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Polyurethane Foams Market By Type (Flexible PU Foam, Rigid PU Foam, Spray PU Foam), By End-Use Industries (Bedding & Furniture, Building & Construction, Electronics, Automotive & Transportation, Footwear, Packaging, Others) - Growth, Share, Opportunities & Competitive Analysis, 2018 – 2026

The polyurethane foams market was worth USD 55.85 billion in 2017 and is expected to grow at a 5.2% CAGR between 2018 and 2026.Polyurethane foam is the ideal raw material used in the production of a wide range of consumer products. These foams provide durability and comfort, are lightweight, and are cheaper than available alternatives, such as polyolefin foams, making them a preferred option for many end-use industries. Polyurethane foams are commercially available in flexible, rigid, and spray types; the properties of these forms vary depending on the end use. Flexible PU foams are used for cushioning purposes (furniture, bedding, and automobile seating), whereas rigid P.U. foams are mostly preferred for insulation purposes (construction and the refrigeration industry). Factors such as rising regulation for energy savings and efficiency, an increasing middle-class population in emerging markets, and increased use of refrigeration Flexible PU foams, which find promising uses in consumer product applications such as cushioning, packaging, automotive safety, footwear, etc., grow in accordance with global GDP growth, while rigid PU/PIR foams grow slightly faster than the global GDP as they are mainly used for insulation purposes in building, Transportation, and the refrigeration industry.

Flexible polyurethane foam held the largest share in 2017 and will remain the dominant product type of this resin, outpacing demand for its rigid counterpart owing to rapid growth in the bedding and carpet underlay markets. Strong demand for rigid polyurethane foam will be propelled by rising construction activities and changes in building codes and construction practices that call for the use of energy-saving construction materials. Rigid polyurethane foams are one of the ideal materials for air barrier sealants, insulated windows, and doors, and roof and wall insulation. However, polyurethane foam will continue to face challenges from competitive products such as fiberglass, polystyrene foam, and "green" bio-based polyol foams.

Polyurethane foams find their application in a wide range of end-use industries, such as bedding and furniture, building and construction, electronics, automotive and Transportation, footwear, packaging, and others. Polyurethane foam market growth can be attributed to the growing demand for polyurethane foam from the bedding and furniture and building and construction end-use industries. Rising investments in new and aging infrastructure, renovation of non-residential buildings, and new housing projects in the U.S., China, India, and Brazil are also propelling the overall growth market. Major players operating in the polyurethane foams market include Covestro (Germany), BASF SE (Germany), The Dow Chemical Company (U.S.), and Huntsman Corporation (U.S.), among others.

Market Synopsis

Rising demand for energy-saving materials from the building and construction industry makes rigid P.U. foam the fastest-growing segment.

Over the forecast period, Rigid PU Foam is expected to be the fastest-growing segment. Rigid PU Foam is most commonly used in insulated panels, wall and roof insulation, and gap fillers in the building and construction end-use industry. Rigid PU Foam is also well suited for insulating refrigeration equipment such as freezers, hot water heaters, and vending machines, owing to its low cost, toughness, and chemical resistance.

Flexible PU Foam accounted for the lion's share of over 52% in 2017 and is expected to maintain its dominant position over the forecast period. Lightweight, resiliency, and energy/sound absorption properties make it a key material for manufacturing automobiles and other transportation equipment. In 2017, the largest end-use market for flexible P.U. foam was bedding and furniture. Cushioning made of flexible polyurethane foam is resilient, long-lasting, and energy-absorbing.

Building and construction is the leading end-use industry for polyurethane foams due to significant investment in new and aging infrastructure and residential and non-residential sectors worldwide.

Building and construction accounted for more than 35% of polyurethane foam consumption in 2017-2018.Polyurethane foams are used as wall and roof insulation, gap fillers, and for making insulated panels in the building and construction end-use industries. Energy efficiency, high performance, versatility, thermal and mechanical performance, and environmental savings properties of polyurethane foam make it an ideal construction material. The resurgence of the global construction and building sector, coupled with the speedy economic recovery of Western European countries, is expected to boost the demand for polyurethane foams.

Automotive & Transportation closely follow the building and construction end-use industry in terms of value and volume consumption. Growth in automotive production, combined with efforts to improve fuel efficiency through weight reduction, resulting in lower energy consumption and CO2 emissions, is driving demand for polyurethane foams in the automotive and Transportation end-use industries. Flexible PU foams are used in headrests, seating, HVAC, armrests, and other interior systems for trains, airliners, automobiles, and buses.

Developing Economies' Growing End-Use Industries are Expected to Catapult Market Growth

The Asia-Pacific market accounted for the largest market value share of over 40% in 2017. Asia-Pacific is followed by North America and Europe in terms of value and volume consumption. Flourishing end-use industries such as automotive, consumer electronics, and the construction industry in Asia-Pacific offer several growth opportunities for polyurethane foams. Rising disposable income, high economic growth, improving living standards, high government spending, and other factors characterize Asia-Pacific emerging economies such as India and China, resulting in robust growth of polyurethane foams in the region. In 2017, China was the largest consumer of polyurethane foam in the world. During the forecast period, the Middle East and Africa are expected to have the fastest CAGR. Increased government budgets for infrastructure development projects, especially in GCC countries, boost the regional demand for polyurethane foams.

Expansion and new product development are the preferred strategies adopted by key players in the polyurethane foam market.

Increasing petrochemical feedstock costs and public demand for environmentally friendly green products drive manufacturers to create innovative and green polyurethane foams to meet a wide range of consumer needs. The polyurethane foams market is highly fragmented, with numerous public and private players present. Expansion and new product development are among the preferred strategies adopted by key players to get an edge over other players. For instance, in January 2018, Recticel launched the new Geltex® foam with CO2 polyol, supporting the introduction of new sustainable technologies for bedding products. Key manufacturers of polyurethane foams in the market include BASF SE, Covestro AG, Dowdupont, Huntsman Corporation, Armacell, and Chemtura Corporation, among others.

Historical & Forecast Period

Each market segment is analyzed in our study for the period of 2016 to 2026,with 2017 as the base year, while the period from 2018 to 2026 is considered for the CAGR calculation.

Report Scope

The report provides a comprehensive overview of the global polyurethane foams market by segmenting it as follows:

This research report describes leading continents and their major countries, along with profiles of key players operating in the overall market and their planned developments. Our report further defines the overall market dynamics, such as drivers, challenges, and opportunities prevalent in the market, to understand the global polyurethane foams market more explicitly. Our in-depth quantitative and qualitative analysis of each segment up to the country level highlights investment opportunities and revenue pockets in the market.

Key questions answered in this report

  • What are the current market trends in the polyurethane foams market, and what are the most profitable opportunities for players?
  • How the environmental regulations affect global as well as regional markets?
  • Which is the most lucrative region for investment?
  • What are the market size and trends in emerging markets?
  • Which are the prime end-use industries for polyurethane foams across different geographies?
  • Which are the major types of polyurethane foams and their market sizes?
  • Which are the leading players, and what is their market position?

Frequently Asked Question:

The market for Polyurethane Foams Market is expected to reach USD$ 55.85 Bn in 2026.

The Polyurethane Foams Market is expected to see significant CAGR growth over the coming years, at 5.2%.

The report is forecasted from 2018 -2026.

The base year of this report is 2017.

BASF SE, Covestro AG, Dowdupont, Huntsman Corporation, Armacell, and Chemtura Corporation. are some of the major players in the global market.

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Published Date:  Aug 2018
Category:  Chemicals
Report ID:   59262
Report Format:   PDF
Pages:   120
Rating:    4.2 (50)
Delivery Time: 24 Hours to 48 Hours   
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