Europe Polyurethane Dispersions Market: Introduction
In terms of value, the polyurethane dispersions market in Europe is anticipated to expand at a CAGR of 5.5% from 2019 to 2030 and cross value of ~US$ 7 Bn by 2030. In terms of demand, Germany, Italy, and France are likely to be key countries of the polyurethane dispersions market in Europe between 2019 and 2030. The paints & coatings industry is projected to exhibit high lucrativeness for polyurethane dispersions in Europe in the near future. Formulators can achieve unique coating properties such as durability, varying degrees of flexibility, optimal film hardness, and resistance to chemicals and solvents by using polyurethane dispersions.
Europe Polyurethane Dispersions Market: Major Drivers and Restraints
Water-based polyurethane dispersions are considered ideal to protect leather in applications such as automotive seating and residential and commercial upholstery. Water-based polyurethane dispersions can be transferred to and used on classical production lines with minor investment and in minimal time. Water-based systems are easy to handle and used widely due to their long pot life. Companies such as Evonik and LANXESS manufacture water-based polyurethane dispersions, particularly for the leather industry.
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This is estimated to drive the demand for polyurethane dispersion in Europe during the forecast period. Polyurethane dispersions are highly versatile polymers used in the paints & coatings industry, owing to their rapid curing, ease of application, and physical properties. Water-based polyurethane dispersions are considered important elements in a coating formulator’s toolkit. For instance, Covestro AG uses polyurethane dispersions to develop products for usage in sectors such as architecture, industrial, and special-purpose coatings.
Several industries have undertaken strategic initiatives to expand the production capacity of polyurethane dispersions, owing to the high demand for polyurethane dispersion in paints and coatings. In November 2017, Covestro AG expanded the production capacity of aqueous polyurethane dispersions at its Dormagen site in Germany. The move was primarily intended to meet the rising demand for aqueous polyurethane dispersions in the coatings & adhesives industry. Higher cost of polyurethane dispersions vis-à-vis other dispersions such as acrylics is likely to hamper the polyurethane dispersion market in Europe during forecast period.
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Europe Polyurethane Dispersions Market: Prominent Segments
In terms of value, the water-based type segment held major share of the polyurethane dispersions market in Europe in 2018. This trend is expected to continue throughout the forecast period. The usage of solvent-based coatings is being phased out in developed regions, especially in Europe. Based on application, the leather finishing segment constituted significant share of more than 20% of the polyurethane dispersions market in Europe in 2018. This trend is estimated to continue during the forecast period. On the other hand, paints & coatings is projected to be a rapidly growing segment of polyurethane dispersion market in the region during the forecast period.
Competition Landscape
Major manufacturers of polyurethane dispersions include Covestro AG, BASF SE, Wanhua Chemical Group Co., Ltd., Stahl Holdings B.V., Perstorp, Alberdingk Boley Inc., and LANXESS. High cost of polyurethane dispersions acts as a significant barrier for new players entering the polyurethane dispersions market in the Europe.
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