The latest market research report by Technavio on the global polyurethane dispersions market predicts a CAGR of close to 7% during the period 2017-2021.
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Technavio has published a new report on the global polyurethane dispersions market from 2017-2021. (Graphic: Business Wire)
The report segments the global polyurethane dispersions market by application (coatings, textile finishing, synthetic leather production, and adhesives and sealants) and by geography (APAC, Europe, North America, and ROW). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global polyurethane dispersions market, according to Technavio chemicals and materials researchers:
- Growing application in automotive and industrial coatings: a major market driver
- In 2016, the global polyurethane dispersions market led the coatings applications with a market share of more than 35%
- In 2016, APAC led the polyurethane dispersions market with a market share of more than 41%
- BASF, Covestro, Mitsui Chemicals, The Dow Chemical Company, and The Lubrizol Corporation are the key players in the market
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Growing application in automotive and industrial coatings: a major market driver
Growing application in automotive and industrial coatings is one of the major drivers of the global polyurethane dispersions market. Polyurethane dispersions are used in several industrial applications where elastomeric properties, high abrasion resistance, and high extensibility at low temperature are required. Polyurethane dispersions are gaining thrust in coatings particularly in the construction, automotive, and aerospace industries. This is due to their high toughness, flexibility, and resistance. Polyurethane dispersions that are used in coatings make them more durable, easy to use, and environment-friendly. Polyurethane dispersions also deliver good chemical and alkali resistance properties when used in paints and coatings. Therefore, the demand for polyurethane dispersions is increasing globally.
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APAC: largest polyurethane dispersions market
The demand for polyurethane dispersions is predicted to grow at the highest CAGR in APAC. There is a growing demand for polyurethane dispersions, particularly in countries like China, India, Japan, South Korea, and Thailand. Hence, this region is leading the market for polyurethane dispersions. The demand for polyurethane dispersions is increasing in the region mainly for coatings, adhesives, sealants, and synthetic leather production applications. There is growing demand for coatings in automotive, textile, leather, and construction sectors in APAC which is driving the demand for polyurethane dispersions.
According to Kurva Samba Sivudu, a lead analyst at Technavio for research on paints, coatings, and pigments, "The rising construction and automotive industry in countries like China, India, and Japan coupled with urbanization, industrialization, increase in purchase power and the growing leather production has pushed the overall demand for polyurethane dispersions in the region. China and India are the largest producers and consumers of polyurethane dispersions in the region."
Competitive vendor landscape
The global polyurethane dispersions market is highly competitive. The major factors inducing the competition in this market are price, quality, and the distribution network of the vendors. The manufacturers use various strategies to maintain their competitive existence in the market that strengthens and restructures their activities. Apart from this, they also try to maintain their leading position by developing new technologies to increase their profit margins. Environmental regulations with respect to the emission of formaldehyde, fluctuations in raw material prices, and various other factors lead to the complexity of this market.
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