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Covid-19 Impact On Global Polyurethane Additives Market
The polyurethane additives are used in various end-use industries such as automotive & transportation, building & construction, bedding & furniture, electronics, and others. COVID-19 has impacted these industries.
1. The lockdown in various countries and logistical restrictions have adversely impacted the automotive & transportation industry. Supply chain disruptions, workforce unavailability, logistical restrictions, limited availability of components, demand drop, low company liquidity, and shutdown of manufacturing due to lockdown in various countries have adversely affected the industry. OEMs, raw material suppliers, and other related businesses are forced to re-evaluate their strategies to cater to this industry during this crisis period.
2. Residential and commercial construction has come to a grinding halt owing to the pandemic. Polyurethane additives demand from this sector is expected to be low to the medium during this crisis period. Some major issues would be a delay in order shipments, supply chain restriction, manpower & equipment shortage, and material shortage. Post conclusion ...
... of this crisis, the market is expected to revive, and demand is likely to increase for the polyurethane additives market.
3. The demand for bedding has increased in the healthcare sector, owing to the pandemic. A rise in demand from various hospitals and care institutions for supplying these mattresses for the increasing number of patients is boosting the consumption of polyurethane additives in the manufacturing of these devices/equipment.
The global polyurethane additives market size is estimated at USD 3.5 billion in 2020 and is projected to reach USD 4.5 billion by 2025, at a CAGR of 4.2%. The growing demand for polyurethane additives is due to the growing demands for innovative and cost-effective additives and the growing construction industry in the emerging countries.
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