Global Market for Flame-Resistant Polyurethanes to Reach $27.0 Billion by 2023
Growth Attributed to Consumer and Corporate Interest and Stronger Global Economies
WELLESLEY, Mass., February 19, 2019 (Newswire.com) - The flame-resistant (FR) polyurethane industry is thriving. The global market for polyurethanes is expected to reach a record-breaking value within the next four years, and driving this growth are two main trends. First, consumers and industries are willing to pay higher prices for products that make their homes and companies safer, and second, economic growth throughout the world is enabling more countries to use FR polyurethane technology.
In 2018, the global market for FR polyurethanes was worth $19.1 billion. A new report by BCC Research, “Global Markets for Flame-Resistant Polyurethanes,” estimates that by 2023, the market will reach $27.0 billion, indicating a compound annual growth rate (CAGR) of 7.2%.
The top manufacturers of FR materials profiled in this report include Axalta Coating Systems, Blauer Manufacturing Co., Clark Foam Products Corp., Elasco Urethane Inc., Flameret Inc., and Perimeter Solutions.
- Additional and impactful drivers of the growth of the FR polyurethanes. For example, home construction and automotive companies are using FR polyurethane technology in more products.
- Informed predictions about the growth of FR polyurethane materials. For example, the FR polyurethane fiber market is expected to reach a 3.4 billion value in 2023, indicating a five-year CAGR of 6.2%.
- Impacts of the increased use of FR polyurethanes in related industries. For example, the furniture industry uses FR polyurethanes for sofas, mattresses, upholstered chairs and pillows. Therefore, growth in the furniture industry will also indicate a growing demand for polyurethane.
“Flame-resistant polyurethanes are a subsection of the larger polyurethane industry,” said report author, Craig Barnes. “These materials are polyurethanes that come in several states (flexible foams, rigid foams, and liquids) that are either manufactured to be flame-resistant or that have flame-resistant additives added during the manufacturing process.”
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Source: BCC Research