Polyurethane Composites Market: Overview
- Demand for lightweight materials in industries such as aerospace, wind power energy, sports & leisure, petrochemicals, electrical & electronics and building & construction has been increasing since the last few years
- Polyurethanes are versatile materials, which can be formed into rigid and flexible foams, and elastomers. Adhesives are now widely used as engineering materials in many industries.
- Polyurethanes composites play a major role in lightweight materials. These composites are made up of paper honeycombs that are covered by a combination of polyurethane and reinforcing fibers.
- These composites are ideal for body shell parts, which are more than two meters in size, as these possess greater stability
- Polyurethane composites are lightweight and possess good acoustic & heat-insulating properties and excellent 3-D moldability
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Key Drivers of Polyurethane Composites Market
- Polyurethane composites possess certain characteristics such as resistance to heat, lightness of weight, stability, durability, and flexibility. This is driving their demand in end-use applications such as transportation and building & construction.
- Increased Consumption of waste products developed from polyurethane composites that are used for recycling purposes and are used as flakes, pallets and powders. This, in turn, is projected to drive the global polyurethane composites market during the forecast period.
Glass Fiber Segment to Expand Rapidly
- The glass fiber segment accounted for major share of the polyurethane composites market in 2018. It is expected to dominate the market during the forecast period.
- Glass fiber possesses properties such as superior strength, lightness of weight, durability, and flexibility. This makes it better choice in polyurethane composites.
Lay-up to be Major Segment
- Polyurethane composites can be manufactured using processes such as compression molding, filament winding, injection molding, resin transfer molding, pultrusion, and lay-up
- Lay-up segment is expected to expand at a rapid pace during the forecast period. Growth of the lay-up segment can be ascribed to its easy manufacturing process and lower cost than other manufacturing processes.
Transportation Segment to Expand Significantly
- Transportation accounted for major share of the global polyurethane composites market in 2018. It is expected to be the fastest growing segment of the global polyurethane composites market during the forecast period.
- Polyurethane composites possess characteristics such as lightness of weight and superior mechanical & physical properties. Therefore, demand for polyurethane composites in the automotive industry has been increasing in order to reduce the weight of vehicles and increasing their efficiency. This is estimated to drive the transportation segment during the forecast period.
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North America to Hold Major Share
- Geographically, the global polyurethane composites market can be split across five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- The polyurethane composites market in North America is anticipated to expand at a rapid pace during the forecast period
- Increase in use of polyurethane composites in the aerospace industry in North America is expected to propel the market in the region
- Growth in the automotive industry in Europe is fueling the demand for polyurethane composites market. The polyurethane composites market in the region is estimated to expand at a considerable pace during the forecast period.
- Manufacturing, automotive, building & construction, and transportation industries are projected to expand at a rapid pace in countries such as India and China in Asia Pacific in the near future due to the growth in population, rise in per capita income, and changing lifestyle. This, in turn, is estimated to drive the polyurethane composites market in Asia Pacific during the forecast period.
Key Players in Market:
Prominent players operating in the polyurethane composites market include
- BASF SE
- Hexcel Corporation
- SGL Carbon
- Bayer AG
- Toray Industries, Inc.
- Wanhua Chemical Group Co., Ltd.
- Owens Corning
- Sekisui Chemical Co., Ltd.
- Huntsman Corporation
Global Polyurethane Composites Market: Research Scope
Global Polyurethane Composites Market, by Product Type
- Carbon Fiber
- Glass Fiber
Global Polyurethane Composites Market, by Manufacturing Process
- Compression Molding
- Filament Winding
- Injection Molding
- Resin Transfer Molding
Lay-up Global Polyurethane Composites Market, by End-use
- Aerospace & Defense
- Wind Power Energy
- Sports & Leisure
- Electrical & Electronics
- Building & Construction