The global PUDs market size is projected to reach USD 2.7 billion by 2025 from USD 1.9 billion in 2020, at a CAGR of 7.1% during the forecast period. The growing demand due to increasing urbanization, industrial, construction, and infrastructure activities in APAC, the Middle East & Africa, and South America, and growing demand for environmentally regulated products are driving the deman for PUDs during the forecasted period.
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PUDs are derived from polyols, isocyanate monomers, and water-dispersing monomers (anionic, nonionic, and cationic) to form one-component or two-component systems. The method generally consists of either converting the solution of polyurethane in an organic solvent into an aqueous dispersion or of dispersing a liquid pre-polymer stage with or without solvent in water. They also serve the purpose of enhancing the properties and protection the subtrates on which they are applied. Covestro AG (Germany), DSM (Netherlands), BASF (Germany), Wanhua Chemical Group (China), Lanxess (Germany), Stahl Holding (Netherlands) are the major players in the Polyurethane Dispersions Market
Covestro AG is a major producer of polymer materials. The company is one of the leading manufacturers of high-tech materials and operates its business through different business segments: polyurethanes, polycarbonates, coatings, adhesives & specialties, and others. These segments cater to various end-use industries such as furniture, automotive, electronics, aviation, construction, and medical technology. Covestro operates around 30 production sites in Europe, Asia, and North America, including countries such as China, Thailand, the US, Germany, and Belgium. Its diversified product portfolio largely reduces its market risks. BASF SE focuses on expansions to expand its business in growing economies. In February 2021, Covestro planned to open a new plant for PUDs at the Covestro Integrated site in Shanghai, China (CISS). This will significantly increase its production capacity in China. The plant is expected to be completed in 2024.
Based ontype, industrial insulationhave been segmented into solvent free and low-solvent. The types are categorized on the basis of liquefying agents used to disperse these urethanes. The solvent-free segment includes urethane polymers dispersed in water; whereas, low-solvent PUDs utilize various organic solvents to disperse the urethane polymers along with water as a major solvent.The growing demand for environmentally sustainableand application suitable form of PUDs is driving the demand.
Based on application, PUDs have been segmented into paints & coatings, adhesives & sealants, leather manufacturing & finishing, textile finishing and others. PUDs used inthese applications have a unique combination of properties, such as flexibility, toughness, high abrasion resistance, and excellent light stability characteristics. Due to these properties, they are used in automotive, aerospace, leather, textile, and construction industries. Significant R&D activities are going on to develop PUDs using natural oil polyols (NOPs) and castor oil in paints & coatings, adhesives & sealants, and other applications. PUDs are also cross-linked with various resins, isocyanates, epoxy silanes, or any other cross-linking agents. Cross-linked PUDs are obtained with enhanced mechanical and chemical properties.
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DSM is one of the leading science-based companies engaged in offering health, nutrition, and materials across the globe. The company operates through three business segments: nutrition, performance materials, and innovation center. It offers polyurethane dispersion under the materials segment. The company has a diversified geographic presence around the globe. The company expands its global presence through partnerships & collaborations and agreements. For instance, DSM signed an agreement with TFL, India, a leading provider of specialty chemicals to leather and related industries. This agreement covers the supply and R&D of cutting-edge, sustainable waterborne PUD systems.
APAC consists of major developing nations, such as China and India, and therefore, the scope for development for most of the industries is high. The region accounted for the largest market share as well as the fastest-growing market for PUDs. The growth of the market in the region is attributed to the presence of emerging countries, and their high economic growth rate, the rise in infrastructure projects, increasing urbanization, and growing industrial activities. These developing countries are the driving engines for the PUDs market in the region.
The growing demand for better and environmental friendly materials is increasing the demand for PUDs in these industries. Construction and automotive are the major contributor to the market size for PUDs. Construction grew significantly in the past few years owing to factors such as increasing disposable incomes, changing lifestyle, growing demand for single family homes, ease of financing, and increased investments.
