The polyurethane foams market is projected to grow from USD 37.8 billion in 2020 to USD 54.3 billion by 2025, at a CAGR of 7.5% from 2020 to 2025. The major reasons for the growth of the polyurethane foams market include growing end-use industries such as bedding & furniture, electronics, automotive, and building & construction, in emerging economies like India, Thailand, and others. Some of the other like increased use of polyurethane foams in building insulations for energy conservation and versatility and unique physical properties of polyurethane foams are driving factors for growth of polyurethane foams market.
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The Middle East is estimated to be the fastest growing region, in terms of value, in the global polyurethane foams market. The growth of the Middle East polyurethane foam market can be attributed to the flourishing building & construction and bedding & furniture industries in the region that are the key consumers of polyurethane foams. The increasing demand for energy-efficient buildings in GCC is leading to the growth of the polyurethane foam market in Middle East as well.
Companies such as Covestro AG, BASF SE, Wanhua Chemical Group Co., Ltd., Dow Inc., and Huntsman Corporation, fall under the winners’ category. These are leading players in the polyurethane foams market, globally, and are some of the leading players operating in the polyurethane foams market. These players have adopted the strategies of expansions, agreements, mergers & acquisitions, partnerships, new product launches, joint ventures, investments & contracts, collaborations, and new technology & new process developments ,to increase their presence in the global market.
Covestro AG is the leading player in the global polyurethane foams market and is estimated to have the highest share in the market. In February 2020, Covestro AG partnered with Toyota Boshoku Corporation, a subsidiary of Toyota Group (Japan). This partnership aims at jointly developing a new polyurethane composite material for a new electric concept car— LQ— which is developed by Toyota Motor Corporation. This material is a combination of advanced Baypreg F NF technology of Covestro and kenaf fibers of Toyota Boshoku. It is a lightweight and sustainable solution. This polyurethane composite material is expected to be used in door trims of the electric concept car. This partnership is expected to enhance the competitive edge of Covestro AG in the automobile market.
Another important player in the global polyurethane foams market is BASF SE.
In June 2020, BASF SE partnered with China-based Shanghai Zhengming Modern Logistics Co., Ltd. or Zhengming to develop insulating polyurethane (PU) sandwich panels. These panels are used in refrigerated storage of the cold chain industry in China. Under this partnership, BASF SE aims at supplying polyurethanes for all joint cold storage units of Zhengming. This partnership is expected to strengthen the position of BASF SE in the polyurethane foam market of China.
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