Polyurethane Additives Market to Reach $2.75 Billion
Asia-Pacific is currently the largest market for polyurethane additives.
The market for polyurethane additives is expected to reach $2.75 billion by 2021, at a compound annual growth rate (CAGR) of 6.3% from 2016 to 2021, according to the report “Polyurethane Additives Market by Type, Application (Flexible Foam, Rigid Foam, Adhesive & Sealant, Coating, Elastomer, Binders), End-Use Industry (Automotive, Building & Construction, and Bedding & Furniture), and Region - Global Forecast to 2021” from Markets and Markets.
The market is reportedly driven by growing demand of polyurethane in the building and construction industry. This growth results from an increase in demand for rigid foam mainly for insulation purposes. Rigid foam lowers energy costs by reducing heating and cooling requirements.
Asia-Pacific is currently the largest market for polyurethane additives. China and India are the leading countries, where there is major consumption of polyurethane additives in end-use industries such as building and construction, automotive, and furniture. Moreover, the growing population in India and China, with rising disposable income, is driving the demand for high-quality consumer products, which is expected increase the use of polyurethane in many consumer goods.
For more information, visit www.marketsandmarkets.com.