As per the report published by Fior Markets, the global polyurethane foam market is expected to grow from USD 56.68 billion million in 2021 and to reach USD 102.07 billion by 2029, growing at a CAGR of 7.63% during the forecast period 2021-2029.
The polyurethane foam market is witnessing significant growth in the past years. This growth is attributed to the rising usage of polyurethane foams in creating insulation for energy conservation and the growing adoption of bio-based products & technological improvements. Additionally, the Center for the Polyurethanes Industry (CPI), Indian Polyurethane Association (IPUA), Polyurethane Manufacturers Association (PMA), Polyurethane Foam Association (PFA), and the Spray Polyurethane Foam Alliance (SPFA) provide help & boost the usage of polyurethane foam. The influence of the COVID-19 epidemics resulted in most production plants of polyurethane foams in Europe operating or closed with limited ability.
Polyurethane foam is a cellular-structured, porous, synthetic material made from the reaction of polyols and diisocyanates. Polyurethane foam is a synthetic polymer that presents insulation and security to materials against moisture, abrasion, temperature, impact & corrosion. The gas phase is air brought about via blowing agents, while the solid phase is made from polyurethane elastomer. Polyurethane foam can likewise be categorized based on its fundamental & composition properties, as ether polyurethane foam or either ester.
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The global polyurethane foam market is expected to witness significant growth due to the rising construction spending and high demand from furniture & bedding enterprises for insulation & cushioning. The increase in different end-user enterprises over the emerging countries & increased usage of polyurethane foams in creating insulations for power versatility & conservation & exceptional physical properties of polyurethane foams are also driving the market growth during the forecast period. The strict environmental regulations associated with the manufacturing of polyurethane foams are expected to hamper the market growth. The rising bio-based polyols & emerging new markets are the opportunities for market growth. The high expense of raw materials is anticipated to challenge the market growth.
Key players operating in the global polyurethane foam market include BASF SE, Covestro AG, Dow Inc., Wanhua Chemical Group Co., Ltd, Chemtura Corporation, Huntsman Corporation, Saint-Gobain, DuPont, Bayer AG, Sekisui Chemical Co., Ltd., Rogers Corporation, and Recticel NV/SA, and among others. To gain a significant market share in the polyurethane foam market, the key players are now focusing on adopting product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Rogers Corporation is vital manufacturers operating in the polyurethane foam market.
- For example, in June 2021, Rogers Corporation Company announced the launch of a product designed to meet the need for high-performing materials which facilitate the creation of lighter & thinner electronic gadgets. PORON AquaPro 37TS9 offers reliable water sealing capabilities in a self-adhesive form, an ultra-thin.
- For example, in 2020, a major company, Covestro AG and Recticel Group collaborated to construct more sustainable mattresses, involving the investigation of raw material technologies for polyurethane foam. The collaboration aims to create a fully circular product lifecycle of polyurethane foam utilizing endurable material.
The building & construction segment dominated the market and held the largest market share of 20.24% in the year 2021
On the basis of end-use industry, the global polyurethane foam market is segmented into packaging, bedding & furniture, footwear, building & construction, automotive, electronics, and others. The building & construction segment dominated the market and held the largest market share of 20.24% in the year 2021. This growth is attributed to the increasing product demand from the furnishing sector. Additionally, the more excellent resistance to water vapor, its longevity, structural strength, and its lower density also help to boost the segment’s growth.
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The flexible foam segment dominated the market and held the largest market share of 40.14% in the year 2021
On the basis of type, the global polyurethane foam market is segmented into spray foam, rigid foam, and flexible foam. The flexible foam segment dominated the market and held the largest market share of 40.14% in the year 2021. This growth is attributed to the strong demand from end-use industries like furniture & transportation for cushioning applications.
The high-density polyurethane foams segment dominated the market and held the largest market share of 42.10% in the year 2021
On the basis of material, the global polyurethane foam market is segmented into high-density polyurethane foam, medium-density polyurethane foam, and low-density polyurethane foam. The high-density polyurethane foams segment dominated the market and held the largest market share of 42.10% in the year 2021. This growth is attributed to the advanced properties like durability and high performance.
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Regional Segment of Polyurethane Foam Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Based on geography, the polyurethane foam market has been classified into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. The Asia Pacific region holds the largest market share of 35.12% in the year 2021. This growth is attributed to the increasing demand for these products in several end-use enterprises like footwear, packaging, building & construction, automotive, bedding & furniture. Moreover, the growing household incomes, innovation, and price deflation, particularly in the emerging Asian industry, have resulted in the high demand for customer electronic products, boosting the market’s growth in this region. The market in North America is expected to witness significant growth due to the rising demand for renovation & reconstruction activities.
About the report:
The global polyurethane foam market is analysed on the basis of value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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