China Polyurethanes System Market Research Report Forecast to 2030
The China polyurethanes system market is expected to grow at a CAGR of 5.7% over the forecast duration of 2023-2030. The polyurethane system market was valued at USD 39,630.28 million in 2022 and is expected to reach USD 61,535.69 million by 2030.
The China polyurethanes system market is driven by the increasing market demand due to the growth in furniture industry. With a significantly high population and increasing standards of living in China, Individuals are willing to spend more on luxury and comfort goods. With rapid urbanization in the country, there is a growing demand for cushioning, bedding and mattresses which is expected to drive demand for polyurethanes system applications of us of foams for added comfort and luxury. At the same time the polyurethanes market in China is driven by rising building & construction sector, when foam applications of polyurethane system are used for sealing, adhesives, and insulation. With rising infrastructural investments in the Chinese economy to boost market growth, the government is increasingly investing in construction activities leading to a flourishing demand for polyurethanes systems in China.
However, the exposure risks and health concerns related to the two components are expected to curb market growth. The two primary components of polyurethane system isocyanates and polyols have shown to negative impact on health of individual exposed to them and adversely impact the environment during the manufacturing process, hence the negative impact of these components can restrain market growth in China. Also, the fluctuating crude oil prices and rising substitute demand is expected to impact market growth.
Market SegmentationBased on component, the China polyurethanes system market has been segmented into polyol (polyester polyol, polyether polyol, and others) and isocyanate (MDI, TDI, PMDI, and others).
Based on additives, the China polyurethanes system market has been segmented into crosslinkers, catalysts, stabilizers, and others.
Based on the application, the China polyurethanes system market has been segmented into rigid foam, flexible foam, paints & coatings, additives & sealants, elastomers, binders, and others.
Based on end use, the China polyurethanes system market has been segmented into building & construction, furniture, automotive, packaging, electronics, footwear, and others.
Major PlayersBASF SE, COVESTRO AG, The Dow Chemical Company (TDCC), Mitsubishi Chemical Corporation, Concentrol, Wanhua Chemical Group Co., Ltd, Huntsman Corporation (Huntsman), Lanxess, RAMPF Group, Shandong INOV Polyurethane Co., Ltd., and Green View Technology and Development Co., Ltd among others are the major companies in the market.
Companies MentionedBASF SE
COVESTRO AG
The Dow Chemical Company (TDCC)
Mitsubishi Chemical Corporation
Concentrol
Wanhua Chemical Group Co.
Ltd
Huntsman Corporation (Huntsman)
Lanxess
RAMPF Group
Shandong INOV Polyurethane Co.
Ltd.
and Green View Technology and Development Co.
Ltd
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