Polyurethane Dispersions Market by Type (Solvent-based, Water-based), Application (Leather Finishing, Paints & Coatings, Fiber Glass Sizing, Textile Finishing, Adhesives & Sealants), & Region for 2024– 2031
Report ID: 20111|No. of Pages: 202
Polyurethane Dispersions Market by Type (Solvent-based, Water-based), Application (Leather Finishing, Paints & Coatings, Fiber Glass Sizing, Textile Finishing, Adhesives & Sealants), & Region for 2024– 2031
Polyurethane Dispersions Market Valuation – 2024-2031
The growing need for environmentally friendly solutions for a range of applications, including adhesives, coatings, and textile finishing, is propelling the polyurethane dispersions market. According to the analyst from Verified Market Research, the polyurethane dispersions market is estimated to reach a valuation of USD 3.99 Billion over the forecast subjugating around USD 2.26 Billion valued in 2024.
The increasing demand for high-performance, sustainable materials in consumer goods, construction, and automotive industries, combined with a growing regulatory push for green products, is driving the market for polyurethane dispersions. It enables the market to grow at a CAGR of 7.4% from 2024 to 2031.
Polyurethane Dispersions Market: Definition/Overview
Polyurethane dispersions (PUDs) are water-based polyurethane resins that are finely distributed in water. They are utilized in a range of applications, including coatings, adhesives, and sealants. PUDs have high adhesion, durability, flexibility, and resistance to abrasion, chemicals, and UV radiation, making them ideal for covering a variety of substrates including wood, metal, plastic, and textiles.
Furthermore, they are also employed as binders in water-based adhesives that laminate materials such as paper, fabric, and leather. Additionally, PUDs are used in textile finishing to impart qualities such as water repellency, stain resistance, and softness to materials. In the building sector, PUDs are utilized as binders in water-based sealants to provide waterproofing and weatherproofing.
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What are the Drivers Influencing the Growth of the Polyurethane Dispersions?
The automotive industry is a major user of polyurethane dispersions, particularly for coatings and adhesives. According to the International Organization of Motor Vehicle Manufacturers (OICA), global vehicle production reached 80.1 million units in 2021, up 3% from 2020. The increase in vehicle production is pushing up demand for polyurethane dispersions used in a variety of automotive applications.
Water-based polyurethane dispersions are increasingly popular due to their low VOC emissions and environmental friendliness. According to the European Coatings Association, water-based coatings currently make up more than 80% of all decorative paints sold in Europe. This shift toward sustainable coatings is driving the expansion of the polyurethane dispersions market.
Furthermore, polyurethane dispersions are commonly used in construction products such as sealants, adhesives, and coatings. According to an Oxford Economics estimate, global construction output is predicted to grow by 42% to USD 15.2 trillion by 2030, with China, India, and the United States accounting for 57% of the increase. The significant increase in construction activity is driving the need for polyurethane dispersions in a variety of building applications.
What are the Main Challenges Faced by the Polyurethane Dispersions Market?
Price fluctuations in raw materials, notably isocyanates such as MDI and TDI, have a substantial impact on polyurethane dispersions’ production costs. Because these products are generated from crude oil, any volatility in oil prices raises costs for manufacturers, requiring them to change their pricing strategy. This unpredictability discourages investment and reduces profit margins, ultimately slowing market growth.
Furthermore, the competition from alternative materials also limits the polyurethane dispersions market. As the industry seeks more sustainable and cost-effective solutions, the availability of bio-based and other environmentally acceptable alternatives drives demand away from standard polyurethane dispersions. This change stifles market expansion as businesses adjust to changing customer preferences and regulatory pressures, needing innovation and adaptation to remain competitive.
Category-wise Acumens
What Factors Contribute to the Increasing Demand for Water-based Polyurethane Dispersions?
According to VMR analyst, the water-based segment is expected to dominate the segment within the polyurethane dispersions market during the forecast period. The growing desire for ecologically friendly products has greatly contributed to the dominance of water-based polyurethane dispersions. These formulations emit fewer volatile organic compounds (VOCs) than solvent-based alternatives, which aligns with strict environmental requirements and consumer expectations for sustainable solutions. This shift toward eco-friendly products increases the popularity of water-based choices in a variety of industries.
The adaptability of water-based polyurethane dispersions contributes to their market dominance. These dispersions can be designed to fulfill a variety of performance needs, including flexibility, abrasion resistance, and chemical resistance. This versatility allows them to be used in a variety of applications, such as coatings, adhesives, and textiles, broadening their market reach and cementing their leadership position.
Furthermore, the increasing construction and automotive industries are driving up demand for water-based polyurethane dispersions. As these industries increasingly use low-VOC paints and adhesives for their projects, the preference for water-based solutions grows. The capacity of water-based dispersions to provide good durability and aesthetic attributes contributes to their widespread acceptance in these essential industries, bolstering their market position.
How Does Increasing Construction Activities Propel the Demand in Paints & Coatings Industry?
The paints & coatings segment is estimated to hold the largest share of the polyurethane dispersions market during the forecast period. The growing global building activity is driving the paints and coatings segment’s dominance. As urbanization accelerates, there is an increasing demand for high-quality coatings that are both durable and visually appealing. Polyurethane dispersions have outstanding weather resistance and adhesive capabilities, making them suitable for a variety of applications in the construction and automotive industries.
The growing emphasis on eco-friendly items is another major factor fueling this segment’s growth. With severe rules on volatile organic compounds (VOCs), manufacturers are transitioning to water-based polyurethane dispersions, which are lower in VOCs and more environmentally friendly. This transformation fits with customer expectations for environmentally friendly solutions, increasing demand for polyurethane-based coatings.
Furthermore, technological developments in formulation and application methods help to maintain the paints and coatings segment’s dominance. Polyurethane dispersion innovations allow for the creation of high-performance coatings with increased qualities such as abrasion resistance and flexibility. These developments enable a greater range of applications, making polyurethane dispersions the favored choice among coatings manufacturers.
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Country/Region-wise Acumens
How will the Demand for Polyurethane Dispersions in the Asia Pacific region Influence the Market?
The Asia Pacific region is estimated to dominate the polyurethane dispersions market during the forecast period. The Asia Pacific region is experiencing unprecedented urban growth, which is pushing up demand for construction materials such as polyurethane dispersions. According to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), Asia Pacific’s urban population is projected to increase from 2.3 billion in 2019 to 3.5 billion by 2050. This tremendous urbanization trend is driving up the need for polyurethane dispersions in construction applications such as paints, adhesives, and sealants.
Furthermore, Asia Pacific is a hub for textile and leather production, and polyurethane dispersions are commonly utilized for coatings and finishing. According to the World Trade Organization (WTO), Asian nations accounted for 55% of total textile and garment exports in 2019, with China accounting for 31.6%. This dominance in the textile and leather industries is driving up demand for polyurethane dispersions used in fabric treatments and leather finishes throughout the region.
What Factor Contributes to the Growth of Polyurethane Dispersions in North America?
North America is estimated to exhibit substantial growth within the polyurethane dispersions market during the forecast period. The automotive industry in North America is a major user of polyurethane dispersions, particularly in coatings and adhesives. According to the Bureau of Economic Analysis, light vehicle sales in the United States increased to 15.1 million units in 2021, up from 14.5 million in 2020. The increase in automobile sales and production is pushing up demand for polyurethane dispersions in a variety of vehicle applications, including interior and exterior coatings.
Furthermore, North America’s stringent environmental restrictions are forcing industry to use more sustainable coating options. According to the US Environmental Protection Agency (EPA), VOC emissions from architectural coatings fell by about 60% between 1990 and 2014. The trend toward low-VOC and environmentally friendly coatings is increasing the use of water-based polyurethane dispersions in a variety of industries throughout the region.
Competitive Landscape
The polyurethane dispersions market is characterized by fierce competition between existing players and upstart competitors competing for a competitive advantage. Product innovation, strategic collaborations, mergers and acquisitions, and geographical growth are common methods used by key firms to maintain their market positions.
Some of the prominent players operating in the polyurethane dispersions market include:
- Dow Chemical
- BASF
- The Lubrizol
- Axalta Coating
- DuPont de Nemours
- Evonik Industries
- Wanhua Chemical Group Co.
- Covestro
- Kuraray Co.
- Asahi Kasei
Latest Developments:
- In August 2023, Mitsui Chemicals announced intentions to expand its production capacity for polyurethane dispersions in Japan. Construction is set to begin in February 2024, with an operational launch planned in June 2025.
- In September 2023, Wanhua Chemical created a bio-based polyether polyol with over 50% bio-based content for their customizable PU mattress solution by adding non-edible castor oil into the manufacturing process.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2021-2031 |
| Growth Rate | CAGR of ~7.4% from 2024 to 2031 |
| Base Year for Valuation | 2024 |
| Historical Period | 2021-2023 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in USD Billion |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
|
| Regions Covered |
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| Key Players | Dow Chemical, BASF, The Lubrizol, Axalta Coating, DuPont de Nemours, Evonik Industries, Wanhua Chemical Group Co., Covestro, Kuraray Co., Asahi Kasei |
| Customization | Report customization along with purchase available upon request |
Polyurethane Dispersions Market by Category
Type:
- Solvent-based
- Water-based
Application:
- Leather Finishing
- Paints and Coatings
- Fiber Glass Sizing
- Textile Finishing
- Adhesives and Sealants
- Others
Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Conclusion
The Polyurethane Dispersions Market is anticipated to witness significant growth in the coming years, driven by increasing demand from end-use industries such as automotive, construction, and furniture. Factors such as growing environmental concerns, stringent regulations promoting the use of eco-friendly materials, and advancements in technology leading to the development of novel applications are expected to further propel market expansion. Verified Market Research projects a promising outlook for the Polyurethane Dispersions Market, with opportunities for manufacturers, suppliers, and stakeholders to capitalize on emerging trends and innovate to meet evolving consumer demands.
Research Methodology of Verified Market Research:
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Frequently Asked Questions
1. Introduction
· Market Definition
· Market Segmentation
· Research Methodology
2. Executive Summary
· Key Findings
· Market Overview
· Market Highlights
3. Market Overview
· Market Size and Growth Potential
· Market Trends
· Market Drivers
· Market Restraints
· Market Opportunities
· Porter’s Five Forces Analysis
4. Polyurethane Dispersions Market, By Type
• Water-based Polyurethane Dispersions
• Solvent-based Polyurethane Dispersions
5. Polyurethane Dispersions Market, By Application
• Coatings
• Adhesives & Sealants
• Leather Finishing
• Others
6. Polyurethane Dispersions Market, By End-Use Industry
• Automotive
• Construction
• Furniture & Interiors
• Textiles & Footwear
• Others
7. Regional Analysis
· North America
· United States
· Canada
· Mexico
· Europe
· United Kingdom
· Germany
· France
· Italy
· Asia-Pacific
· China
· Japan
· India
· Australia
· Latin America
· Brazil
· Argentina
· Chile
· Middle East and Africa
· South Africa
· Saudi Arabia
· UAE
8. Market Dynamics
· Market Drivers
· Market Restraints
· Market Opportunities
· Impact of COVID-19 on the Market
9. Competitive Landscape
· Key Players
· Market Share Analysis
10. Company Profiles
• Dow Chemical
• BASF
• The Lubrizol
• Axalta Coating
• DuPont de Nemours
• Evonik Industries
• Wanhua Chemical Group Co.
• Covestro
• Kuraray Co.
• Asahi Kasei
11. Market Outlook and Opportunities
• Emerging Technologies
• Future Market Trends
• Investment Opportunities
12. Appendix
• List of Abbreviations
• Sources and References
Report Research Methodology
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Exploratory data mining
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Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
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Econometrics and data visualization model
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The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
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- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
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The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
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The aims of doing primary research are:
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Industry Analysis Matrix
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