Europe polyurethane (PU) market is
expected to reach USD 26.24 billion by 2024, according to a new report by Grand
View Research, Inc. Growing need for sustainable construction in the region is
a key driving factor for industry growth.
The industry
is primarily driven by growth in end-use industries such as construction,
automotive & transportation and furniture & bedding. Reinforcement of
construction industry in the European region is anticipated to be the key
driving factor over the forecast period. Eastern European countries such as
Hungary, Poland and Slovakia are anticipated to witness significant growth
regarding construction spending which in turn is expected to drive rigid
polyurethane foam demand.
Rigid foam
was the highest consumed product and accounted for over 30% of the European
market volume in 2015. EU regulations towards energy efficiency of households
and financial incentives aimed at improving insulation and cutting down on
energy costs is expected to drive the product’s growth. It is also expected to
witness the highest growth of 4.0% over the forecast period.
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Further key findings from the study suggest:
- Europe polyurethane market size was 4.91 million tons in 2015 and is expected to reach 6.90 million tons by 2024, growing at a CAGR of 3.8% from 2016 to 2024.
- Construction was the largest consumer of polyurethanes and accounted for over 35% of the overall volume in 2015. Electronics & appliances is expected to witness the highest growth of 5.3% over the forecast period.
- Germany was the leading consumer with demand share estimated at 17.4% in 2015. Being a major automotive manufacturing hub and exporter of passenger cars, rigid foams were the dominant product consumed in the country. The product accounted for nearly 30% of Germany’s PU consumption in 2015.
- Russia is expected to witness the highest growth of 4.3% over the forecast period. High construction output and growth of automotive industry is expected to drive the regional market.
- Key players operating in Europe PU market include BASF, The Dow Chemical Company, Bayer Material Science, Huntsman Corporation, Nippon Polyurethane Corporation Ltd., Foamex International and Evonik Industries.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
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Email:
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