Polyurethane Foam Market Valuation to Reach USD 76.06 Billion by 2027 at 7.2% CAGR | Global Industry to Benefit from Emerging Preference for Bio-Based Materials, Says Market Research Future (MRFR)
Pune, India, Feb. 24, 2021 (GLOBE NEWSWIRE) — Polyurethane Foam Market Forecast:
Market Research Future (MRFR) expects the Polyurethane Foam Market to gain a striking valuation of USD 76.06 Billion by 2027 and expand at a rate of 7.2% from 2019 to 2027 (evaluation period).
Future Market Growth Factors:
The key reasons for the robust expansion rate of the polyurethane foam market can be the escalating demand in prominent end-use industries like electronics, bedding & furniture, building & construction and automotive. These industries are growing at a stellar pace, especially in developing countries like Thailand, India, and others, which has boosted the use of polyurethane foams. PU foam’s unique and appealing physical characteristics help raise the demand and in turn, works in favor of the global industry to a large extent.
Polyols are key components used for manufacturing polyurethane foams. Soaring concerns with regard to consumption of fossil fuels as well as the negative effects of plastics have encouraged the polyurethane foam market to strive for a more sustainable approach. Bio-based materials, like soy-based polyols present an array of advantages compared to traditional polyols, when it comes to sustainability as well as cost-effectiveness. This could be a significant opportunity for the polyurethane manufacturers by bringing down their reliance on raw materials that are petroleum-based for producing polyurethane foams.
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Key Players Locking Horns:
The Polyurethane Foam Market is rife with a number of global firms that indulge in intense competition. Many of these companies are focused on carrying out extensive research and development activities to introduce new polyurethane products that have several applications. Leading companies also adopt a number of organic as well as inorganic growth tactics, such as mergers & acquisitions, innovative product launches and expansions to enhance their share in the global industry.
Top Manufacturers of Polyurethane Foam Worldwide are:
- Recticel (Belgium)
- Trelleborg AG (Sweden)
- Covestro AG (Germany)
- Wanhua Chemical Gro up Co. Ltd (China)
- LANXESS (Germany)
- Tosoh Corporation (Japan)
- BASF SE (Germany)
- Huntsman International LLC (US)
- DowDuPont Inc. (US)
- NITTO DENKO Corporation (Japan)
- SEKISUI CHEMICAL CO., LTD. (Japan)
Market Segmentation:
Different types of polyurethane foam that witness significant demand in the market are flexible foam, spray foam and rigid foam. The biggest share in the global market, however, is owned by lightweight foam, which could remain at the top in the forthcoming years as well. It notes extensive applications in end-use sectors like bedding and furniture, building and construction and automobile, on account of its appealing characteristics including impressive absorption property and lower volume to weight ratio.
Depending on the mode of application, the polyurethane foam industry can be categorized into building & construction, bedding & furniture, automobile, electronics, packaging, clothing, and more. Owing to the significant deployment of flexible PU foams in structural insulation, roofing, wall cavities and flooring, the building and construction segment could secure the leading spot in the years to come. Appealing benefits including significant resistance to water vapor, excellent structural strength, lower density, and high longevity have raised the demand for polyurethane foam in the building and construction sector. Substantial government funding in infrastructure development has pushed the growth of the construction industry across various emerging countries, which bolstered polyurethane consumption rate. Increasing consumer spending on furniture and interiors also elevate the consumption rate of the product.
Browse In-depth Market Research Report (157 pages) on Polyurethane Foam: https://www.marketresearchfuture.com/reports/polyurethane-foam-market-1697
Regional Status:
Asia Pacific can gain the highest growth rate of 9.15 percent and touch a stunning valuation of USD 32.82 billion in the years ahead. Numerous end-use industries like construction, packaging, automotive, footwear, and bedding and furniture in the region are increasingly using PU foam, in view of the rising urbanization and industrialization, which can be favorable for the market. Also, supportive government regulations and international players shifting their production bases to the region also enhance the market size.
Considering the escalating use of polyurethane foams in reconstruction and renovation activities, North America should reach a whopping USD 13.24 billion by the year 2027. Also, the surge in various government-led initiatives including the Weatherization Assistance Program/WAP that promote the use of thermal insulation will also foster the product demand in the region.
In the year 2017, Europe seized a substantial portion of the global market, and is set to claim a growth rate of 24.78 percent over the analysis period. The region’s strong growth is the result of the mounting demand for the product in the building & construction and automotive industries. In addition to that, the presence of various EU schemes that provide financial aid to major end-users adopting eco-friendly materials also foster the demand for polyurethane foam in Europe.
The Middle Eastern market, value-wise, should be able to attain a significant growth rate over the forecast timeline, thanks to the region’s thriving construction & building as well as bedding & furniture sectors, which are some of top end-users of polyurethane foams. Increased preference for energy-efficient buildings across a number of countries in the region also add to the market value.
Latest Developments:
July 2020 – BASF has come together with Yutong Bus Co. Ltd., a well-known bus manufacturer to develop a polyurethane seating for new-energy innovative buses. Elastoflex PU-based seatings by BASF will provide impressive flame-retardant advantages and is also as per the European directive that imposes regulations about flame resistance.
November 2020 – Trelleborg recently designed a new anti-microbial AMV Shield system for materials made of polyurethane. The AMV Shield system offers anti-viral, anti-bacterial, anti-fungal and anti-mold properties to polyurethane materials, which last for more than 25 years.
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Developments Post COVID-19 Outbreak:
Several key end-use industries in the polyurethane foam market like furniture, construction, electronics, automotive and more have been deeply affected by the COVID-19 pandemic. The pandemic and the subsequent lockdown have lowered the workforce across manufacturing units, leading to reduced production of polyurethane and PU foam. The novel coronavirus has also challenged the market firms in the form of revenue losses, debts, weaker supply chains and more.
The uncontrollable increase in SARS-CoV-2 worldwide has compelled leading manufacturers to follow strict safety norms and maintain efficient communication, as employees’ health has become the key focus. Vendors are also pressured to adopt competitive tactics to maintain their positions in the market, while facing obstacles thrown by COVID-19.
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