Polyurethane Additives Market size is forecast to reach $5.7 billion by 2026, after growing at a CAGR of 5.1% during 2021-2026. Globally, the growing demand for innovative and cost-effective additives in various end-use industries is projected to raise the demand for polyurethane additives over the upcoming years. It is anticipated that the rising demand for polyurethane additives for the development of lightweight, durable, and versatile products will boost market growth. Furthermore, the increasing use of various types of polyurethane additives such as catalysts, surfactants, filler, and flame retardants, which contribute to the outstanding performance of foams and create advantages in the final foam performance, is anticipated to create new opportunities for the growth of the polyurethane additives industry in the forecast era.
Impact of Covid-19
The COVID-19 pandemic and subsequent halt in manufacturing activities had an impact on various end-use industries such as automotive & transportation, building & construction, bedding & furniture, electronics, and others. Thus, due to which the polyurethane additives market was affected in the year 2020. Furthermore, lockdown in various countries led to supply chain disruptions, logistical restrictions, workforce unavailability and demand drop, limited availability of components, and low company liquidity, which had an adverse impact on the polyurethane additives market growth over the year 2020.
Asia-Pacific dominates the polyurethane additives market owing to the rising use of polyurethane additives in building and construction activities and increasing production of automotive in countries such as China, India, Malaysia, and Japan.
Increasing demand for more innovative and cost-effective additives in the furniture manufacturing industry is expected to fuel the growth of the market.
Also, the demand for polyurethane additives is driven primarily by the increasing usage of foams in growing end-use industries such as bedding & furniture, electronics, automotive, and building & construction.