ALBANY, N.Y.—Global polyurethane demand should grow at a 7.4-percent average annual pace to 2018, according to a new market study.
The rebound in the furniture, interiors and construction industries in North America and Europe, and rapid economic growth in Asia Pacific will remain the major driving forces for the polyurethane market, according to the report by Transparency Market Research.
The urethane market, worth about $43.2 billion worldwide in 2012, will grow to $66.4 billion in value by 2018, the research firm said. Volatile raw material prices coupled with increasing regulatory pressure for sustainable solutions are expected to be a key challenge for market participants.
Flexible and rigid foam accounted for more than 65 percent of urethane demand in 2011, according to the study. The Asia/Pacific region represented 40.4 percent of the total urethane market, followed by Europe and North America.