Polyurethanes Market

The article discusses the global polyurethanes market, projecting an increase in consumption and market performance with a forecasted CAGR of +3.2% in volume and +5.4% in value from 2022 to 2030. Key points include insights on consumption trends, major consuming countries like China and India, production volumes, imports, and exports. Detailed analysis on per capita consumption, production trends, and import/export prices is also provided, highlighting key growth rates and fluctuations over the years.

Market Forecast

Driven by increasing demand for polyurethanes in primary forms worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +3.2% for the period from 2022 to 2030, which is projected to bring the market volume to 9.4M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.4% for the period from 2022 to 2030, which is projected to bring the market value to $40.8B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Polyurethanes In Primary Forms

After two years of decline, consumption of polyurethanes in primary forms increased by 2.1% to 7.3M tons in 2022. The total consumption volume increased at an average annual rate of +1.9% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The pace of growth appeared the most rapid in 2017 when the consumption volume increased by 8.6% against the previous year. Global consumption peaked at 7.8M tons in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

The global polyurethanes market value stood at $26.8B in 2022, growing by 4.4% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.3% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $31.7B. From 2019 to 2022, the growth of the global market remained at a somewhat lower figure.

Consumption By Country

China (1.7M tons) remains the largest polyurethanes consuming country worldwide, accounting for 24% of total volume. Moreover, polyurethanes consumption in China exceeded the figures recorded by the second-largest consumer, India (717K tons), twofold. The third position in this ranking was taken by the United States (684K tons), with a 9.4% share.

From 2012 to 2022, the average annual growth rate of volume in China totaled +6.0%. The remaining consuming countries recorded the following average annual rates of consumption growth: India (+7.5% per year) and the United States (-0.5% per year).

In value terms, China ($4.4B), the United States ($2.9B) and India ($2B) appeared to be the countries with the highest levels of market value in 2022, with a combined 35% share of the global market. Japan, Germany, Italy, Brazil, Mexico, Belgium, South Korea, Vietnam, the UK and Thailand lagged somewhat behind, together accounting for a further 35%.

Vietnam, with a CAGR of +14.6%, saw the highest growth rate of market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of polyurethanes per capita consumption was registered in Belgium (34 kg per person), followed by Italy (6.7 kg per person), Germany (3.5 kg per person) and South Korea (3.3 kg per person), while the world average per capita consumption of polyurethanes was estimated at 0.9 kg per person.

In Belgium, polyurethanes per capita consumption contracted by an average annual rate of -6.0% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Italy (+4.0% per year) and Germany (-2.4% per year).

Production

World Production of Polyurethanes In Primary Forms

In 2022, production of polyurethanes in primary forms was finally on the rise to reach 7.3M tons for the first time since 2019, thus ending a two-year declining trend. The total output volume increased at an average annual rate of +1.8% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2017 when the production volume increased by 9.2%. Over the period under review, global production attained the maximum volume at 7.7M tons in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

In value terms, polyurethanes production stood at $25.8B in 2022 estimated in export price. Overall, the total production indicated a slight expansion from 2012 to 2022: its value increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +8.9% against 2020 indices. The pace of growth appeared the most rapid in 2018 when the production volume increased by 35%. As a result, production attained the peak level of $36.2B. From 2019 to 2022, global production growth failed to regain momentum.

Production By Country

China (1.9M tons) remains the largest polyurethanes producing country worldwide, comprising approx. 27% of total volume. Moreover, polyurethanes production in China exceeded the figures recorded by the second-largest producer, the United States (746K tons), threefold. India (605K tons) ranked third in terms of total production with an 8.3% share.

In China, polyurethanes production increased at an average annual rate of +7.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (-0.9% per year) and India (+6.3% per year).

Imports

World Imports of Polyurethanes In Primary Forms

In 2022, the amount of polyurethanes in primary forms imported worldwide dropped slightly to 2.1M tons, which is down by -1.8% against the previous year. The total import volume increased at an average annual rate of +3.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 when imports increased by 14%. As a result, imports reached the peak of 2.1M tons, and then shrank in the following year.

In value terms, polyurethanes imports totaled $9.1B in 2022. In general, total imports indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +38.8% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 31%. Over the period under review, global imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports By Country

The countries with the highest levels of polyurethanes imports in 2022 were China (164K tons), India (141K tons), Vietnam (130K tons), Germany (110K tons), the United States (94K tons), Italy (86K tons), Iran (75K tons), Mexico (68K tons), Indonesia (57K tons), France (55K tons), Spain (53K tons) and the Netherlands (50K tons), together accounting for 52% of total import. Turkey (48K tons) held a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +17.7%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, China ($893M), Vietnam ($622M) and Germany ($530M) constituted the countries with the highest levels of imports in 2022, with a combined 22% share of global imports. The United States, India, Italy, Mexico, France, the Netherlands, Indonesia, Spain, Turkey and Iran lagged somewhat behind, together comprising a further 33%.

Among the main importing countries, India, with a CAGR of +16.4%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average polyurethanes import price amounted to $4,393 per ton, increasing by 7.6% against the previous year. Over the last decade, it increased at an average annual rate of +1.0%. The most prominent rate of growth was recorded in 2021 when the average import price increased by 15%. Global import price peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United States ($5,566 per ton), while Iran ($2,477 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+3.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Polyurethanes In Primary Forms

In 2022, approx. 2M tons of polyurethanes in primary forms were exported worldwide; approximately mirroring the previous year's figure. The total export volume increased at an average annual rate of +3.3% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The growth pace was the most rapid in 2017 with an increase of 12%. The global exports peaked at 2M tons in 2021, and then dropped modestly in the following year.

In value terms, polyurethanes exports expanded markedly to $9B in 2022. The total export value increased at an average annual rate of +4.3% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 30% against the previous year. The global exports peaked in 2022 and are likely to see gradual growth in the near future.

Exports By Country

In 2022, Germany (373K tons) and China (345K tons) were the major exporters of polyurethanes in primary formsin the world, together finishing at near 35% of total exports. Italy (168K tons) held an 8.3% share (based on physical terms) of total exports, which put it in second place, followed by the United States (7.7%), the Netherlands (5.9%) and Taiwan (Chinese) (5.3%). Belgium (86K tons), South Korea (82K tons), Spain (67K tons), France (65K tons), Singapore (52K tons), Turkey (42K tons) and Japan (36K tons) held a minor share of total exports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +15.6%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest polyurethanes supplying countries worldwide were Germany ($1.9B), China ($1B) and the United States ($943M), together accounting for 43% of global exports.

China, with a CAGR of +15.0%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average polyurethanes export price stood at $4,438 per ton in 2022, picking up by 5.6% against the previous year. Over the last decade, it increased at an average annual rate of +1.0%. The most prominent rate of growth was recorded in 2021 an increase of 17%. The global export price peaked in 2022 and is likely to see steady growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Japan ($7,014 per ton), while China ($3,034 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+3.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform