PUBLISHER: The Business Research Company | PRODUCT CODE: 1662427
PUBLISHER: The Business Research Company | PRODUCT CODE: 1662427
Waterborne polyurethane is a type of polyurethane polymer resin that can be dispersed in water. This material exhibits good adhesion to various surfaces, including glass and polymeric fibers, and can be utilized in the formulation of coatings and adhesives.
The primary types of waterborne polyurethane include polyurethane emulsion, polyurethane dispersion, and polyurethane aqueous solution. Polyurethane emulsion consists of high-performance adhesives that are based on crystalline, hydrophobic polyester polyols, such as hexamethylene adipate. These waterborne polyurethane products find applications in various industries, including coating, sealant, adhesive, and elastomer formulations. They are commonly used in sectors such as building and construction, automotive and transportation, bedding and furniture, electronics, and other relevant industries.
The waterborne polyurethane market research report is one of a series of new reports from The Business Research Company that provides waterborne polyurethane market statistics, including waterborne polyurethane industry global market size, regional shares, competitors with a waterborne polyurethane market share, detailed waterborne polyurethane market segments, market trends and opportunities, and any further data you may need to thrive in the waterborne polyurethane industry. This waterborne polyurethane market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The waterborne polyurethane market size has grown strongly in recent years. It will grow from $5.37 billion in 2024 to $5.71 billion in 2025 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to government investments in research and development, environmental regulations, market demand shift, advancements in formulation, industry adoption.
The waterborne polyurethane market size is expected to see strong growth in the next few years. It will grow to $7.56 billion in 2029 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to consumer preferences for eco-friendly products, collaboration with industries, customization, impact of COVID-19 pandemic, supply chain restrictions, manpower & equipment shortage. Major trends in the forecast period include brand reputation and consumer awareness, energy efficiency, market penetration strategies, global economic trends, focus on health & safety.
The expansion of the construction industry is anticipated to drive the growth of the waterborne polyurethane market in the future. The construction sector encompasses the building of infrastructure such as houses, buildings, and bridges. Waterborne polyurethane coatings are utilized for both floor and wall applications in various newly constructed structures, serving as a protective layer that provides abrasion resistance, weathering resistance, and chemical resistance, thereby boosting demand for the waterborne polyurethane market. For example, in May 2022, the Office of National Statistics, a UK-based government agency, reported that construction output increased by 1.7% in volume terms in March 2022 compared to February data in the UK. This growth was fueled by a rise in repair and maintenance activities (3.0%) and new construction work (1.0%). Consequently, the growth of the construction industry is driving the demand for the waterborne polyurethane market.
The expansive chemical industry is poised to bolster the growth of the waterborne polyurethane market. As environmental consciousness rises and regulations governing volatile organic compound (VOC) emissions become more stringent, various industries, including the chemical sector, are actively seeking environmentally friendly alternatives. For instance, CRISIL Research projects a 14%-17% year-on-year revenue increase in the chemical industry in the current fiscal year (FY23). This growth is attributed to the improved performance of specialty chemicals, polymers, and agrochemicals. The projections also indicate significant growth of micro, small, and medium-sized enterprises (MSMEs) in the chemical industry, expected to grow by 12%-15%. This augurs well for the waterborne polyurethane market as it aligns with the sector's focus on environmentally conscious solutions.
Product innovation emerges as a pivotal trend driving the waterborne polyurethane market. Key market players are channeling efforts into pioneering new technologies to maintain their market positions. For example, DIC Corporation introduced the HYDRAN GP series in June 2023, featuring environment-friendly waterborne polyurethane resins. These resins boast higher solid content compared to conventional water-based polyurethane resins and are devoid of amines. The innovation facilitates reduced process times, minimal odors, and diminished greenhouse gas emissions and volatile organic compounds (VOCs), catering to the market's eco-conscious demands.
Prominent companies in the waterborne polyurethane market are strategically focusing on expanding their manufacturing capacities to fortify their market positions. These expansions not only broaden their product portfolio but also facilitate geographical expansion. For instance, in July 2022, Covestro, a Germany-based manufacturer specializing in polyurethane and polycarbonate raw materials, inaugurated two plants dedicated to waterborne polyurethane dispersions (PUDs) and elastomers at its Shanghai integration site located in Caojing, China. The establishment of the new production facility for PUDs is anticipated to significantly augment Covestro's capacity to supply waterborne PUDs, aligning with sustainability trends prevalent in the coatings and adhesives industry across the Asia Pacific region. This expansion underscores Covestro's commitment to meeting the growing demand for eco-friendly coatings and adhesives in the Asian market.
In an instance, DIC (China) Co Ltd., a subsidiary of Japan-based chemical giant DIC Corporation, completed the acquisition of Guangdong TOD New Materials Co., Ltd., in July 2022, for an undisclosed sum. This strategic acquisition is part of DIC Corporation's overarching strategy to bolster its coating resins capacity in the Asian market, with a specific emphasis on China, recognized as the world's largest market for coating resins. Guangdong TOD New Materials Co., Ltd specializes in manufacturing solvent and water-based coating resins, including polyurethane resins, aligning with DIC Corporation's goal to fortify its market presence and production capabilities in the region.
Major companies operating in the waterborne polyurethane market are Covestro AG, Koninklijke DSM NV, BASF SE, Allnex Belgium SA, Dow Inc., H.B. Fuller Company, Wanhua Chemical Group Co. Ltd., Kamsons Chemicals Pvt. Ltd., Axalta Coating Systems Ltd., The Sherwin-Williams Company, Perstorp AB, Lamberti S.p.A., Sun Polymers International Inc., Lanxess AG, Lubrizol Corporation, PPG Industries Inc., Capital Resin Corporation, Palmer Holland Inc., Aditya Birla Chemicals Ltd., Hauthaway Corporation, Henkel AG & Co. KGaA, Huntsman Corporation, Nippon Polyurethane Industry Co. Ltd.
Asia-Pacific was the largest region in the waterborne polyurethane market share in 2024. The regions covered in the waterborne polyurethane market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the waterborne polyurethane market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The waterborne polyurethane market consists of sales of waterborne polyurethane-based paints, adhesives, and waterborne polyurethane ink binders. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Waterborne Polyurethane Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on waterborne polyurethane market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for waterborne polyurethane ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The waterborne polyurethane market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.