According to the latest report published by Credence Research, Inc. “Global Polyurethane Foams Market – Growth, Future Prospects and Competitive Analysis, 2018-2026,” the global Polyurethane Foams market was valued at US$ 55.85 Bn in 2017, expected to grow at the CAGR of 5.2% from 2018 to 2026.
Due to diverse applicability, polyurethane foams are witnessing huge demand from various end-use industries such as bedding & furniture, building & construction, electronics, automotive & transportation, footwear, packaging, and others (textiles, refrigeration, etc.). Factors such as increasing demand from end-use industries owing to increased energy efficiency and reduced output weight coupled with rising middle class in the emerging markets supporting the growth of polyurethane foams across the globe. Polyurethane foams are lightweight and cheaper option over conventional materials in many end use sectors. Moreover, polyurethane foam is chemically stable, flexible, and acts as an ideal insulating material in building and construction sector. Polyurethane foam types includes flexible PU foam, rigid PU foam, and spray PU foam are significantly penetrating their end-use industries market as each type have different characteristics as per manufacturing and are designed to suit their application requirement in the end products. In 2017, Flexible PU Foam accounted for the largest share, followed by rigid PU foam and spray PU foam. Properties such as resiliency, light weight, and sound/energy absorption make flexible polyurethane foams a key material in bedding & furniture and automotive & transportation industry. While, rigid PU foam exhibiting the fastest growth during the forecast period from 2018 to 2026 reason being, with thermal insulation properties rigid PU foam is becoming a key material in building & construction end-use industry. Moreover, governments in developed as well as developing economies are formulating more policies promoting energy efficiency and conservation to achieve climate and energy objectives, which in turn drive rigid PU foam market in coming years.
Building & Construction held the largest share of Polyurethane Foams market by end-use industry in 2017. In building & construction industry, polyurethane foams find promising application in insulated panels, wall and roof insulation, and for doors and windows gap fillers. Versatility, energy efficiency, thermal/mechanical performance, and environmental savings characteristics of polyurethane foams making it an ideal material for this industry. Investment in infrastructure development and housing projects especially in developed economies expected to boost the demand for polyurethane foams in building and construction industry. Automotive & Transportation was the second largest end-use industry represented over 20% market share in 2017. Polyurethane Foams market has a positive outlook in automotive & transportation end-use industry on account of move towards greater fuel efficiency and rising demand from HVAC, headrests, seating, arm rests, and other interior systems.
Based on the geography, Asia-Pacific is the leading geography during 2017-2018 in terms of value and volume. China and India are among the major market for Asia-Pacific owing to population with rising disposable income, rapid economic growth and booming construction, automotive and electronics end-use industries. North America closely follows Asia-Pacific region in terms of value and volume consumption. North America PU Foams market is mainly driven by the increasing demand for flexible polyurethane foam automotive seating and customer needs. Moreover, rebound in furniture, interiors and construction industry in North America region also contributing to the overall polyurethane foams market growth
Key manufacturers of polyurethane foams operating in the market include BASF SE, Covestro, The Dow Chemical Company, Huntsman Corporation, Armacell, Chemtura Corporation, and Dowdupont among others.
Browse the full report Global Polyurethane Foams Market – Growth, Future Prospects and Competitive Analysis, 2018-2026 report at https://www.credenceresearch.com/report/polyurethane-foams-market