The worldwide polyols and polyurethane market is valued at US$ 24,986.9 million in 2019 and is estimated to increase at a CAGR of 7.3 percent during the forecast period.
Strong expansion in the furniture and interiors industries is essentially driving polyol and polyurethane market growth. The furniture sector is the largest user of polyurethane foam, and flexible foam is a type of polyurethane foam that is often used as a cushioning material in upholstered furniture because it provides comfort, durability, and comfort. Cushions, chairs, office furniture, pillows, and mattresses are all made from polyurethane.
The market is growing due to the robust rise of products from the electronics and appliances industry. The electronics sector is the third-largest end-user market for polyurethane, accounting for approximately 12% of global volume consumption. Nonfoam polyurethane is frequently utilized in applications such as sealing, encapsulation, and insulation. Polyurethanes are commonly utilized in electrical devices such as plugs, casings, cables, tubes, and cable wrapping.
In 2019, Asia Pacific dominated the worldwide polyols and polyurethane market, accounting for 39.5 percent of total value, followed by Europe and North America, respectively.