Flexible Foam Segment to Dominate Europe Polyurethane Market during 2021-2028

According to a new market research study on “Europe Polyurethane Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Product, Application and Country,” is expected to reach US$ 18,282.75 million by 2028 from US$ 10,213.64 million in 2021. The market is estimated to grow at a CAGR of 8.7% from 2021 to 2028. The report provides trends prevailing in the Europe polyurethane market along with the drivers and restraints pertaining to the market growth. Incrementing demand for durable and lightweight materials from various end-use industries is a major factor driving the growth of the Europe polyurethane market. However, strict regulations laid on raw material used in polyurethane manufacturing and volatility in the prices of raw materials may hinder the growth of Europe polyurethane market.

In case of COVID-19, in Europe, especially Russia, witnessed an unprecedented rise in number of coronavirus cases, which led to the discontinuation of polyurethane manufacturing activities. Downfall of other chemical and materials manufacturing sectors has negatively impacted the demand for polyurethane during the early months of 2020. Moreover, decline in the overall resin and polymer manufacturing activities has led to discontinuation of polyurethane manufacturing projects, thereby reducing the demand for polyurethane. Similar trend was witnessed in other Europe countries, i.e., France, UK, Italy, Spain and Germany. However, the countries are likely to overcome thus drop in demand with the economic activities regaining their pace, especially in the beginning of the 2021.

The market for Europe polyurethane is segmented into product, application and country. Based on product, the market is segmented into rigid foam, flexible foam, coatings adhesives and sealants, elastomers, and others. In 2020, the flexible foam segment held the largest share in Europe polyurethane market. Based on application, the Europe polyurethane is divided into furniture and interiors, construction, electronics and appliances, automotive, footwear, packaging, and others. The construction segment is expected to be the fastest growing segment over the forecast period. Based on country, the Europe polyurethane market is divided into Germany, France, Italy, UK, Russia and rest of Europe. In 2020, Germany held the largest share in Europe polyurethane market. Furthermore, in this present scenario of COVID 19 pandemic, the Europe polyurethane market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the Europe countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for polyurethane.

Covestro AG, the Dow Chemical Company, Lubrizol Corporation, DIC Corporation, BASF SE, Mitsui Chemicals, Inc., Recticel NV, Huntsman Corporation, and Tosoh Corporation are some of the leading companies in the Europe polyurethane market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.

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