The Waterborne Polyurethanes Market is projected to grow from USD 1.7 billion in 2020 to USD 2.1 billion by 2025, at a CAGR of 5.2%. The demand for environment friendly polyurethanes is increasing with the growing awareness about the harmful effects of hazardous chemical emissions.
On the basis of application, coatings
segment is estimated to lead the overall waterborne polyurethanes market in
2020.
Waterborne polyurethanes are a
rapidly growing segment of polyurethane coating industry owing to environmental
regulations such as the Clean Air Act and technological advances that made them
an effective substitute for the solvent-based coatings. Their versatility and
wide range of properties such as abrasion resistance, impact strength, and low
temperature flexibility are the driving force to their continuously expanding
usage in many applications. Waterborne polyurethane coatings improve appearance
and lifespan of products.
On the basis of end-use industry,
building & construction segment is estimated to lead the waterborne polyurethanes market in 2020.
Waterborne polyurethanes have been at
the epicenter of coating industry, providing greener solutions to modern
coating problems. This chemical is polyurethane dispersed in water. This
reduces the dependence on solvent-based polyurethanes, providing a better and
environment-friendly replacement for existing systems. Advantages like
temperature curing and good adhesion further reinforce the case for waterborne
polyurethanes. It is frequently used in building and construction applications.
Affordability of these versatile materials and the comfort they provide have
made polyurethane components part of building & construction globally.
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COVID-19
impact on Global Waterborne polyurethanes Market
The waterborne polyurethanes are used in various
end-use industries such as automotive & transportation, building &
construction, bedding & furniture, electronics, and others. COVID-19 has
impacted these industries.
- The lockdown in various countries and logistical restrictions
have adversely impacted the automotive & transportation industry.
Supply chain disruptions, workforce unavailability, logistical
restrictions, limited availability of components, demand drop, low company
liquidity, and shutdown of manufacturing due to lockdown in various
countries have adversely affected the industry. OEMs, raw material
suppliers, and other related businesses are forced to re-evaluate their
strategies to cater to this industry during this crisis period.
- Residential and commercial construction has come to a
grinding halt owing to the pandemic. Waterborne polyurethanes demand from
this sector is expected to be low to the medium during this crisis period.
Some major issues would be a delay in order shipments, supply chain restriction,
manpower & equipment shortage, and material shortage. Post conclusion
of this crisis, the market is expected to revive, and demand is likely to
increase for the waterborne polyurethanes market.
- The demand for bedding has increased in the healthcare
sector, owing to the pandemic. A rise in demand from various hospitals and
care institutions for supplying these mattresses for the increasing number
of patients is boosting the consumption of waterborne polyurethanes in the
manufacturing of these devices/equipment.
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Covestro (Germany) is among the key players in the
waterborne polyurethane market. The company adopted the strategies of new
product launch to strengthen its competitiveness in the global waterborne
polyurethane market. For instance, in July 2018, Covestro had newly developed
polyurethane dispersions named Impraperm DL 5249 and Impraperm DL 5310. These
are used as textile coatings and enables effective waterproofing and
breathability of coatings using the waterborne technology. This strategy had
helped the company to provide eco-friendly textile production for its customers
without the use of solvents.
DSM (Netherlands) is one of the leading manufacturers of waterborne
polyurethanes. The company adopted partnership as one of its key business
strategies. For instance, in June 2019, the Company partnered with TLF
(Germany), a globally operating company supplying specialty chemicals to
leather and related industries. This partnership includes supply as well as
R&D of cutting edge, sustainable waterborne polyurethane dispersions
system. By partnering at different points in the value chain, DSM and TLF are
able to further unlock the value of sustainable leather finishes and strengthen
their respective market positions.
The key players profiled in this
report include Covestro (Germany), DSM
(Netherlands), BASF (Germany), R STAHL (Germany), Chemtura (the US), Dow Inc .,
(the US), H.B. Fuller (the US), Wanhua Chemical (China), SNP Inc., (the US),
and KAMSONS Chemical Pvt. Ltd., (India). These companies have adopted
various organic as well as inorganic growth strategies between 2015 and 2020 to
enhance their regional presence and meet the growing demand for waterborne
polyurethanes from emerging economies.
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