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The global polyurethane resin market size is expected to reach USD 1,056.2 Million in 2030 and register a revenue CAGR of 3.2% during the forecast period, according to a latest report by Reports and Data. Rising usage of these resins for construction purposes, sealing, compressing, and insulation of circuit boards are key factors expected to drive market revenue growth during the forecast period. Increasing demand for polyurethane resin in the pharmaceutical industry is expected to drive market growth between 2022 and 2030. Polyurethane resins are widely used in pharmaceutical industry for the formation of hospital bedding, wound dressings, surgical drapes, and injection molded devices. Such applications of these resins in pharmaceutical industry have led to its increased demand and are expected to drive growth of the market. Polyurethane resins are also widely used in the packaging industry in the form of polyurethane foam to secure and protect the finished products. It is widely used for packaging goods during the transportation of fragile products such as electronics, medical equipment, industrial parts, glass products, and others. Such usage of these resins has led to its increased adoption in various industries and is expected to drive revenue growth of the market. On foam, polyurethane components are widely used in the electronic and electrical industries to seal, compress and insulate circuit boards, underground cables, and small fragile and pressure-sensitive components. This has led to increasing demand for these resins in electronic industry.
However, concerns regarding health complications and environmental issues related to usage of polyurethane resins are some factors that could hamper revenue growth of the market. Moreover, polyurethane resin bonds faster, which makes it difficult to get the application rightly done at the first use which could lead to a shorter time to apply these adhesives and make adjustments. This could hamper revenue growth of the market.
Some Key Highlights in the Report
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For the purpose of this report, Reports and Data has segmented global polyurethane resin market based on resin type, application, and region:
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