Investments & expansions, new product launches, and mergers & acquisitions were the key strategies adopted by industry players to achieve growth in the polyurethane market between 2012 and 2016. Increasing demand for lightweight vehicles, higher living standards of populations, and the use of PU rigid foam for insulation applications in white goods, has led to a rise in the demand for polyurethane. Companies are adopting strategies such as, expansions, new product launches, and mergers & acquisitions. Some of the key players such as, Covestro AG (Germany), BASF SE (Germany), The Dow Chemical Company (U.S.), Wanhua Chemical Group Co. Ltd. (China), and Huntsman Corporation (U.S.), have adopted these strategies to develop their businesses, globally.
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The polyurethane market is mainly segmented on the basis of raw material type, product type, end–user, and region. The raw material type segment is further classified into Toluene Diisocyanate (TDI), Methylene Diphenyl Diisocyanate (MDI), polyols and others. The others include, Hexamethylene Diisocyanate (HDI), Isophorone Diisocyanate (IPDI), bio-based polyols, and graft polyols. Polyols are the fastest-growing segment in the polyurethane raw material type market.
Rigid foam is projected to be the fastest-growing application segment in the polyurethane market, from 2016 to 2021. The use of polyurethane in rigid foam provides numerous advantages towards insulation in buildings, and white goods. The growing automotive & transportation sector is also leading to a high growth in the demand for the application of polyurethane in buses, trucks, railways, and aerospace.
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Covestro AG is a major player in the polyurethane market. The company’s wide range of business segments provide added advantage to the company’s profit margin, which enables the company to compensate losses from low performing business segments and enables investments in strategic expansions and R&D activities. The polyurethane business segment of the company earned about 50% of its revenue in 2015 and it is planning to invest further in the segment to enhance its sales globally. The company follows growth strategies such as capacity expansions to meet the growing demand, improve product cost competitiveness, and enhance its product portfolio for new applications by investing in R&D activities to cater to the market. Recently in June 2016, the company expanded its production capacity of Methylene Diphenyl Diisocyanate (MDI) to a total of approximately 400,000 metric tons per year at its Brunsbuttel, German site.
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BASF SE is another major player in the polyurethane market. Europe accounted for 40% of the overall company revenue in 2015. The performance product business segment of the company manufactures polyurethane systems for various products and end-users. The business segment earned about 23% of its revenue in 2015. The company’s business strategy mainly revolves around its targets for increasing global reach, delivering revenues, and launching innovative solutions through its products. As a part of its growth strategy, the company plans to establish new production facilities and expand its existing plant capacities which could enable the company to take advantage of the opportunities in the high growth polyurethane market. In September 2016, BASF SE expanded its polyurethane system house in Bangpoo, Thailand, as part of a move to convert the site into an ASEAN hub for the production of polyurethane systems. This expansion is expected to meet the growing market demands in the transportation and footwear segments in the ASEAN region.
Apart from the above-mentioned market players, Mitsui Chemicals, Inc. (Japan), Chemtura Corporation (U.S.), Tosoh Corporation (Japan), and Manali Petrochemicals Limited (India) are the other important players in this market.
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