CHICAGO, April 14, 2021 /PRNewswire/ -- According to the new market research report "Polyurethane Dispersions Market by Type (Solvent-free and Low-solvent), Application (Paints & Coatings, Adhesives & Sealants, Leather finishing and Textile finishing), and Region – Global Forecast to 2025", published by MarketsandMarkets™, the global Polyurethane Dispersions (PUDs) Market size is projected to reach USD 2.7 billion by 2025 from USD 1.9 billion in 2020, at a CAGR of 7.1% during the forecast period.
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The demand for PUDs in emerging economies, such as APAC, MEA, and South America, is increasing owing to the growth in infrastructural and industrial activities such as expansion of construction industry, increasing use in automotive, textile & leather industry, and so on. PUDs are also cross-linked with various resins, isocyanates, epoxy silanes, or any other cross-linking agents. Cross-linked PUDs are obtained with enhanced mechanical and chemical properties. This also helps in bringing down the cost of PUDs, which currently is high. The choice of polyol in a specific application determines the cost of PUDs. The increase in demand for environment-friendly PUDs and the government's environmental policies of low VOC emission, provide sufficient growth opportunities to the market.
Based on type, solvent-free PUD is estimated to lead the overall PUDs market in 2020.
Solvent-free is the most widely used form of PUDs in end-use industries, such as construction, automotive, aerospace and textile. They are formed when a polyurethane pre-polymer containing isocyanate functional group is dispersed into the water either directly or by means of the phase-inversion emulsification process. Solvent-free PUDs dry fast, have a good lifespan, and are more stable under UV rays. This makes them more suitable for external applications like paints & coatings, textile finishing, adhesive, glass fiber sizing, leather finishing, and others.
Based on application, paints & coatings is estimated to be the largest market in the overall PUDs market in 2020.
PUDs are widely used in paints & coatings in various industries, such as construction, automotive, aerospace, electronics, leather, textile, and wood. These dispersions possess excellent resistance to chemicals, solvents, and water. Paints & coatings are used for extending the lifespan of the surface they are applied to. PUDs' high resistance to corrosion, abrasion, and excellent mechanical properties are increasing their popularity for use in paints & coatings in the industrial and architectural sectors. The use of PUDs for coatings has drastically reduced the emission of volatile organic contents (VOCs) and unreacted toxic monomers.
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Based on region, APAC is projected to grow the fastest in the PUDs market during the forecast period.
APAC is projected to be the fastest-growing market for PUDs. The rising population, increased demand for construction activities, rapid industrialization, and increased urbanization are driving the APAC PUDs market. India is the fastest growing market for PUDs, in terms of value, in the region. The rise in the standard of living is influencing various lifestyle improvements, which are driving residential and commercial construction and other industrial activities in the country. Apart from China, Japan, Indonesia and Thailand are projected to grow at a decent rate during the forecast period. In addition, widespread use of PUDs in paints & coatings and adhesive & sealants, growing demand from the automotive and furniture industries, and the growing importance of PUDs in textile and synthetic leather production are expected to drive the market during the forecast period.
The key players in the PUDs market include Covestro AG (Germany), DSM (Netherlands), BASF (Germany), Wanhua Chemical Group (China), Lanxess (Germany), Stahl Holding (Netherlands), Perstorp (Netherlands), Dow Chemical Company (US), Huntsman Corporation (US) and Mitsui Chemical (Japan). These players have established a strong foothold in the market by adopting strategies, such as expansions, acquisitions, mergers, partnerships & collaboration and new product launches.
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