The global polyurethane composites market is anticipated to grow from USD 515.0 Million in 2016 to USD 909.8 Million by 2026, at a CAGR of 5.9% from 2016 to 2026. This growth can be attributed to the increasing demand for polyurethane composites from the end-use industries such as, transportation, wind power energy, electrical & electronics, building & construction, and sports & leisure. BASF SE (Germany), Bayer AG (Germany), Hexcel Corporation (U.S.), Huntsman Corporation (U.S.), SGL Group (Germany), Toray Industries, Inc. (Japan), The Dow Chemical Company (U.S.), Wanhua Chemical Group Co., Ltd. (China), Sekisui Chemical Co., Ltd. (Japan), Owens Corning (U.S.), and SGL Group (Germany) are some of the leading players operating in this market.
The key players operational in the polyurethane composites market are focusing on new product launches, agreements, investments, and expansions to cater to the increasing demands across various industries. These companies are also investing in R&D activities to strengthen their sales and distribution networks, enhance their market visibility, and strengthen their position in the polyurethane composites market.
BASF SE is one of the leading manufacturers of polyurethane composites, globally. The company is focused on maintaining its position in the polyurethane composites market by adopting strategies such as expansions and mergers & acquisitions. For instance, in June 2016, the company opened designfabrik, a regional platform for design activities in Shanghai, China. This expansion will help the company provide innovation, design-related activities for coatings solutions, care chemicals, construction chemicals, pigments and leather chemicals to the automotive, cosmetics, building, and consumer goods markets. On December 2014, the company acquired Taiwan Sheen Soon, a leading manufacturer of thermoplastic polyurethanes (TPOLYURETHANE) adhesives base material which help the company strengthen its market position in Asia.
Huntsman Corporation is another key player in the polyurethane composites market and has a presence in several regions across the globe. The company is focusing on expansion, agreements, as well as acquisition to strengthen its market position. In July 2012, the company expanded its polyurethanes systems house in Indonesia to produce re-polymer and polyol blends for Indonesia's fast-growing MDI systems market, mainly for the automotive and insulation industries. In February 2012, the company signed a cooperation agreement with composites manufacturer FRIMO (Lotte, Germany) to produce cost-effective solutions for high-volume composite manufacturing mainly for the automotive industry.
Polyurethane Composites Market by Type (Glass, Carbon), Manufacturing Process (Lay-Up, Pultrusion, Resin Transfer Molding), End-Use Industry (Transportation, Building & Construction, Electrical & Electronics), Region - Global Forecast to 2026
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