Global Polyurethane Foam Market, Trends & Analysis - Forecasts To 2026 By Type (Flexible Foam, Rigid Foam, Spray Foam), By End User (Building & Construction, Bedding & Furniture, Electronics, Automotive, Packaging, Footwear), By Region (North America, Europe, Asia Pacific and Rest of the World); Vendor Landscape, End User Landscape and Company Market Share Analysis & Competitor Analysis
Global Polyurethane Foam Market: Insights
The global polyurethane foam market is expected to generate revenue amounting to USD xx billion in 2020, and is projected to reach to USD xxx billion by 2026, growing at a CAGR of xxx% over the forecast period. Growing demand from bedding & furniture and building & construction industries are expected to drive the market for polyurethane foams during the forecast period. Growing governmental support to increase insulation in refrigeration articles, product demand in consumer electronics is also expected to propel the market growth during the forecast period. High recyclability and clean incineration for pollutant filtration, reduced wastage, and greater sustainability are some of the major factors propelling the market growth for polyurethane foam. Polyurethane foam are used as superior insulation for roofs and walls in new houses. They also help to maintain uniform temperature and reducing noise levels in the buildings. Growing construction of residential and commercial buildings across various regions including North America, Europe, Asia Pacific, and Central & South America is further projected to propel the market growth of polyurethane foam. However, product failures and recalls, and unfavorable taxation policies, are likely to hamper the market growth during the forecast period. Polyurethane foam is a highly flexible material which helps reduce total infrastructural cost and energy consumption in various industries. However, fluctuation raw material prices and stringent environmental regulations are likely to hamper the market growth for polyurethane foam during the forecast period.
Polyurethane is a member of the wide-ranging and highly diverse family of polymers or plastics. Polyurethane can be a solid and an open cellular structure called as foam. Polyurethane foam is widely used in high resiliency flexible foam seating, rigid foam insulation panels, microcellular foam seals and gaskets, durable elastomeric wheels and tires, automotive suspension bushings, electrical potting compounds, seals, gaskets, carpet underlay, and hard plastic parts.
Global Polyurethane Foam Market Size: By Segmentation
The global polyurethane foam market is segmented on the basis of type into flexible foam, rigid foam, and spray foam. The flexible foam segment is expected to hold the largest market share in the global polyurethane foam market during the forecast period. Flexible foams are widely used in various applications in the automotive, construction, and electronics industries. Flexible foam helps to reduce weight, vibration, and also increase fuel efficiency, and durability of automobiles. These are some of the major factors expected to drive the market growth for flexible foam during the forecast period. Flexible foam offers superior properties such as durability, resiliency, energy absorption and handling strength among others. Rigid foam segment is expected to grow at a high CAGR during the forecast period. Increasing construction spending coupled with rising per capita disposable income in emerging economies are driving the market growth for rigid foam segment. Rigid foams are also used to package highly sensitive equipment such as jewelry, electronics, printed circuit boards (PCB), and delicate foods among others.
On the basis of end user, the global polyurethane foam market is segmented into building & construction, bedding & furniture, electronics, automotive, packaging, and footwear. The building & construction segment is expected to hold the largest market share during the forecast period. Growing demand for insulation from the building & construction industry is driving the market growth for polyurethane foam. Increasing investments in new infrastructure development, new housing projects, and renovation of non-residential buildings are also expected to drive the market growth for building & constructions segment during the forecast period. The automotive segment is expected to grow at a high CAGR during the forecast period. Increasing use of semi-rigid polyurethane foams as integral skin foams for vehicle interiors and exterior parts in the automotive industry is boosting the market growth. Polyurethane foams are used in the development and manufacturing of seat cushions, interior trims, bumper systems, door handles, gear knobs, and dashboards among others.
Global Polyurethane Foam Market Size: By Region
On the basis of region, the market of polyurethane foam is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa. The Asia Pacific region is expected to dominate the market and also estimated to expand at a rapid pace during the forecast. The expanding construction industry along with increasing FDI investments are driving the market growth in the region. The growing automotive sector and presence of prominent automotive companies such as Honda, Hyundai, Toyota, Tata, and KIA among others is driving the market growth in the region.
Global Polyurethane Foam Market: Competitive Landscape
Some of the key players operating in the polyurethane foam market include: Covestro (Germany), The Dow Chemical Company (US), BASF SE (Germany), and Huntsman Corporation (US).
Please note: This is not an exhaustive list of companies profiled in the report.
In May 2020, Huntsman Corporation has branded its world leading spray polyurethane foam (SPF) Business as Huntsman Building Solutions (HBS). HBS is a global platform within Huntsman's Polyurethanes division.
In January 2018, BASF established a new MDI synthesis unit in Geismar, Louisiana. MDI is a basic raw material for polyurethanes. The annual capacity of MDI will increase from 300,000 metric tons to 600,000 metric tons. This expansion strategy enabled the company to enhance its presence in North America.
In March 2018, FXI-Foamex Innovations partnered with Biocrystal Technologies to introduce a new unique foam infused with Biocrystal known as Regenerist with Biocrystal.
Polyurethane Foam Market: By Type
Polyurethane Foam Market: By End User
Polyurethane Foam Market: By Region
The global Polyurethane Foam Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Polyurethane Foam Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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