Rapid pace of development has defined the expansion of the industry in these past few years. Market Research Future deals in specialized market reports related to the chemicals and materials sector amongst others, lately published a report on this industry. The polyurethane foam market internationally is anticipated to grow with an estimated CAGR of more than 9.1% in the forecast period.
The level of flexibility offered in terms of applications has provided a heightened level of demand to this industry. Ease of manufacturing and relatively low cost of the product has been important to the growth of industry considerably. Its usage in the bedding and furniture has increased dramatically due to increase in the demand and need of these products. Increased urbanization has amplified the growth pace of the market with a significant increase in the level of disposable income as well. Increase in the consumer electronics sector has improved the growth potential of the market.
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The polyurethane foam industry is divided into types by rigid foam and flexible foam. Flexible polyurethane type has garnered higher levels of demand due to their characteristics. The applications segmentation of the sector includes furniture and bedding, automotive, refrigerators and freezers, coatings and adhesives among other applications. The Bedding & furniture was the top segment in the application category for polyurethane foams
Evonik, Armacell GmbH among
Jan 2018 Dow polyurethanes will be included in the Olympic Village and the 2018 Winter Olympics buildings as well. The company’s Polymeric MDI will be used to make PIR insulation for parts of the Olympic Village. The houses made from these panels consisting of boards and insulation foam can be constructed in a short duration of time with half the costs. The foams also require only half the energy to build in comparison to other expanded polystyrene structures.
Feb 2018 Sleepwell part of the Sheela Group which has gained its market share as a top producer of polyurethane foam recently announced the unveiling of its groundbreaking ‘comfort cell’ technology mattresses in Andhra Pradesh signifying the entry of technology in the state. The applications of the foam is used in businesses like shoes, garments, automobiles, and packaging.
By type, the Polyurethane Foam Market is segmented into flexible, rigid, and spray. Flexible foams accounted for 48.55% share in 2017 and touted to showcase a strong CAGR of 8.50% till 2023. This can be attributed to its application in furniture, thermal insulation, and soundproofing. The spray segment can exhibit 8.70% CAGR during the forecast period and accrue USD 12,444.4 million by 2023 thanks to massive roofing demands.
By application, it is segmented into automotive, packaging, bedding & furniture, electronics, building & construction, footwear, and others. The building & construction application will contribute the maximum to the polyurethane foam market thanks to new development projects globally. It had accounted for a large portion of market demand in 2017. Furthermore, energy-consciousness is likely to induce demand for PU foams till the end of the forecast period. Bedding & furniture was the second largest segment in 2017 followed by automotive. Automotive is predicted to accrue revenue for the market at 8.95% CAGR over the forecast period.
By region, the polyurethane foam market is segmented into North America, Latin America, Europe, Asia Pacific (APAC), and Middle East & Africa (MEA).
The Asia Pacific region accounted for the leading market, holding 41.31 % of the share in the global polyurethane foam market, in the year 2017. Primary factors driving the regional market include the strong growth in demand for the product in the leading end-use industries such as automotive, building and construction, bedding and furniture, packaging, and footwear.
Europe was the second-largest market for polyurethane foams accounting for 24.78 % market share, in 2017. The robust automotive industry in Germany is a key driving force which will lead the market to register 7.38% CAGR of during the forecast period.
The North American region is emerging as a promising market for polyurethane foams owing to the building & construction industry in the region which is majorly led by the growing renovation & reconstruction activities. In the years 2017, the region has acquired almost 17.92% of the market share of the global polyurethane foam market.
Furthermore, the regulatory norms and directions led by the US Environmental Protection Agency (EPA) alongside the government initiatives such as Weatherization Assistance Program (WAP) to promote thermal insulation will fuel the demand for the product in coming years.
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