The global polyurethane market has been on a strong upswing, and new data seems to indicate that trend will continue in a major way. A new study by Grand View Research, Inc. predicts the global polyurethane market will reach $73,607.1 million by 2020.
The report notes that the market is expected to experience significant growth due in part to increasingly heavy demand from the construction and automotive industries. In the construction sector, these materials are used primarily in the form of sealants, thermal insulators and flooring materials. Meanwhile, car companies use polyurethanes for manufacturing automobile seating and other interior components such as headrests, armrests, dashboards and headliners. The automotive sector is predicted to be responsible for a large portion of the increased demand for polyurethane materials.
Needless to say, one big motivator driving much of this demand—especially in the construction sector—is the need to reduce energy usage, both to conserve resources and to contain utility costs.
It may not be surprising that the U.S. was the largest consumer of polyurethane materials in North America, accounting for over 83% of the North American market in 2013.
This is obviously good news for building, roofing and insulation contractors who specialize in spray foam projects. In order to complete these jobs, they will need sufficient polyurea spray equipment, which they can find at Intech Equipment & Supply.