The global polyurethane additives market size is projected to reach USD 4.5 billion by 2025 at a CAGR of 4.2% from 2020. The demand for the polyurethane additives market is increasing, owing to the growing demand for innovative and cost-effective additives. Polyurethane additives are additives used in the production of polyurethane foam or elastomer products. These additives are used to modify the properties of the foam or elastomer such as hardness, flexibility, fire resistance, abrasion resistance, and others. They can also be used to improve the product's durability, waterproofing, and insulation properties. In addition, these additives can be used to enhance the performance of the foam or elastomer product in specific applications, such as for medical or automotive uses.
The increase in demand for polyurethane additives and the growing construction industry in emerging economies, such as APAC and South America, are driving the market. The key players in the polyurethane additives market include Evonik Industries (Germany), BASF (Germany), Huntsman Corporation (US), Covestro (Germany), Dow Inc. (US), Lanxess AG (Germany), Albemarle Corporation (US), Tosoh Corporation (Japan), Momentive (US), BYK (US). The polyurethane additives market report analyzes the key growth strategies, such as expansion and new product launch, adopted by the leading market players between 2015 and 2020.
BASF SE (Germany) is among the key players in the polyurethane additive market. The company adopted the strategies of expansion to strengthen its competitiveness in the global polyurethane additives market. For instance, in April 2019, the Company has increased the production capacity of alkylethanolamines (AEOA) by 20% at its Verbund site in Ludwigshafen, Germany. This would increase the company’s global annual production capacity to more than 110,000 metric tons. The versatile AEOA is used for various applications, including for manufacturing of polyurethane additives. This strategy will help the company to serve its customers better.
Dow Inc., (US) is one of the leading manufacturers of polyurethane additives. The company adopted new product launch as one of its key business strategies. For instance, in June 2020, the Company launched new silicone additives under the VORASURF brand namely, VORASURF RF 5374 Additive, VORASURF 5382 Additive, and VORASURF RF 5388 Additive. These additives are developed in order to support more sustainable polyurethane foams in the cold chain applications. This strategy has helped the company to expand its existing product portfolio.
