The Polyurethane Foam Market Size was valued at US$ 43.1 billion in 2021 and is expected to reach at US$ 71 billion by 2028, with a healthy CAGR of 7.4%.
Pune, India -- (SBWIRE) -- 08/02/2022 -- Polyurethane Foam Market Scope & Overview:
One of the most widely used materials in home furnishings, including furniture, bedding, and carpet underlay, is polyurethane foam. Flexible polyurethane foam adds padding to upholstered furniture to increase its sturdiness, comfort, and support. As it responds to consumer choices, the automotive sector makes steady progress toward its sustainability goals. Different chemicals are added, and certain characters can be accentuated, depending on the use. The thermal insulation of buildings is primarily accomplished using rigid varieties of polyurethane foam. Polyurethane foams of the flexible variety are molded for use in the automotive industry. Polyurethane foams have a number of advantages for the environment, including excellent recycling rates and minimal waste.
As per the latest market research report by SNS Insider, the polyurethane foam market is expected to reach US$ 71 Bn by 2028, with a growing CAGR of 7.4% over the forecast period 2022-2028.
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Major key company profiles included in Polyurethane Foam Market are listed below:
- Covestro AG
- BASF SE
- Wanhua Chemical Group Co., Ltd.
- Dow Inc.
- Huntsman Corporation
- Sekisui Chemical Co., Ltd.
Drivers, Restraints, Opportunities, and Challenges
The rising use of polyurethane foams in building insulation for energy conservation is fueling the growth of the worldwide polyurethane foam market. The bedding and furniture industries' high demand for polyurethane foams is the main element boosting the market's expansion. The market is expanding as a result of increased demand from the automotive and electronic industries. Companies are constantly engaging in R & D to create polyols from sustainable sources including biomass wastes and vegetable oils.
The global polyurethane foam industry is growing, however there are some limitations. Numerous strict environmental restrictions are used during the production of polyurethane foams, which may impede the expansion of the worldwide polyurethane foam market.
Impact of the COVID-19 Pandemic
Government restrictions, travel bans, lockdowns, and factory closures caused by the COVID-19 epidemic hurt the polyurethane industry. The building and construction sectors' standstill had a negative impact on the polyurethane market. Insulation made of polyurethane can be customized. Storage apparatuses, such as specific refrigerators, where COVID-19 vaccine vials can be kept, are prepared using rigid polyurethane foams. These are employed in the global shipment of vaccines. Consequently, it is projected that the demand for polyurethane would rise in the near future.
Polyurethane Foam Market Segmentation Analysis 2022
According to type, flexible type held the biggest market share and was anticipated to continue to dominate during the forecast period. Durable, light, and supportive are all attributes of flexible polyurethane. The automotive, furniture, and bedding sectors make extensive use of it.
The building and construction end-user category is significantly boosting the growth of the worldwide polyurethane foam market, according to end-use. Thermal insulators, flooring, and waterproofing are all applications for polyurethane foam.
With its advanced qualities including durability and high performance, the high-density polyurethane foams market is anticipated to experience significant growth in terms of density composition throughout the forecast period.
Major Segments and Sub-Segment of Polyurethane Foam Market are Listed Below:
- Flexible Foams
- Rigid Foams
- Spray Foams
By Density Composition
- Low-Density Polyurethane Foams
- Medium-Density Polyurethane Foams
- High-Density Polyurethane Foams
By End-use Industry
- Bedding & Furniture
- Building & Construction
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In terms of value and volume, Asia Pacific stands out as the polyurethane foam market's undisputed leader. The largest producer and user of polyurethane foams is China. The primary driver of market expansion is the rising demand for polyurethane foams from the construction, electronics, and automotive industries. Polyurethane foam can assist lower the energy consumption in buildings. Due to their generally steady industrial production, nations like North America and Europe are major consumers of these polymers. Because polyurethane foam is utilized in so many packaging applications, the industry is expected to develop exponentially.
Frequently asked questions:
- By 2028, what will be the global polyurethane foam market value?
- During the forecast period (2022-2028), how fast is the global polyurethane foam market forecast to grow?
- In the global polyurethane foam market, what were the primary growth drivers?
- How much of the world's polyurethane foam market is accounted for by which region?
- How large is the global market for polyurethane foam?
Table of Contents – Major Key Points
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter's 5 Forces Model
7. PEST Analysis
8. Global Polyurethane Foam Market Segmentation, By Type
9. Global Polyurethane Foam Market Segment, By Density Composition
10. Global Polyurethane Foam Market Segment, By End-Use Industry
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
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