Polyurethane Foam Market:
The GMI Research’s latest analysis reveals that the Polyurethane Foam Market is slated to register a higher CAGR over the coming years. This is mainly due to the increasing awareness related to energy conservation, followed by the strong demand for smart homes and the growing adoption of HVAC systems.
Polyurethane Foam Market’s leading Manufacturers:
- BASF SE
- Dow Inc.
- Wanhua Chemical Group Co., Ltd.
- Huntsman Corporation
- Sekisui Chemical Co., Ltd.
- Rogers Corporation
- Bayer AG
- LANXESS Group
- Recticel Group
- Covestro AG
Polyurethane Foam Industry Dynamics (including market size, share, trends, growth, forecast, and industry analysis)
Key Drivers
The major factors that are surging the growth of the global polyurethane foam market size include the growing awareness pertaining to energy conservation, along with the strong demand for smart homes, rising adoption of HVAC systems, and continuous expansion of the automotive sector. Moreover, polyurethane foam is increasingly used in the construction, oil & gas, furniture, packaging, and automotive sectors as it provides benefits such as sealing, vibration control, lightweight, and durability.
The Indian Polyurethane Association (IPUA), Polyurethane Foam Association (PFA), Spray Polyurethane Foam Alliance (SPFA), Center for the Polyurethanes Industry (CPI), and Polyurethane Manufacturers Association (PMA) provides support and support the use of polyurethane foam. Moreover, the implementation of bio-derived materials, such as soy-based polyols, decreases dependence on petroleum-based raw materials for the production of polyurethane foams and in reducing the manufacturing costs of these foams is surging the market growth. On the other hand, the high costs materials such as methyl di-p-phenylene, toluene diisocyanate, and polymeric isocyanate that are used for the production of polyurethane foams will hamper the market growth.
Type Segment Drivers
Based on the type, the rigid polyurethane foam is projected to grow at a higher CAGR during the forecast period. This is mainly due to the increasing use of this type of foam for the construction of the roof and wall insulation, doors and air barrier sealants, and insulated windows due to high energy efficiency and effective insulation features. Moreover, the strong demand of rigid polyurethane foam in the pipe and pipeline insulation application in sectors such as oil and gas, chemical facilities, power plants, and dairy factories, to decrease heat loss for the conservation of energy and maintain proper temperature control for the sensitive manufacturing process is propelling the growth of the market.
Regional Drivers
On the basis of the regional coverage, North America is projected to grow at a higher CAGR during the forecast period. The expansion of the packaging, automotive, and electronic sector, followed by the presence of the Center for the Polyurethanes Industry (CPI) and Polyurethane Foam Association (PFA) are supporting the growth of the polyurethane market. As per the PFA, around 1.5 billion pounds of flexible polyurethane foam are manufactured in North America every year. This is further boosting the market growth.
Polyurethane Foam Market Segmentation:
Segmentation by Type:
- Rigid Foam
- Flexible Foam
- Spray Foam
Segmentation by End-Use Industry:
- Bedding & Furniture
- Building & Construction
- Automotive
- Electronics
- Footwear
- Packaging
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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