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 waterborne polyurethanes in emerging economies, such as APAC and South America, is increasing owing to the growing construction industry. The volatility in raw material prices is hindering the waterborne polyurethanes market. The demand for waterborne polyurethanes is increasing, owing to the growing demand for innovative and environment friendly products. This increase in awareness around harmful effects of solvent based polyurethanes is provides growth opportunities to the market. On the other hand, sub-optimal performance of waterborne polyurethane is the major challenge for the market.
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APAC is projected to be the largest and fastest-growing market for waterborne polyurethanes. The rising population, increased demand for automobiles, growing disposable income, rapid industrialization, and increased urbanization are driving the APAC waterborne polyurethanes market. China is the largest market for waterborne polyurethanes in the region. China is also a major producer and consumer of waterborne polyurethanes in the region as it has a huge manufacturing base. Apart from China, India and South Korea are projected to grow at a decent rate during the forecast period.
The increase in demand for waterborne polyurethane and the growing industrial development in the emerging economies, such as APAC and South America, are driving the market. The key players in the waterborne polyurethane market include Covestro (Germany), DSM (Netherlands), BASF (Germany), R STAHL (Germany), Chemtura (the US), Dow Inc ., (the US), H.B. Fuller (the US), Wanhua Chemical Corporation(China), SNP Inc., (the US), and KAMSONS Chemical Pvt. Ltd., (India). The waterborne polyurethane market report analyzes the key growth strategies, such as expansion and new product launch, adopted by the leading market players between 2015 and 2020.
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.
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