Global Polyurethane Catalyst Market Size Set to Touch USD 6.45 Billion by 2030, Expanding at CAGR of 7.41% During 2024–2030

Published | 09 January 2024

Global Polyurethane Catalyst Market is gaining traction because of the development of new applications for polyurethane foams and an increasing demand for bio-based polyurethane catalysts.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Global Polyurethane Catalyst Market size at USD 4.2 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Global Polyurethane Catalyst Market size to grow at a CAGR of 7.41% reaching a value of USD 6.45 billion by 2030. The growing usage of polyurethane foam in a variety of end user industries, including the automotive, construction, and industrial production sectors, is one of the key growth drivers for the global market. Furthermore, during the period in analysis, it is forecast that the Global Polyurethane Catalyst Market will witness lucrative growth opportunities due to continuous research and development efforts for the development of new applications for polyurethane foam.

Opportunity: Increasing investments in expanding production capacity

The rising industrial production is directly influencing the demand for polyurethane foam, which is also influencing the demand for catalyst in the market. As a result, the industry players are significantly investing in expanding the production capacities of catalyst. For instance, BASF recently announced the completion in the expansion for key specialty amines manufactured at its site in Louisiana, United States, to increase production of polyetheramines and amine catalysts marketed under the Baxxodur and Lupragen brands. Huntsman, a leading America-based chemical company, announced back in 2021 to expand its manufacturing facility in Petfurdo, Hungary, to meet the growing demand for polyurethane catalysts and specialty amines.

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Global Polyurethane Catalyst Market – By Application

Based on application, the Global Polyurethane Catalyst Market is segmented into foams, elastomers, sealants & adhesives, coatings, and others. Elastomer, a portmanteau of elastic and polymer, accounts for the highest share of the market by application. It exhibits favorable properties, such as high flexibility and stretchability at lower temperatures. Polyurethane catalysts are particularly suitable for applications that involve continual stress and friction due to their inherent durability and resistance to wear. Therefore, elastomers are commonly used in various applications, including the automotive industry, adhesives, high-wear resistant engineering parts, interior and exterior vertical parts, and others.

Global Polyurethane Catalyst Market – By Region

The in-depth research report on the Global Polyurethane Catalyst Market covers the market in a number of major countries across five regions: North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa. North America dominates the Global Polyurethane Catalyst Market. One of the main factors propelling market expansion in the region is the increasing industrial production and innovation in key sectors like automotive and construction. However, Asia Pacific also holds a substantial market share owing to the presence of major developing economies in the region. Large countries like China and India are emerging as manufacturing hubs, particularly in consumer goods, as well as undergoing extensive construction activities for infrastructure development, which is directly influencing the growth of the Polyurethane Catalyst Market.

Impact of Escalating Geopolitical Tensions on Global Polyurethane Catalyst Market

Intensifying geopolitical tensions across regions have disrupted the growth of the Global Polyurethane Catalyst Market. For example, the ongoing Russian war on Ukraine has disrupted supply chains and hindered the production and distribution of polyurethane foams, affecting the demand for catalysts in the market. Polyurethane, like other polymers, is reliant on raw materials derived from petroleum. Russia is a major supplier of petrochemicals and oil products. Trade sanctions against Russia by several nations, including the United States and the United Kingdom, hampered polyurethane production and reduced the functioning of the major polyurethane end-user industries, which in turn affected demand for the polyurethane catalyst.

Competitive Landscape

Major players operating in the Global Polyurethane Catalyst Market include BASF SE, Evonik Industries AG, Covestro AG, Huntsman International LLC, Suzhou Wedo Chemicals Co., Ltd, Tosoh Corporation, Albemarle Corporation, Wanhua Chemical Group Co., Ltd, Momentive Performance Materials Inc, Mitsui Chemicals, Inc, Kukdo Chemical Co., Ltd, King Industries, Inc, Air Products and Chemicals, Inc, DowDuPont Inc, and Wacker Chemie AG. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in the Global Polyurethane Catalyst Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Global Polyurethane Catalyst Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Polyurethane Catalyst Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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