CHICAGO, Oct. 9, 2020
CHICAGO, Oct. 9, 2020 /PRNewswire/ -- According to the new market research report "Waterborne Polyurethane Market by Application (Coatings, Adhesives, Sealants, Elastomers, And Others), End-Use Industry (Building & Construction, Automotive & Transportation, Bedding & Furniture, Electronics, And Others), Region - Global Forecast To 2025", published by MarketsandMarkets™, the Waterborne Polyurethanes Market is projected to grow from USD 1.7 billion in 2020 to USD 2.1 billion by 2025, at a CAGR of 5.2%.
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The demand for waterborne polyurethanes in emerging economies, such as APAC and South America, is increasing owing to the growing construction industry. The volatility in raw material prices is hindering the Waterborne Polyurethanes Market. The demand for waterborne polyurethanes is increasing, owing to the growing demand for innovative and environment friendly products. This increase in awareness around harmful effects of solvent based polyurethanes is provides growth opportunities to the market. On the other hand, sub-optimal performance of waterborne polyurethane is the major challenge for the market.
On the basis of application, coatings segment is estimated to lead the overall Waterborne Polyurethanes Market in2020.
Waterborne polyurethanes are a rapidly growing segment of polyurethane coating industry owing to environmental regulations such as the Clean Air Act and technological advances that made them an effective substitute for the solvent-based coatings. Their versatility and wide range of properties such as abrasion resistance, impact strength, and low temperature flexibility are the driving force to their continuously expanding usage in many applications. Waterborne polyurethane coatings improve appearance and lifespan of products.
On the basis of end-use industry, building & construction segment is estimated to lead the Waterborne Polyurethanes Market in 2020.
Waterborne polyurethanes have been at the epicenter of coating industry, providing greener solutions to modern coating problems. This chemical is polyurethane dispersed in water. This reduces the dependence on solvent-based polyurethanes, providing a better and environment-friendly replacement for existing systems. Advantages like temperature curing and good adhesion further reinforce the case for waterborne polyurethanes. It is frequently used in building and construction applications. Affordability of these versatile materials and the comfort they provide have made polyurethane components part of building & construction globally.
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On the basis of region, APAC is estimated to lead the Waterborne Polyurethanes Market in 2020.
APAC is projected to be the largest and fastest-growing market for waterborne polyurethanes. The rising population, increased demand for automobiles, growing disposable income, rapid industrialization, and increased urbanization are driving the APAC Waterborne Polyurethanes Market. China is the largest market for waterborne polyurethanes in the region. China is also a major producer and consumer of waterborne polyurethanes in the region as it has a huge manufacturing base. Apart from China, India and South Korea are projected to grow at a decent rate during the forecast period.
The key players in this market include Covestro (Germany), DSM (Netherlands), BASF (Germany), R STAHL (Germany), Chemtura (the US), Dow Inc ., (the US), H.B. Fuller (the US), Wanhua Chemical Corporation(China), SNP Inc., (the US), and KAMSONS Chemical Pvt. Ltd., (India). These players have established a strong foothold in the market by adopting strategies, such as expansion, partnerships, and new product launch.
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