-range of available PU products, high demand from numerous industries, product launches, cohesive government policies, new market entrants, innovation and technological advancements.
Key players in the industry include BASF, (BAFFAK) Bayer (BAYZF), Dow Chemical (DWDP), Wanhua Chemical, Dow Polyurethanes (DWDP), Huntsman (HUN), Shanghai Hua Yi (Group) Co., Shanghai Chlor-Alkali Chemical and Sinopec (SNPMF).
According to BCC Research, the Asia-Pacific market for polyurethane technologies market was valued at $18.4 billion in 2018 and is expected to reach $25.8 billion by 2023 at a compound annual growth rate (CAGR) of 7.0% from 2018-2023.
“There are many macroeconomic factors impacting the Asia-Pacific market,” the report notes. “For example, GDPs in most Asian countries are rising while investment capacity in various regions is also on the increase. Also, China is expected to become one of the fastest-growing, consumer-based markets, and there is tremendous growth in the manufacturing sector. The growth of China’s PU industry is a result of higher demand from the automotive, transportation, electronics and construction sectors.”
Large Number of Substitutes Tops List of Market Restraints
Acrylics, epoxies, silicones and methyl propanediol (MPO) are some of the major substitute resins for polyurethanes. For instance, epoxies are the leading resins in the coatings market, and acrylics are widely used in adhesives and sealants applications. They are less expensive than polyurethanes and are thus used in many applications. For example, the 3D printing market is dominated by acrylics. Thus, these substitutes act as market restraints for polyurethanes.
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Polyurethane: Technologies, Applications and Asia-Pacific Markets( PLS100A )
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