South Korea Bio Based Polyurethane Market Size & Outlook
South Korea bio based polyurethane market, 2018-2030 (US$K)
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South Korea bio based polyurethane market highlights
- The South Korea bio based polyurethane market generated a revenue of USD 566.6 thousand in 2023 and is expected to reach USD 1,014.8 thousand by 2030.
- The South Korea market is expected to grow at a CAGR of 8.7% from 2024 to 2030.
- In terms of segment, flexible foam was the largest revenue generating product in 2023.
- Flexible Foam is the most lucrative product segment registering the fastest growth during the forecast period.
Bio based polyurethane market data book summary
| Market revenue in 2023 | USD 566.6 thousand |
| Market revenue in 2030 | USD 1,014.8 thousand |
| Growth rate | 8.7% (CAGR from 2023 to 2030) |
| Largest segment | Flexible foam |
| Fastest growing segment | Flexible Foam |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD thousand |
| Market segmentation | Rigid Foam, Flexible Foam, Coatings, Adhesives & Sealants |
| Key market players worldwide | Basf SE, Covestro AG, Cargill, Huntsman Corp, RAMP Holdings, MCPU Polymer Engineering, WeylChem |
Other key industry trends
- In terms of revenue, South Korea accounted for 1.5% of the global bio based polyurethane market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China bio based polyurethane market is projected to lead the regional market in terms of revenue in 2030.
- Japan is the fastest growing regional market in Asia Pacific and is projected to reach USD 1,666.3 thousand by 2030.
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Bio Based Polyurethane Market Scope
Bio Based Polyurethane Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea bio based polyurethane market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to bio based polyurethane market will help companies and investors design strategic landscapes.
Flexible foam was the largest segment with a revenue share of 50.3% in 2023. Horizon Databook has segmented the South Korea bio based polyurethane market based on rigid foam, flexible foam, coatings, adhesives & sealants covering the revenue growth of each sub-segment from 2018 to 2030.
The presence of key automobile manufacturers in the country such as SsangYong Motor Company, Hyundai Motor Group, GM Korea Company, Renault Samsung Motors, and Kia Motor Corporation is projected to create demand for bio-based polyurethane over the forecast period.
Furthermore, the emerging self-driving technology is significantly gaining prominence in South Korea. Hyundai, a leading automobile manufacturer in the country, has collaborated with Aurora Innovation, an American start-up, to work on self-driving vehicles with an aim to launch them by 2021.
Thus, positive growth outlook of the automobile manufacturing industry is expected to drive the demand for bio-based polyurethane in automotive applications in coming years. Moreover, rising demand from various end use industries such as electrical & electronics, consumer goods, packaging, building & construction, and others are also anticipated to drive the overall market growth in the country.
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea bio based polyurethane market , including forecasts for subscribers. This country databook contains high-level insights into South Korea bio based polyurethane market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea bio based polyurethane market size, by product, 2018-2030 (US$K)
South Korea Bio Based Polyurethane Market Outlook Share, 2023 & 2030 (US$K)
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