Rockville, Maryland -- Global demand for polyurethane has steadily increased, due in no small part to Asia's booming economies, according to business analysts GBI Research.
GBI Research says it expects worldwide demand to grow at a compound annual growth rate (CAGR) of 5.8 percent from 12 018 579 tons in 2010, to 16 882 412 tons in 2016, with the Asia-Pacific region accounting for over 60 percent of this figure.
These figures come from a new report "Polyurethane Global Market to 2016 - Growth of Rigid and Flexible Polyurethane Foams in Asia-Pacific to Drive Global Demand."
For more information, visit http://www.marketresearch.com/GBI-Research-v3759/Polyurethane-Global-Growth-Rigid-Flexible-7061025/
The global market for polyurethane will expand in the coming years, with thermal insulation potentially becoming a key material application, predicts GBI Research.
The report states that polyurethane rigid foams made using methylene diphenyl diisocyanate (MDI),which have been used in thermal insulation in developed countries for years, are now gaining acceptance in other regions and boosting global demand.
In Europe, the energy performance of buildings is seen as key in achieving EU Climate & Energy objectives: to cut 20 percent of greenhouse gas emissions by 2020, and make a saving of 20 percent on energy expenditure by the same year.
Polyurethane rigid foam as an insulation material is becoming more widely used in the Asia-Pacific region, as well and Central and South America, as governments formulate more policies promoting energy efficiency and conservation.
For example, China's Ministry of Finance recently announced it was to allocate RMB 1.7 billion ($11 billion) to support construction energy efficiency programmes in the country under its 12th five-year plan, and this growingly relevant material is expected to be an important part in this effort.
Over the last decade, PU raw material supply companies have moved into Asia in order to take advantage of lower production costs. The increase in the number of production facilities in countries such as China is considered to be the primary reason for demand growth -- an assertion reinforced by an Asia-Pacific share of 53.5 percent of the total global demand in 2010, claims GBI.
Flexible and rigid PU foams make up the bulk of the total end-uses, accounting in 2010 for 60 percent of the full amount, the analysts say.