Global Polyurethane Foam Market by Type and By Region Forecast, 2020-2027
The GMI Research predicts that the Polyurethane Foam Market is experiencing an elevation in demand over the forecast period. This is mainly due to the less wastage, rapid industrialization, and better lifecycle of the end product and their escalating usage in the packaging, furniture, footwear, and construction sector.
Introduction of the Polyurethane Foam Market
Polyurethane is a form of polymer belonging to an extensive range of polymers formed by reacting polyol. It is mostly accessible in flexible, spray, or rigid form. They have the property to solve difficult problems and mold into different shapes to improve their application and protect the products by offering remarkable adhesive properties.
Leading Players of the Market:
· BASF SE
· Wanhua Chemical Group Co., Ltd.
· Sekisui Chemical Co., Ltd.
· Bayer AG
· LANXESS Group
· Covestro AG
· Dow Inc.
· Huntsman Corporation
· Rogers Corporation
· Recticel Group
Polyurethane Foam Market Dynamics
Growth in the polyurethane foam market is primarily driven by the augmenting consciousness concerning power saving, aggravating demand for smart homes, expanding automotive industry, and acquiring HVAC systems. In addition, their extensive implementation across packaging, furniture, oil & gas, construction, and automotive sectors, led by their beneficial advantages, which include sealing, allaying, vibration control, transparency, and strength.
Furthermore, leading organizations, like, Indian Polyurethane Association (IPUA), Polyurethane Manufacturers Association (PMA), the Polyurethane Foam Association (PFA), Center for the Polyurethanes Industry (CPI), and Spray Polyurethane Foam Alliance (SPFA), are increasingly encouraging their usage. Furthermore, the launch of bio-derived materials, which include soy-based polyols, helps to reduce the reliability of petroleum-based raw materials for their production and decreases the manufacturing costs of these foams, which will strengthen the market growth.
However, the Polyurethane Foam market research stated that, the inflated cost of materials such as toluene diisocyanate, methyl di-p-phenylene, and polymeric isocyanate employed for manufacturing polyurethane foams will hinder the market growth. Application of poisonous isocyanates and their flammability further curbs the Polyurethane Foam Market market size.
End-Use Industry Segment Drivers
Based on the type, rigid will hold a prominent share in the market during the forecast period. This is owing to its extensive usage in the construction of the roof and wall insulation, insulated windows, doors, and air barrier sealants because of the power-saving and efficient insulation. Additionally, soaring demand for rigid foam in the application of pipe and pipeline insulation across oil and gas, power plants, chemical facilities, and dairy factories to decrease heat loss and conserve energy to sustain proper temperature control for the manufacturing process further stimulates the market growth.
Grade Type Segment Drivers
Based on the end-use industry, the packaging is contemplated to witness significant growth owing to their mounting implementation in the packaging of delicate and shock-fragile objects, including electronics, glassware, medical diagnostic device, and large industrial parts. Moreover, resilience to abrasion, easy fabrication, and shock absorption is supporting the market growth.
Regional Drivers
Based on regional coverage, North America is projected to expand at a higher CAGR due to the enlargement of automotive, packaging, and electronic industries and the prevalence of the Center for the Polyurethanes Industry (CPI) and Polyurethane Foam Association (PFA), encouraging sustainable development market. The PFA stated over 1.5 billion pounds of adaptable polyurethane foam was manufactured in the region. This will propel the growth of the market.
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:
· Asia Pacific
o China
o Japan
o India
o Rest of APAC
· North America
o United States of America
o Canada
· Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
· RoW
o South Africa
o UAE
o Saudi Arabia
o Brazil
o Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a research and consulting enterprise providing business insights and research reports to large and small & medium enterprises. The detailed reports help clients make strategic business policies and attain long-term growth in the particular market domain. Our team of seasoned analysts and industry experts from different regions provides a step-by-step solution for the client. Our market research offers complete analysis, which includes forecasts, a view of the competitive landscape, prime factors influencing the market growth, and other market insights to help companies reach strategic decisions. The organization was featured in the '20 Most Promising Market Research Consultants' list in Silicon India Magazine in 2018.
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