The Global Polyurethane Foam Market is estimated to expand at 9.1 % CAGR over the assessment period (2017-2023) owing to the growing investment on commercial construction activities, asserts Market Research Future (MRFR). Polyurethane is obtained by reacting polyols with diisocyanates. Polyurethane is a highly used plastic and polymer. Polyurethane Foam is available in two forms such as flexible and rigid foams. While rigid foams are used for several insulation applications, flexible foams are used as a cushioning substance in end-use industries like furniture, packaging, transportation, and bedding.
A specialty chemicals company, Sika has consented to takeover Polypag which is a leading Swiss-based developer and manufacturer of polyurethane foam systems to enhance its expertise in the area of polyurethane foam development. Sika is likely to expand its product portfolio and production capacity and drive forward the specialist trade business.
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Some of the prominent players operating the market for Polyurethane Foam are Armacell International S.A (Germany), INOAC CORPORATION (Japan), DowDuPont (U.S.), Tosoh Corporation (Japan), Saint Gobain S.A. (France), BASF SE (Germany), Bayer CropScience Limited (Germany), Trelleborg AB (Sweden), SEKISUI CHEMICAL CO. LTD (Japan), Huntsman International LLC (U.S.), LANXESS (Germany), Future Foam (U.S.), Universal Foam Products (U.S.), and more.
Drivers and Restraints Impacting the Market
With the growing use of Polyurethane Foam in insulated windows, roof and wall insulation, doors and air barrier sealants, the global market is likely to stimulate over the years. The growing investments in commercial activities by the government for infrastructural development is predicted to augment the market demand during the forecast period. Improving lifestyle standard and rapid urbanization along with expanding residential construction activities is spurring the demand for Polyurethane Foams in the construction industry. Moreover, efforts to construct energy-efficient buildings is also estimated to provide opportunities to the Polyurethane Foam Market in the coming years.
On the Flip Side, several federal and government agencies are extremely being concerned with detrimental health effects of isocyanates used in the production of PU. This is expected to affect the market growth during the forecast period adversely.
Global Polyurethane Foam Market: Segmental Analysis
The Global Polyurethane Foam Market has been segmented based on Application, Type and Region.
By Mode of Type, the Global Polyurethane Foam Market has been segmented into flexible, rigid, and spray. Among these, the flexible Polyurethane Foam was the leading product segment. Flexible Foam is extensively used in industries like packaging, transportation, furniture, bedding, textiles, and others due to properties like resiliency, durability, handling strength, and energy absorption.
By Mode of Application, the Global Polyurethane Foam Market has been segmented into textile & fibers, building & construction, furnishing, packaging, transportation, freezer & refrigerator, bedding, and others. Among these, the bedding and furniture segment was the leading application segment. The bedding and furniture market is set to boom over the assessment period with the growing population, increase in nuclear families, and booming real estate industries across the world.
Geographically, the Polyurethane Foam Market spans across Asia Pacific, North America, Europe, and Latin America.
Among all the regions, Asia Pacific accounted for the largest market share in 2017 and is predicted to showcase significant growth during the assessment period. With the growing construction industry and increasing investment by the Indian government in several projects like Smart Cities Mission, solar power, Green Energy Corridor, and wind projects are expected to stimulate the polyurethane foam market over the assessment period.
The North American region is a prominent market for Polyurethane Foam owing to the expanding transportation sector comprising marine, automotive, and aviation industry. The flourishing construction industry with rising focus on manufacturing energy-efficient buildings is fostering the market growth during the review period.
The European region is predicted to witness a significant growth rate owing to the expanding packaging industry. The growing production of food products and packaged beverages due to improved shelf life is propelling the demand for Polyurethane Foam in this region.
Latin America is also estimated to showcase a considerable growth rate owing to the growing construction and automobile sectors in Mexico and Brazil. Meanwhile, the Middle East and Africa are predicted to showcase a substantial growth rate due to the growth of HVAC industry in this region.
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