Waterborne Polyurethane Market size is projected to grow at a significant CAGR in the forecast timeframe. The increased environmental issues and rise of solvent price are the major factors driving the growth of the product market. The diverse applications in end-use industries will accelerate the product market.
Earlier, different organic solvents were used to synthesize polyurethane. Research has been carried out to seek a cost-effective solvent which has propelled the use of waterborne polyurethane. Restrictions on volatile organic compounds (VOC) has caused a major change in coatings technology. Performance advantages coupled with government regulations are the forces which have boost the product market.
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The product has its major presence in construction industry for use in paints and coatings which will give an impetus to the product market. The product dispersions are being looked at with high hopes as they are easy to use, safe and chemically stable. The advantages of the product such as less odor, ease of application and clearer finish as compared to oil based polyurethane coatings will ramp up the product market. However, the relatively inflated cost incurred in manufacturing process and need of skilled labor is factor that can hamper the market growth of the product.
There are various monomers to prepare the product dispersion. The commonly used petroleum based monomers are di-isocyanates, polyols, neutralizing agents, chain extenders. Recently, plant based monomers have also been used for synthesizing the product. Ethylenediamine is a commonly used chain extender but it is being replaced by natural resources as it is harmful for human health.
The product market can be segmented on the basis of type, application and region. Based on type, the product market can be bifurcated into waterborne one-component polyurethane and waterborne two-component polyurethane. Two-component polyurethane combines the good film properties of low VOC values of waterborne technology and solvent borne two-component polyurethane coatings. It is used where high performance coatings are required. Development of water dispersible polyisocyanates have contributed to the growth of the product.
Based on application, the product market can be segmented into adhesives, coatings, sealants and elastomers. Coatings hold a major share in the application segment of the product and is estimated to rise at a significant rate due to the increased use in construction and automotive. Europe is expected to witness a high growth in sealants segment due to the high demand of the product.
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Based on region, the product market can be divided into Latin America, North America, Asia Pacific, Europe, and Middle East & Africa. Europe holds a major share of the product market which is estimated to grow owing to the implementation of stringent regulations. Asia Pacific is the next in queue followed by North America. Rapid growth of various end-use industries such as construction and footwear has led to the growth of the market in Asia Pacific. Countries like Malaysia and Indonesia have inclined towards the product due to the development of infrastructure and expansion.
Some of the key players in the product market are Bayer AG, ERCA Group, Bond Polymers International, Dow Chemical Company, SNP, Inc., Lamberti S.p.A., VCM Polyurethanes Pvt. Ltd., Croda International Plc, BASF SE, DuraSeal, Mitsui Chemicals, Inc., RPM International, Inc., etc.