The global polyurethane foam market size is valued to expand to USD 76,065.74 million by 2023 due to its scope in packaging, footwear, and automotive sectors. It is predicted to exhibit a CAGR of 8.36% over the forecast period due to the increasing demand from the construction sector. Infrastructural projects with an effort to go green and an emphasis on attaining low heat or R-value is likely to drive the demand for PU foams which are used in insulation panels.
The home furnishing sector is expected to be one of the biggest drivers of the global PU foam market. This can be attributed to the need for mattresses and home furniture which contain these foams. The rising per capita income of middle-class consumers as well as the launch of various furniture stores can drive the growth trajectory of the market.
But laws and impositions on the production of methylene chloride can be challenging for the market. However, the inclination towards bio-based PU foams or recyclable foams can provide future growth opportunities.
Competitive Leader Board:
Huntsman International LLC, BASF SE, DowDuPont Inc., Recticel, Covestro AG, Tosoh Corporation, LANXESS, Wanhua Chemical Group Co., Ltd, NITTO DENKO Corporation, Sekisui Chemical Co., Ltd., and Trelleborg AG are some of the biggest names in the global polyurethane foam market. Expansions and investments are prime strategies exercised by these players to sustain their standing.
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Market Segmentation:
The global polyurethane foam market is segmented by type and application.
By type, the polyurethane foam market is segmented into flexible, rigid, and spray. The flexible foam segment is expected to dominate the market until 2030 due to the massive demand in sectors of bedding, furniture, building construction, and automotive. Lower volume to weight ratio and the highly absorbent properties of PU will drive the segment growth.
By application, it is segmented into bedding furniture, building construction, automotive, electronics, packaging, footwear, and others. The building construction application can generate revenue for the global polyurethane foam market due to the use of flexible foams in wall cavities, flooring, and insulation roofs. Various development projects by nations globally can spur the polyurethane foam market growth.
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Regional Analysis:
Europe, Asia Pacific (APAC), North America, Latin America, and the Middle East and Africa (MEA) are regions considered for the purpose of the global polyurethane foam market report.
The APAC region will be highly lucrative for the global market due to the demand in various end-use industries. It can exhibit a CAGR of 9.15% during the forecast period to touch a value of USD 32,822.6 million by 2030. Rapid industrialization and urbanization are likely to drive the market demand. Furthermore, China and other Asian countries are likely to contribute in terms of volume and value due to the high purchasing power of customers and availability of numerous products.
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