U.S. Showcases Lucrative Opportunities
In U.S., vehicles have turned out to be more fuel-efficient compared to earlier times, which in turn has led to surging stimulation of North America polyurethane composites market. CAFE (Corporate Average Fuel Economy) standards have been playing a significant role in influencing the automakers in increasing the development of fuel-efficient vehicles. Growing focus on narrowing costs and catering to the fuel economy standards further drive the polyurethane composites market in North America. However, several studies indicate that U.S. is expected to play a significant role in shaping up the global industry as it has been facing a trio with regards to radical transformation by means of ride-sharing, self-driving cars and electrification, which is expected to impact on the growth of polyurethane composites market on a notable pace.
How CAFE Standards Shaped Up U.S. Automobile Industry
These regulations have significantly influenced the automakers in U.S. to stimulate vehicle fuel economy, which in turn has gain notable consumer attention as it decreases consumer spending as well, thereby creating lucrative opportunities for manufacturers in polyurethane composites market.
Emergence of New Wind Turbines with Polyurethane Composites
Increasing demand for sustainable and clean power sources, thereby catering to the energy generation needs with wind power has been supporting the growth of polyurethane composites market on a major basis. Growing need for light-weight materials integrated with higher effectiveness is expected to drive polyurethane composites demand supply in wind energy industry. Apart from this, rising number of installations with regards to wind turbines, enhanced size of the blades as well as surging usage of polyurethane composites in various other turbine components namely hub and nacelle are expected to boost the demand supply for composite materials, which in turn results in notable growth of polyurethane composites market across the globe.
Polyurethane composites have been significantly useful for the wind energy industry owing to the benefits offered by the innovation such as enhanced life of objects, reliability and higher stability. Polyurethane composites also play a major role in the manufacturing of wind turbines rotor blade and this is one of the most critical component of the entire wind turbine structure. Constant demand for increasing the size of rotor blades in order to raise the output of wind turbine has been offering prospective growth opportunities for polyurethane composites market on a major basis.
For instance, Covestro has been witnessed as taking immense efforts in launching its first ever wind turbine along with wind blades that are made up of polyurethane composites. This successful installation is expected to mark a milestone in the mission of Covestro to commercialize the polyurethane infusion resin or in other words, polyurethane composites as an important material. This in turn is expected to shape up new generation of stronger and longer wind blades, thereby surging demand for polyurethane composites as well. However, constant usage across the wind power energy industry is expected to further stimulate the growth of polyurethane composites market.
Notable Development for Manufacturers
BASF SE: The polyurethane composites market player has been developing new strategies in order to elevate its position in the global market. BASF SE is planning to concentrate on the organic business growth and will be developing custom-made offerings for their customers, which in turn is expected to enable the company in expanding its customer-base in polyurethane composites market. APAC polyurethane composites market is expected to be highly beneficial for BASF SE as the company is well-established in the region and now is planning to be more flexible by simplifying processes and structures, thereby sharpening its product portfolio and strengthening the Verbund.
An on-going research based on polyurethane composites market is likely to offer an in-depth analysis with future and current market prospects. In addition, the global market report on polyurethane composites includes latest market dynamics and developments as well.