Report : Middle East & Africa Polyurethane Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (Rigid Foam, Flexible Foam, Coatings Adhesives and Sealants, Elastomers, and Others) and Application (Furniture and Interiors, Construction, Electronics and Appliances, Automotive, Footwear, Packaging, and Others)
Flexible Foam Segment to Dominate Middle East & Africa Polyurethane Market during 2021-2028
According to a new market research study on “Middle East & Africa Polyurethane Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Product, Application and Country,” is expected to reach US$ 2,388.05 million by 2028 from US$ 1,653.05 million in 2021. The market is estimated to grow at a CAGR of 5.4% from 2021 to 2028. The report provides trends prevailing in the Middle East & Africa polyurethane market along with the drivers and restraints pertaining to the market growth. Rise in the demand for durable and lightweight materials from several end-use industries is a major factor driving the growth of the Middle East & Africa polyurethane market. However, stringent rules and regulations with respect to raw material used in polyurethane manufacturing and raw material price fluctuations hinder the growth of Middle East & Africa polyurethane market.
In case of COVID-19, in Middle East & Africa, especially South Africa, 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 Middle East & Africa countries, i.e., UAE, Morocco and Saudi Arabia. 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 Middle East & Africa 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 Middle East & Africa polyurethane market. Based on application, the Middle East & Africa 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 Middle East & Africa polyurethane market is divided into South Africa, Saudi Arabia, UAE and rest of Middle East & Africa. South Africa is expected to be the fastest growing country over the forecast period. Furthermore, in this present scenario of COVID 19 pandemic, the Middle East & Africa polyurethane market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the Middle East & Africa 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 Middle East & Africa 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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