New product launches and expansions are the key strategies adopted by the industry players to achieve growth in the polyurethane additives market between 2016 and 2021. Development of cost effective products and more innovative features, led various manufacturers to focus on polyurethane additives, thus leading to increase in its demand. These aspects have encouraged companies to adopt strategies such as new product launches, expansions, mergers & acquisitions, and agreements. Some of the key players, such as Covestro AG (Germany), BASF SE (Germany), The Dow Chemical Company (U.S.), and Huntsman International LLC (U.S.) have adopted these strategies to develop their businesses, globally. These strategies also accounted for a significant share of the overall growth strategies adopted by the players in the polyurethane additives market between 2014 and 2016.
BASF SE (Germany) is one of the leading players in the global polyurethane additives market. As a part of its business strategy, BASF focuses on new product developments and expansions. The company focuses on the manufacture of high-quality products by employing the latest state of the art technology and improving the efficiency of its operations. In 2015, BASF expanded its capacity for specialty amines at its Verbund site in Ludwigshafen, Germany. This expansion included production capacity of 20 specialty amines for the manufacture of coatings, lubricants, and pharmaceuticals. BASF SE is expanding its production facilities to cater to its end use industries.
Covestro AG (U.S.) is a key manufacturer in the global polyurethane additives market. The company, as a major polyurethane additive manufacturer, aims to expand its market share and became one of the most innovative companies in the world. As part of its growth strategy, in 2016, Covestro AG opened a new production plant at its Dormagen, Germany site for CO2-based polyether polyols, which will be used to manufacture flexible polyurethane foam for mattresses and upholstered furniture. With this expansion, the production of Covestro AG designed materials products will increase significantly.
Key companies, such as Covestro AG (Germany), BASF SE (Germany), The Dow Chemical Company (U.S), Huntsman International LLC (U.S.), Tosoh Corporation (Japan), Evonik Industries AG (Germany), Eastman Chemical Company (U.S.) , Kao Corporation (Japan), Air Products and Chemicals, Inc (U.S) and Momentive Performance Materials Inc (U.S) are the most active players in the global polyurethane additives market.
The report “Polyurethane Additives Market by Type, Application (Flexible Foam, Rigid Foam, Adhesive & Sealant, Coating, Elastomer, Binders), End-Use Industry (Automotive, Building & Construction, and Bedding & Furniture), and Region – Global Forecast to 2021”, The market for polyurethane additives is expected to reach USD 2.75 Billion by 2021, at a CAGR of 6.3% from 2016 to 2021.
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The market is driven by growing demand of polyurethane in the building & construction industry. This growth results from an increase in demand for rigid foam mainly for insulation purposes. Rigid foam lowers energy costs by reducing heating and cooling requirements.
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