Dallas, Texas - The global polyurethane market is expected to grow over the next five years by 4.7 percent to around 17 900 kilotonnes by 2016, according to research group, Markets and Markets.
Polyurethane revenues are expected to reach $55 500 million in 2016, a compounded annual growth rate (CAGR) of 4.7 percent.
The report 'Global MDI, TDI and Polyurethane Market (2011-2016),' also claims that MDI (methylene diisocyanate) and TDI (toluene diisocyanate) volumes would grow by 5 percent and 4.6 percent respectively.
MDI and TDI revenues are expected to reach $15 500 million and $6900 million respectively by 2016, the report said. Revenues for both polyurethanes and isocyanates should grow at a faster rate than volumes due to the increasing prices of polyurethanes. The recent volatility in oil prices may be reflected in PU prices in the near future, the report said.
Some 65 percent of the global PU market in 2010 was dominated by rigid and flexible foams, of which flexible foams accounted for 37 percent of the overall market and rigid foams, 28 percent. Coatings accounted for 13 percent, the report said, while elastomers had 12 percent of the market, and adhesives and sealants had the smallest market share at 7 percent.
The report also looked at biobased polyurethanes, which Markets and Markets said accounted for less than 5 percent of the overall polyurethane consumption in the world. It estimated that the demand for biobased PUs worldwide will reach 33.8 kilotonnes, up from 15 kilotonnes in 2010. The furniture and interiors industry is projected to dominate the biobased polyurethanes market, accounting for 70 percent of the total demand in 2016, the report claimed.
The report, which was published by Markets and Markets in July 2011, also contains information about growth trends, market drivers and applications.