Polyurethanes are some of the most versatile polymers in existence today. They exist in myriad forms ranging from rigid foams to dense solid compositions and from flexible foams to elastomers. Polyurethanes are commercially available in various forms, ranging from flexible or rigid lightweight foams to tough, stiff and strong elastomers. This enables their use in a wide variety of consumer and industrial applications such as thermal insulation of buildings, refrigerators, household furniture, automotive seating, shoe soles and so on.

The global market for polyurethanes was estimated at 13,650.00 kilo tonnes in 2010 and is expected to reach 17,946.20 kilo tonnes in 2016, growing at a CAGR of 4.7% from 2011 to 2016. In terms of revenues, the market was estimated to be worth $33,033.00 million in 2010 and is expected to reach $55,479.68 million in 2016, growing at a CAGR of 6.8% from 2011 to 2016. North America, Asia Pacific and Europe dominate the polyurethane market and together accounted for 95% of the global polyurethane demand in 2010. North America and Western Europe are mature markets and are expected to grow at a sluggish rate. However, Asia Pacific, Eastern Europe and South America are expected to drive the demand for polyurethanes in the coming decade.

The furniture and interior industry dominates the polyurethane market; accounting for 28.01% of the total demand in 2010.The current market is quite competitive and fairly concentrated with participants constantly expanding their geographic presence or their product lines. Key participants in the global market include BASF (Germany), Bayer MaterialScience (Germany), Dow Chemical Co. (U.S.), Huntsman Corporation (U.S.), Yantai Wanhua (China) and so on.

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