How Has The Waterborne Polyurethane Market Size Evolved In Recent Years?
The waterborne polyurethane market has seen considerable growth due to a variety of factors.
• Recent years have seen significant growth in the size of the waterborne polyurethane market. The market is set to continue expanding from $5.37 billion in 2024 to $5.71 billion in 2025, equating to a compound annual growth rate (CAGR) of 6.3%. Factors such as government-funded research and development, environmental legislation, shifts in market demand, advancements in preparation techniques, and industry uptake have all contributed to this historical growth.
What Does Future Hold for The Waterborne Polyurethane Market in the Coming Years?
The Waterborne Polyurethane market is expected to maintain its strong growth trajectory in upcoming years.
• Predictions indicate robust expansion in the waterborne polyurethane market in the forthcoming years. It is projected to escalate to $7.56 billion by 2029, boasting a compound annual growth rate (CAGR) of 7.3%.
Several factors can account for this predicted growth within the estimated period such as the shift towards more environmentally friendly products, industrial collaborations, bespoke alterations, the repercussions of the COVID-19 outbreak, limitations in the supply chain, and a dearth of personnel and tools. Key trends in the forecast period encompass corporate image, consumer cognizance, energy conservation, market infiltration tactics, global fiscal trends, and an emphasis on health and safety.
What Are The Primary Growth Drivers In The Waterborne Polyurethane Market?
The expansion of the construction sector is set to fuel the progression of the waterborne polyurethane market. The construction industry encompasses the development of infrastructure including homes, commercial buildings, bridges, and more. Waterborne polyurethane coatings, known for their resistance to abrasion, weathering, and chemicals, are used extensively on the floors and walls of these new constructions. This increases the demand in the waterborne polyurethane market. For example, the Office of National Statistics, a government agency from the UK, reported in May 2022 that construction output rose by 1.7% in volume terms in March 2022 compared to February data in the UK. The increment in construction work in March 2022 was driven by an increase in repair and maintenance (3.0%) and new work (1.0%) activities. Hence, it is clear that the construction industry's expansion is stimulating the demand for the waterborne polyurethane market.
What Is The Segmentation Of The Global Waterborne Polyurethane Market?
The waterborne polyurethane market covered in this report is segmented –
1) By Type: Polyurethane Emulsion, Polyurethane Dispersion, Polyurethane Aqueous Solution
2) By Application: Coating, Sealant, Adhesive, Elastomer
3) By End-use industry: Building And construction, Automotive And transportation, Bedding And furniture, Electronics, Other End Users
Subsegments:
1) By Polyurethane Emulsion: Anionic Polyurethane Emulsions, Cationic Polyurethane Emulsions, Non-Ionic Polyurethane Emulsions
2) By Polyurethane Dispersion: Water-Based Polyurethane Dispersions, High Solid Polyurethane Dispersions
3) By Polyurethane Aqueous Solution: Low Viscosity Aqueous Solutions, High Viscosity Aqueous Solutions
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What Emerging Trends Are Shaping The Waterborne Polyurethane Market Landscape?
The emergence of product innovations is a prevailing trend in the waterborne polyurethane market. Key players in this market are concentrating on the development of new technologies to maintain their market foothold. For example, DIC Corporation, a leading chemical company from Japan, launched an eco-friendly series of waterborne polyurethane resins known as the HYDRAN GP in June 2023. These new resins contain a higher percentage of solid content compared to traditional water-based polyurethane resins and are devoid of amines. Such features allow customers to decrease processing times, mitigate odors, and cut down on greenhouse gas emissions and volatile organic compounds (VOCs).
Who Are the Key Players In The Waterborne Polyurethane Market?
Major companies operating in the waterborne polyurethane market include:
• Covestro AG
• Koninklijke DSM NV
• BASF SE
• Allnex Belgium SA
• Dow Inc.
• H.B. Fuller Company
• Wanhua Chemical Group Co. Ltd.
• Kamsons Chemicals Pvt. Ltd.
• Axalta Coating Systems Ltd.
• The Sherwin-Williams Company
• Perstorp AB
• Lamberti S.p.A.
• Sun Polymers International Inc.
• Lanxess AG
• Lubrizol Corporation
• PPG Industries Inc.
• Capital Resin Corporation
• Palmer Holland Inc.
• Aditya Birla Chemicals Ltd.
• Hauthaway Corporation
• Henkel AG & Co. KGaA
• Huntsman Corporation
• Nippon Polyurethane Industry Co. Ltd.
What Are The Regional Insights Into The Waterborne Polyurethane Market?
Asia-Pacific was the largest region in the waterborne polyurethane market share in 2024. The regions covered in the waterborne polyurethane market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
