Occams Business Research & Consultancy

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1 Occams Business Research & Consultancy Business Research Consultancy v4040/ Publisher Sample Phone: (US) or or (Int'l) Hours: Monday - Thursday: 5:30am - 6:30pm EST Fridays: 5:30am - 5:30pm EST customerservice@marketresearch.com MarketResearch.com

2 Global Polyurethane Market Products, Coatings, Chemicals (Flexible and Rigid Foam, PU, Adhesives, Sealants, Elastomers) Industry Analysis, Size, Share, Growth, Trends, Forecast

3 About Us: Occams Business Research (Occam s) is a global provider of consulting and information services that combine data refining, expert analysis and application-based client focused reports. We are a team of industry experts and our trademark is; relevant, detailed research reports with unsurpassed synthesis of data points into decision-making tools for the rapidly growing marketplace. These allow users to achieve return on investment in a limited time frame. Our research spans multiple service areas, industry verticals and geographies. We customise reports to meet your unique requirements and also provide consulting services. Try us and you will like to be with us always! We are Different: As our deliverables are deeply researched, consistent, focused and simply stated Redefining business research service approach Comprehensive and well-aligned research methodology Innovative yet competitive and applied strategies 360 degree approach towards analysis of micro and macro factors impacting your markets Collaborative efforts to design your winning strategies Bridging the information gap Analysis of macro and micro economic trends Attractive and user friendly documents Occam s Razor Occam's (or Ockham's) Razor is a principle attributed to the 14th century logician and Franciscan Friar William of Ockham. The principle states that "Entities should not be multiplied unnecessarily." Choose the simplest theory over a complex one to explain a phenomenon as it is going to be the most accurate one. We, at Occams, believe in the Occam s principle and apply the same to our deliverables so that our clients are not lost in multiple and complex analysis. We aim to deliver accurate and relevant analysis in a very simple but comprehensive yet interesting format

4 TABLE OF CONTENTS 1. EXECUTIVE SUMMARY 2. MARKET OVERVIEW 2.1. MARKET DEFINITION 2.2. VALUE CHAIN ANALYSIS 2.3. STRATEGIC RECOMMENDATION 3. MARKET DETERMINANTS 3.1. MARKET DRIVERS EXTENSIVE USE IN AUTOMOTIVES & FURNITURE INDUSTRY MULTIPLE UTILITY DUE TO VARIED PROPERTIES INCREASING DEMAND FOR ENERGY EFFICIENCY 3.2. MARKET RESTRAINTS ENVIRONMENTAL ISSUES INDUSTRY MOVING TOWARDS BIO BASED PU 3.3. MARKET OPPORTUNITIES HIGH COST OF METALS INCREASING DEMAND FOR POLYURETHANE FOAM IN ASIA PACIFIC 3.4. MARKET CHALLENGES 4. MARKET SHARE ANALYSIS 4.1. KEY COMPANY ANALYSIS 4.2. KEY STRATEGIES 5. MARKET SEGMENTATION 5.1. MARKET SEGMENTATION BY TYPE - 3 -

5 FLEXIBLE FOAM RIGID FOAM PU COATING ADHESIVE & SEALANTS ELASTOMERS BINDERS 5.2. MARKET SEGMENTATION BY APPLICATION AUTOMOTIVES BUILDING & CONSTRUCTION FOOT WARE FURNITURE & BEDDING ELECTRONICS OTHERS 6. POLYURETHANE MARKET BY GEOGRAPHY 6.1. NORTH AMERICA USA CANADA 6.2. ASIA PACIFIC JAPAN CHINA INDIA THAILAND ROAPAC 6.3. EUROPE GERMANY FRANCE - 4 -

6 UK ROE 6.4. ROW BRAZIL 7. COMPANY PROFILING 7.1. BASF AG 7.2. BAYER AG 7.3. BRITISH VITA UNLIMITED 7.4. THE DOW CHEMICAL COMPANY 7.5. FXI FOAMEX INNOVATIONS 7.6. HUNTSMAN POLYURETHANES 7.7. MITSUI CHEMICALS INC RECTIEL SA 7.9. WOODBRIDGE FOAM CORPORATION LYONDELL BASELL INDUSTRIES CARPENTER CO CHEMTURA CORPORATION EUROFOAM YANTAI WANHUA ROGERS CORPORATION MOBAY CHEMICAL COMPANY HENNECKE GMBH POLYURETHANE TECHNOLOGY BEAMECH GROUP LIMITED ALBRECHT BÄUMER COMPANY GMBH & CO. KG POLYONE CORPORATION - 5 -

7 7.21. FORMOSA PLASTICS MITSUBISHI CHEMICAL, TORAY INDUSTRIES CHEVRON PHILLIPS PPG INDUSTRIES, SHIN-ETSU CHEMICAL INEOS, SUMITOMO CHEMICAL EXXONMOBIL - 6 -

8 TABLE LIST TABLE 1 INNOVATIONS IN POLYURETHANE TABLE 2 GLOBAL POLYURETHANE MARKET BY TYPES IN $MILLION ( ) TABLE 3 TABLE 4 TABLE 5 TABLE 6 TABLE 7 TABLE 8 TABLE 9 COMPARISON OF SPECIFIC HEAT CAPACITY OF DIFFERENT MATERIALS GLOBAL POLYURETHANE MARKET BY APPLICATIONS IN $ MILLION ( ) POLYURETHANE AUTOMOTIVE MARKET BY GEOGRAPHY IN $ BILLION ( ) POLYURETHANE BUILDING & CONSTRUCTION MARKET BY GEOGRAPHY IN $BILLION ( ) POLYURETHANE FOOTWEAR MARKET BY GEOGRAPHY IN $BILLION ( ) POLYURETHANE FURNITURE & BEDDING MARKET BY GEOGRAPHY IN $BILLION ( ) POLYURETHANE ELECTRONICS MARKET BY GEOGRAPHY IN $BILLION ( ) TABLE 10 POLYURETHANE ELECTRONICS MARKET IN $BILLION ( ) TABLE 11 POLYURETHANE OTHER APPLICATIONS MARKET IN $BILLION ( ) TABLE 12 GLOBAL PETROCHEMICAL & POLYMER MARKET BY GEOGRAPHY IN $BILLION ( ) TABLE 13 POLYURETHANE MARKET IN ASIA PACIFIC IN $MILLION ( ) TABLE 14 POLYURETHANE NORTH AMERICA MARKET IN $MILLION ( ) TABLE 15 EUROPEAN PETROCHEMICAL & POLYMER MARKET IN $MILLION ( ) - 7 -

9 FIGURES LIST FIGURE 1 POLYURETHANE MARKET SHARE ANALYSIS 2013 FIGURE 2 POLYURETHANE MARKET SEGMENT SHARE BY TYPE (%) IN 2013 FIGURE 3 POLYURETHANE MARKET SHARE BY APPLICATIONS (%) IN 2014 FIGURE 4 FIGURE 5 FACTORS AFFECTING POLYURETHANE MARKET VALUE CHAIN ANALYSIS FIGURE 6 GROWTH OF DIFFERENT POLYMERS IN $ BILLION ( ) FIGURE 7 THERMOPLASTIC APPLICATION MARKET (%) IN 2013 FIGURE 8 THERMOSETTING APPLICATION MARKET (%) IN 2013 FIGURE 9 GLOBAL POLYMER MARKET SHARE BY GEOGRAPHY (%) IN 2013 FIGURE 10 POLYURETHANE MARKET SHARE ANALYSIS (%) FOR 2013 FIGURE 11 DIISOCYANATE MARKET SHARE BY TYPE (%) IN 2013 FIGURE 12 GLOBAL MDI CONSUMPTION BY APPLICATION (%) IN 2013 FIGURE 13 GLOBAL TDI MARKET BY APPLICATION (%) IN 2013 FIGURE 14 PU MARKET SEGMENTATION BY TYPES (%) IN 2013 FIGURE 15 GLOBAL PU FLEXIBLE FOAM MARKET IN $BILLION ( ) FIGURE 16 GLOBAL PU FLEXIBLE FOAM MARKET IN $BILLION ( ) FIGURE 17 PU COATING MARKET BY APPLICATIONS (%) IN 2013 FIGURE 18 GLOBAL PU COATING MARKET IN $ BILLION ( ) FIGURE 19 GLOBAL PU ADHESIVES MARKET IN $ BILLION ( ) FIGURE 20 GLOBAL CONSUMPTION OF POLYURETHANE ELASTOMERS (%) BY GEOGRAPHY IN 2013 FIGURE 21 GLOBAL POLYURETHANE ELASTOMER MARKET IN $BILLION ( ) FIGURE 22 POLYURETHANE AUTOMOBILE MARKET IN $ BILLION ( ) - 8 -

10 FIGURE 23 POLYURETHANE BUILDING & CONSTRUCTION MARKET IN $BILLION ( ) FIGURE 24 POLYURETHANE FOOTWEAR MARKET IN $BILLION ( ) FIGURE 25 POLYURETHANE FURNITURE & BEDDING MARKET IN $BILLION ( ) FIGURE 26 CHINA POLYURETHANE MARKET IN $BILLIONS ( ) FIGURE 27 JAPAN POLYURETHANE MARKET IN $BILLION ( ) FIGURE 28 INDIAN POLYURETHANE MARKET IN $ BILLION ( ) FIGURE 29 THAILAND POLYURETHANE MARKET IN $ BILLION ( ) FIGURE 30 US POLYURETHANE MARKET IN $BILLION ( ) FIGURE 31 CANADA POLYURETHANE MARKET IN $BILLION( ) FIGURE 32 GERMANY PETROCHEMICAL & POLYMER MARKET IN $MILLION ( ) - 9 -

11 Chap# 1. INTRODUCTION The global polyurethane market is estimated as $45 billion in the year 2014 and is growing with CAGR of 6.3% upto Polyurethane is available in various forms depending on the composition of isocyanate and polyols. These types include polyurethane flexible foam, polyurethane rigid foam, PU Coating, Adhesive & Sealants, Elastomers, and Binders. With 37% market share flexible foam is the largest market segment of the polyurethane. FIGURE # 1 POLYURETHANE MARKET SEGMENT SHARE BY TYPE (%) IN 2013 Elastomers, 11.5% Adhesives, 6.5% Others, 2.8% Flexible Foam, 37.0% Coatings, 13.5% Rigid Foam, 28.5% # 1.1. MARKET DRIVERS Increasing penetration in automotives & furniture industry Automotive & furniture have been the most promising industry applications of polyurethane covering more than 50% of the total polyurethane market altogether. PU is a versatile material available in various forms such as rigid foam, flexible foam, TPU (thermoplastic polyurethane), and so on. Such wide range enables its multiple applications in automotive and furniture industry. Automotive industry is undergoing various innovations in terms of design, comfort and engine efficiency. The main benefits of polyurethanes are comfort, safety, weight saving and longevity and design freedom. The various applications of polyurethane in automotives involve cushion foam, carpet, door panels, sound absorption and vibration dampening, steering wheels and airbag covers and window encapsulation. PU is also used in the commercial transportation industry for body panel, front & rear systems, surrounds, wheel covers, grilles, molding and trim to improve impact resistance, corrosion resistance, energy management and vehicle aesthetics. The major driver for

12 the growing demand of polyurethane in automotive & transportation is various benefits of the material such as weight savings and energy savings. Plastics continue to replace other materials The unique attributes of plastics (including process ability, light weight and corrosion resistance) have led to the creation of new products, and plastics have also displaced paper, glass and metal from traditional applications. In many cases, the use of plastics in place of other materials has a significant positive effect on sustainable development. At the same time, environmental concerns have the potential to restrict growth of this industry. Solid waste management, challenges to the use of polyvinyl chloride (PVC) is the issues of greatest current concern. The polymers are versatile materials driving the development of pioneering innovations to meet society s biggest challenges. They help improve resource efficiency with smarter and sustainable use of natural resources. Polyurethane has properties of all three classes of polymers, viz. thermoplastics, thermosetting and elastomers. However, almost 80% of the total polyurethane market is thermosetting whereas elastomers and thermoplastics polyurethane together contributes to the rest 20% of the polyurethane market. Such a large market of thermosetting polyurethane is due to its applications in various industries as foam (rigid and flexible), coatings and covering. PU encourages energy efficiency The industry is generating high demand for the chemicals & products which deliver high energy value while maintaining the sustainability with the environment. Frequent changes in environment and climatic conditions have lead to significant increase in consumption of energy especially those derived from natural resources. A significant percentage of the energy is used to heat, cool and operate the homes and buildings. Moreover the increasing consumption of energy has lead to significant rise of carbon dioxide levels in the atmosphere. Reducing energy consumption is a possible and cost effective solution for limiting the greenhouse emissions. Thus, the industries are looking for solutions like polyurethane with high thermal insulation to contribute to greater energy efficiency. The two major application areas that show significant benefits in terms of energy efficiency from polyurethane are construction & transportation. In building & construction use of PU in polyurethane roof and wall insulation, wall and window insulation and pipe insulation ensures that temperatures are maintained. Use of polyurethane in cars and trucks leads to a reduction in vehicle weight, and therefore provides greater fuel economy. Polyurethane thermal insulation in

13 refrigerators, freezers, water heaters and other such appliances, requires lower energy to power these units. Polyurethane is continuous innovating its applications The versatility of polyurethane has enabled its various innovative applications throughout manufacturing & construction industries with everyday applications including automotive, aerospace, furniture and bedding, electrical, footwear, textiles, mining, offshore, pipes, refrigeration and insulation as well as specialized application in surgical and medical arenas. The year 2014 has witnessed various innovations and patents registered for polyurethane. TABLE # 1 INNOVATIONS IN POLYURETHANE Innovation Company Publication Date Thermal insulation of an internal combustion engine BASF Polyurethane composites comprising nanocrystalline cellulose and method for improving properties of polyurethanes thereof Articles made from thermoplastic polyurethanes with crystalline chain ends Celluforce Lubrizol Source: OBRC Analysis Polyurethane innovations are majorly driven by sustainability. Sustainability not only due to its environmental importance but also providing a market edge to the customers has become a very important aspect in polyurethane industry. Currently companies are investing in R&D to find the most suitable and cost effective sustainable raw material to manufacture bio based PU. Case Study: Exploring the possibilities of using carbon dioxide as an industrial feedstock The challenge: CARBON DIOXIDE has become one of the major contributors to anthropogenic climate change, with approximately 34.5 billion tons of Carbon dioxide emitted over Carbon capture & storage is the primary agenda for environmentalists, however, less concerned over the utilization of this stored carbon. The primary objective of carbon utilization is the ability to produce a saleable product, thereby using CARBON DIOXIDE as an industrial feedstock for fuels, chemicals and materials. In this way, it has the potential to offset the cost of development of CARBON DIOXIDE

14 capture technologies, whereas CCS alone requires the application of strict penalties or economic support for uptake by industry. Solution The main objective of the B-COR pathfinder project was to identify benchmarking criteria to assess potential processes for the utilization of CARBON DIOXIDE. This has resulted in a review of the scientific and technical literature with a science and engineering-based analysis and definition of a set of key benchmarking criteria. Moreover, some promising processes have been identified as model technologies, such as algal utilization of carbon dioxide and processing to fuels (i.e. biodiesel), conversion of carbon dioxide to organic carbonates (i.e. Plastics, coatings and paints), conversion of carbon dioxide to polyurethanes (used, among others, for mattresses, shoes and insulation) and conversion of carbon dioxide to formic acid (for use as an industrial chemical feedstock but also potentially as a fuel). Each of these routes has been investigated using the benchmarking criteria in regards to their mitigation benefits, economic factors and innovation potential. Being Light Weight gives Polyurethane an edge Light weight of polyurethane material is a boon for many industries. From light weight footwear to PU filled concrete for construction industry PU is giving an edge to almost every industry. The low density polyurethane reaction- injection molded (PU RIM) has been used by automotive industry for interiors which has helped in designing light weight energy efficient vehicles. Case Study -Utility poles made with BASF lightweight polyurethane can withstand typhoons Utility poles made with BASF s polyurethane system Elastolit proved their superior wind resistance during the typhoon Rammasun in Guangdong province, where more than 80,000 concrete and metal utility poles were destroyed but PU utility poles were unaffected. The utility poles made with BASF s polyurethane system Elastolit not only possess outstanding wind resistance, but are extremely lightweight. This translates to significant cost and time savings as they are more durable, and can be carried and set up manually. Additionally, such utility poles are easy to install and are ideal for use on hillsides and mountains, where usually helicopters or heavy equipment have to be deployed to install the poles. Weighing only about 250kg each, the poles can

15 be carried and set up manually, making it possible to install poles spaced up to 120 meters apart even in rough terrain. Concrete poles, which weigh approximately 1,100kg, require heavy machinery or even helicopters to install poles every 50 meters. TABLE # 2 GLOBAL POLYURETHANE MARKET BY TYPES IN $MILLION ( ) Type CAGR% ( ) Flexible Foam Rigid Foam Coatings Adhesives Elastomers Others Total Source: OBRC Analysis

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