Polyurethane is a versatile polymer which finds use in our everyday life in some form or the other. “There is some PU within 10 feet in your life” It caters to almost all major industries like Automotive, Appliances, Building & Construction, Energy, Defense, Paints and Coatings, Soft furniture and Footwear to name a few. The markets in Europe and Middle East, North America and the Far East are at advance level of usages and growth base compared to India which is at transient growth stage.
Indian Polyurethane industry is growing at a steady pace due to rapid urbanization and growing middle class with higher disposable income. It is quite but natural that there is increased sales of refrigerators, mattresses, footwear (for different occasions) all leading to increase in usage of Polyurethanes.
New technologies in composites and similar weight reducing applications are also seen. Polyurethane as an insulation material for energy savings in the Building & Construction industry and Cold Storages are all gathering momentum. In the Coatings segment, Polyurethane has established well with its superior product advantages. Same is the case with Elastomers, where it is seen to replace conventional material like Rubber.
However, even today, India is import dependent for some of its raw materials and hence to that extent there is some constraint on phenomenal growth one would like and wish to see with this industry.
Outlook for Polyurethanes
PU is a highly versatile material with a very diversified chemistry, giving rise to wide range of properties and leading to wide range of applications. It is a smart designer’s polymer and can do more with less.
Many of the materials have been replaced by Polyurethane because the other alternates have become obsolete and have issues relating to manufacturing, environment, health, safety etc. New generation materials have all the intrinsic properties and qualities those have helped to be alternatives.
Other favourable factors are less manpower intensive, well-developed reliable machinery availability, expert service availability, low per capita consumption offering high growth opportunity, increasing investments in RM in proximity to India as well as in India.