Fiber glass polyurethane composites is the fastest-growing fiber type segment of the global polyurethane composites market
The global polyurethane composites market is anticipated to grow from USD 515.0 Million in 2016 to USD 909.8 Million by 2026, at a CAGR of 5.9% from 2016 to 2026. This growth can be attributed to the increasing demand for polyurethane composites from the end-use industries such as, transportation, wind power energy, electrical & electronics, building & construction, and sports & leisure. BASF SE (Germany), Bayer AG (Germany), Hexcel Corporation (U.S.), Huntsman Corporation (U.S.), SGL Group (Germany), Toray Industries, Inc. (Japan), The Dow Chemical Company (U.S.), Wanhua Chemical Group Co., Ltd. (China), Sekisui Chemical Co., Ltd. (Japan), Owens Corning (U.S.), and SGL Group (Germany) are some of the leading players operating in this market.
The key players operational in the polyurethane
composites market are focusing on new product launches, agreements,
investments, and expansions to cater to the increasing demands across various
industries. These companies are also investing in R&D activities to strengthen
their sales and distribution networks, enhance their market visibility, and
strengthen their position in the polyurethane composites market.
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BASF SE is one of the leading manufacturers of
polyurethane composites, globally. The company is focused on maintaining its
position in the polyurethane composites market by adopting strategies such as
expansions and mergers & acquisitions. For instance, in June 2016, the
company opened designfabrik, a regional platform for design activities in
Shanghai, China. This expansion will help the company provide innovation,
design-related activities for coatings solutions, care chemicals, construction
chemicals, pigments and leather chemicals to the automotive, cosmetics,
building, and consumer goods markets. On December 2014, the company acquired
Taiwan Sheen Soon, a leading manufacturer of thermoplastic polyurethanes
(TPOLYURETHANE) adhesives base material which help the company strengthen its
market position in Asia.
Huntsman Corporation is another key player in the
polyurethane composites market and has a presence in several regions across the
globe. The company is focusing on expansion, agreements, as well as acquisition
to strengthen its market position. In July 2012, the company expanded its
polyurethanes systems house in Indonesia to produce re-polymer and polyol
blends for Indonesia's fast-growing MDI systems market, mainly for the
automotive and insulation industries. In February 2012, the company signed a
cooperation agreement with composites manufacturer FRIMO (Lotte, Germany)
to produce cost-effective solutions for high-volume composite manufacturing
mainly for the automotive industry.
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The lay-up manufacturing segment is estimated to
account for a largest share of the polyurethane composites market in 2016. Low
cost and ease of processing are the major reasons which make lay-up one of the
preferred manufacturing process for polyurethane composites.
Asia-Pacific is anticipated to be the largest
market for polyurethane composites. The growth is attributed by high economic
growth rate, followed by heavy investments across various industries, such as
automotive, building & construction, electrical & electronics, and wind
power energy. Additionally, initiatives taken by various governments for the
inflow of foreign investments to support the domestic demand also anticipate to
drive the polyurethane composites demand within this region.
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