Sustainable packaging has become the need of the hour in recent years on account of rising demand for compostable raw materials. Future development of bio-degradable packaging material is expected to be highly reliant on improved adhesives, which, in turn, are dependent on water-based polyurethane dispersion.
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Besides, use of a multitude of variants of plastics in modern cars needs superior adhesion for a smoother appeal, which requires automakers to trace back the adhesive manufacturing technology of their raw material suppliers. These factors promise significant opportunities on offer for polyurethane dispersion manufacturers.
As per a new report published by Fact.MR, the global polyurethane dispersion (PUD) market is anticipated to exceed a valuation of US$ 1.9 Bn by the year 2021, and is expected to expand at an impressive CAGR of close to 8% over the forecast period of 2021 to 2031.
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Key Takeaways from Market Study
- In 2020, South Asia and East Asia together accounted for over 50% revenue of the global polyurethane dispersion market.
- The market in South Asia is estimated to grow nearly threefold from 2021 to 2031.
- Water-based polyurethane dispersion accounts for over 55% of the global market revenue.
- The market is expected to generate over US$ 1.2 Bn revenue from leather finishing applications.
- The global market is moderately concentrated, where companies such as BASF, Bayer, The Dow Chemical Company, Alberdingk Boley, and Covestro account for a majority of the market share.
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“Besides offering application-specific polyurethane dispersion, companies have started to focus on sustainable products that abide by local regulations regarding environmental safety,” says a Fact.MR analyst.
Water-based polyurethane dispersion is likely to make quick in-roads across regions, replacing solvent-based products on a large scale. This is compelling companies across the world to boost their production capacity of water-based products.
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