In Line With Rising Auto Sales, Polyurethane Sales Will Surpass Us$ 162.3 Billion by 2032

July 21, 2022
In Line With Rising Auto Sales, Polyurethane Sales Will Surpass Us$ 162.3 Billion by 2032
The global polyurethane market is expected to total US$ 83.1 Bn by 2022, projecting growth at a robust CAGR of 7% during the forecast period 2022-2032.

The global polyurethane market is expected to total US$ 83.1 Bn by 2022, projecting growth at a robust CAGR of 7% during the forecast period 2022-2032.

Driven by the growing application across packaging, footwear, and furniture & interiors sectors, the demand for polyurethane is expected to exceed US$ 162 Bn by the end of 2032, as compared to the US$ 79.2 Bn registered in 2021.

Due to the rising disposable income of the global population and advent of advanced automotive vehicles, there is a substantial rise in sales of automobiles worldwide. For instance, according to a study by the International Energy Agency, approximately 88 million passenger cars were reported to be sold across the world in 2019.

Polyurethane is widely used in the manufacturing of seats, armrests, upholstery, and others in automotive vehicles. This is anticipated to augment the demand by 2X in the global polyurethane market over the forecast period.

With growing inclination towards sustainable infrastructure development, a swift rise in construction activities is being witnessed, especially across emerging economies such as China, India, Brazil, Australia, and others.

Hence, adoption of polyurethane foam, on account of its strength-to-weight ratio, insulation properties, versatility, and durability is surging in construction sector. This is another factor projected to bolster the sales of polyurethane in the global market.