Polyurethane elastomer market forecast at $22 billion by 2023

Major growth drivers for the polyurethane market are the increasing global population and increase in disposable income per household. The global increase in both these factors affects the automotive, construction and footwear industry, increasing their demand, which in turn directly increases the demand for polyurethanes in their applications.

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Global polyurethane market to reach $68 billion by 2021

There are various stakeholders that contribute to the growth of polyurethanes. The value chain of the polyurethane market consists of a large number of players including raw material suppliers, polyurethane manufacturers, distributors, end-user industries, distributors of finished goods, and consumers. Manufacturers are the main players in this value chain and control the market. Major players from the chemical industry include BASF, Bayer, Wanhua Chemical, Huntsman, Dow Chemical, and Mitsui Chemical. BASF is the largest manufacturer of polyurethane with a global market share of 20 percent in 2015. The top five companies in the market control over 50 percent of the total global market. Joint ventures and innovations are key strategies of leading players in the industry.

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