The global Polyurethane Foam Market is expected to reach USD 91.96 billion by 2024, according to a new report by Grand View Research, Inc. Increasing construction spending coupled with high demand from bedding & furniture industry for cushioning and insulation is estimated to drive industry growth.
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Polyurethane foams consumption is anticipated to increase significantly owing to reduced wastage, elevated recyclability, greater sustainability, and reduce energy consumption throughout their life cycle. Growing requirement in end-use industries such as packaging and footwear is anticipated to further compliment growth.
Various governments and federal agencies are increasingly being concerned with detrimental health effects of isocyanates utilized in PU production. Recent trends in PU production include the elimination of chlorinated fluorocarbon blowing agents, due to toxicity & sustainability concerns.
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Further key findings from the report suggest:
• Global polyurethane foams market demand was 9.46 million tons in 2015 and is expected to reach 12.74 million tons by 2024, growing at a CAGR of 3.3% from 2016 to 2024
• Flexible foam was the leading product segment and accounted for over 55% of the global volume in 2015. Strong demand from end-use industries such as transportation and furniture for cushioning applications is expected to drive the segment growth over the forecast period.
• Construction accounted for over a quarter of overall volume in 2014. Increasing construction spending coupled with regulatory intervention are expected to remain key driving factors for this segment.
• Transportation is expected to witness the highest growth of 4.1% over the forecast period. Increasing automobile production in Asian countries such as India, China, Indonesia, and Thailand is expected to remain a key driving factor for this segment. Recovery of automotive industry from financial crisis in the U.S and parts of Europe are also expected to fuel demand growth.
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Asia Pacific emerged as the leading consumer with demand share estimated at 44.6%in 2015. Asia Pacific is also expected to witness the highest growth over the forecast period. Emerging economies of China and India are major consumers of PU foam and are characterized by rapidly expanding manufacturing sector along with adequate raw material availability.
Global Polyurethane Foam Market is fragmented in nature with considerable presence of integrated companies as well as independent manufacturers. Key industry participants include BASF S.E., Huntsman Corporation, Trelleborg AG, The Dow Chemical Company and Recticel S.A.
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