Polyurethane Foam Market by Product (Spray Foam, Rigid Foam, and Flexible Foam), by End-User (Automotive, Bedding & Furniture, Packaging, Electronics, Transportation, Bedding & Furniture, Footwear, Textile & Apparel, and Other End-User Industries): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024

Global polyurethane foam market expected to reach USD 86.47 billion by 2024, growing at a CAGR of 8.1% between 2018 and 2024. Polyurethane foam is being progressively utilized in our daily lives. Polyurethane is a prime member of the highly diverse family and the wide-range of polymers.

16-Oct-2018 | Number of pages: 110 | Report Code: ZMR-1631 | Report Format : | Status : Published

Analysis

Polyurethane foam is also known as a synthetic polymer which is utilized in various applications as it offers protection as well as insulation of material against external sources that circulate corrosion. It finds a broad range of application including automotive, packaging, construction, and others.
 
The global polyurethane foam market is slated to grow at a substantial rate in the near future. The growing demand for lightweight vehicles from emerging economies is likely to fuel market growth. The increased use of polyurethane foam was widely observed in automotive, bedding & furniture, packaging, electronics, transportation, building & construction, footwear, and textile & apparel industries in most of the regions. The increased demand for polyurethane foam in the automotive industry is anticipated to be the prime driver for the global polyurethane foam market within the forecast period. Automotive makers and OEMs are looking for innovative materials to achieve better fuel efficiency. This kind of material is used in dashboards, airbags, armrests, and other vehicle components like exteriors. Government support in the subsidy schemes and tax incentives to motivate the manufacturing sector and promote the bio-based polyurethane foam are anticipated to play a major role in driving the global polyurethane foam market. Increasing anxiety about the harmful health effects of isocyanates used in polyurethane foam may hinder the market expansion in the coming years. Nonetheless, product innovation and emerging markets in the Asia Pacific are likely to open new avenues for the major players of the market during the years to come.

Global Polyurethane Foam Market

On the basis of type, the polyurethane foam market is classified as spray foam, rigid foam, and flexible foam. Flexible foam is the most dominant type and it accounted for a major market share in 2017. Based on various end-user industries, the global polyurethane foam market is mainly segmented into automotive, bedding & furniture, packaging, electronics, transportation, building & construction, footwear, textile & apparel, and others. Building & construction was the leading end-user industry segment of the global polyurethane foam market in 2017. 

In terms of geographies, the polyurethane foam market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2017, Asia Pacific was the biggest market for polyurethane foam. This growth is mainly attributed to the rising demand for polyurethane foam from various countries such as China, India, Thailand, Malaysia, and Indonesia. The Asia Pacific is anticipated to be the fastest growing market of polyurethane foam in the near future, owing to the increasing demand from automotive, electronics, and building & construction sectors. The Asia Pacific was followed by North America and Europe in 2017. The market growth rate in North America and Europe is expected to stay higher during the forecast period. 

The major players of the global polyurethane foam market include Bayer AG, Saint-Gobain S.A., Huntsman Corporation, Chemtura Corporation, Reciticel, BASF, Trelleborg AG, Dow Chemical, UFP Technologies, Foamcraft, Inc., Sekisui Chemicals, Elliot Co., Evonik, Future Foam, Woodbridge Group, and Rogers Corp., among others.


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