(MENAFN- GetNews) Polyurethane Foam market Research Report: by Type (Flexible, Rigid, Spray), by Application (Building & Construction, Bedding & Furniture, Automotive, Electronics, Packaging, Footwear, Others), and Region - Forecast to 2023
Market Overview:
The global polyurethane foam market is anticipated to exhibit an 8.36% CAGR, on the basis of value, from 2018 to 2023 (forecast period), states Market Research Future (MRFR) in its latest report. It is predicted to touch a valuation of USD 76,065.74 million by the end of the forecast period. Polyurethane (PU) foams are used in the manufacture of resilient foam applications such as gaskets, insulation panels, tires, adhesives, and others. It is derived using either polyols or isocyanates. Their resistance to solvents makes them desirable by textile manufacturers. This in combination with their high heating value has widened its scope across packaging, footwear, and automotive industries.
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The burgeoning demand from the building and construction sector owing to the boost in infrastructural projects is likely to net in a high windfall for the market. The expanding home furnishing sector owing to the growing middle class is likely to provide opportunities for the polyurethane foam market. Restrictions placed on methylene chloride can pose a challenge to the market in the forthcoming years.
Segmentation Analysis:
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.
Competitive Dashboard:
ü LANXESS
ü NITTO DENKO Corporation
ü SEKISUI CHEMICAL CO., LTD.
ü Wanhua Chemical Group Co., Ltd
ü Covestro AG
ü Tosoh Corporation
ü BASF SE
ü Recticel
ü DowDuPont Inc.
ü Huntsman International LLC
ü Trelleborg AG
Regional Analysis:
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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