Market Overview:
The global polyurethane foam market is
anticipated to exhibit an 8.36% CAGR, on the basis of value, from 2018 to 2023
(forecast period), states Market Research Future (MRFR) in its latest report.
It is predicted to touch a valuation of USD 76,065.74 million by the end of the
forecast period. Polyurethane (PU) foams are used in the manufacture of
resilient foam applications such as gaskets, insulation panels, tires,
adhesives, and others. It is derived using either polyols or isocyanates. Their
resistance to solvents makes them desirable by textile manufacturers. This in
combination with their high heating value has widened its scope across
packaging, footwear, and automotive industries.
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The burgeoning demand from the building and
construction sector owing to the boost in infrastructural projects is likely to
net in a high windfall for the market. The expanding home furnishing sector
owing to the growing middle class is likely to provide opportunities for the
polyurethane foam market. Restrictions placed on methylene chloride can pose a
challenge to the market in the forthcoming years.
Segmentation Analysis:
By type, the polyurethane foam market is
segmented into flexible, rigid, and spray. Flexible foams accounted for 48.55%
share in 2017 and touted to showcase a strong CAGR of 8.50% till 2023. This can
be attributed to its application in furniture, thermal insulation, and
soundproofing. The spray segment can exhibit 8.70% CAGR during the forecast
period and accrue USD 12,444.4 million by 2023 thanks to massive roofing
demands.
By application, it is segmented into
automotive, packaging, bedding & furniture, electronics, building &
construction, footwear, and others. The building & construction application
will contribute the maximum to the polyurethane foam market thanks to new
development projects globally. It had accounted for a large portion of market
demand in 2017. Furthermore, energy-consciousness is likely to induce demand
for PU foams till the end of the forecast period. Bedding & furniture was
the second largest segment in 2017 followed by automotive. Automotive is
predicted to accrue revenue for the market at 8.95% CAGR over the forecast
period.
Competitive Dashboard:
ü LANXESS
ü NITTO DENKO Corporation
ü SEKISUI CHEMICAL CO., LTD.
ü Wanhua Chemical Group Co., Ltd
ü Covestro AG
ü Tosoh Corporation
ü BASF SE
ü Recticel
ü DowDuPont Inc.
ü Huntsman International LLC
ü Trelleborg AG
Regional Analysis:
By region, the polyurethane foam market is
segmented into North America, Latin America, Europe, Asia Pacific (APAC), and
Middle East & Africa (MEA).
The Asia Pacific region accounted for the
leading market, holding 41.31 % of the share in the global polyurethane foam
market, in the year 2017. Primary factors driving the regional market include
the strong growth in demand for the product in the leading end-use industries
such as automotive, building and construction, bedding and furniture,
packaging, and footwear.
Europe was the second-largest market for
polyurethane foams accounting for 24.78 % market share, in 2017. The robust
automotive industry in Germany is a key driving force which will lead the
market to register 7.38% CAGR of during the forecast period.
The North American region is emerging as a
promising market for polyurethane foams owing to the building &
construction industry in the region which is majorly led by the growing
renovation & reconstruction activities. In the years 2017, the region has
acquired almost 17.92% of the market share of the global polyurethane foam
market.
Furthermore, the regulatory norms and
directions led by the US Environmental Protection Agency (EPA) alongside the
government initiatives such as Weatherization Assistance Program (WAP) to promote
thermal insulation will fuel the demand for the product in coming years.
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