Polyurethane (PU) Foam Market to cross USD 41.10 Billion, Extensive Utilization of Polyurethane Foam in the Automotive Industry Drives Growth
Polyurethane Foam Market Witnessing Growth due to Rising Need of Cost Optimization Techniques across Industries
Luton, Bedfordshire, United Kingdom, March 18, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Polyurethane Foam Market.
The global polyurethane foam market will witness a CAGR of 7% for the forecast period of 2023-2029. It is expected to reach above USD 41.10 Billion by 2029 from USD 38.60 Billion in 2022.
Polyurethane foam is a synthetic polymer that offers insulation and protection to materials against abrasion, temperature, moisture, impact and corrosion. It is commonly available in the spray, flexible and rigid forms and is primarily used as stuffing in beddings and furniture. It is hypoallergenic, non-toxic, does not degrade over time and can also rapidly react with moisture to expand and bond with the surfaces with high adhesion after application. Owing to this, it finds extensive applications across various other industries, including automotive, packaging, construction and electronics.
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Recent Development
- In March 2022, Perma-Pipe International Holdings, Inc., a US-based engineered pipe services company, announced further contracts of USD 15 million in Saudi Arabia and Egypt to utilize Perma-Pipe’s XTRU-THERM insulation system.
- In October 2022, S7 Technics, Russian aircraft maintenance, repair, and overhaul service provider, announced the launch of the production of polyurethane foam cushions for aircraft seats.
The Asia Pacific held the largest share with 45% in the polyurethane foam market in 2022.
The emerging economies of China, South Korea, and India are key PU foam buyers, with a fast-increasing manufacturing sector and ample raw material availability. High demand for consumer electronic devices has emerged from innovation, price deflation, and rising family incomes, particularly in emerging Asian countries, contributing to the expansion of the Polyurethane foam market in this region.
Key Findings
- In 2022, the polyurethane foam segment dominated the market with the largest market share of 34.13% and market revenue of 0.51 billion.
The foam segment is divided into polystyrene foam, polyolefin foam, polyurethane foam, and phenolic foam. In 2022, the polyurethane foam segment dominated the market with the largest market share of 34.13% and market revenue of 0.51 billion. This growth is attributed to its broad application scope in different enterprises like the automotive industry for gaskets, seals, manufacturing seats, insulation, and bushing.
- In 2022, the hydrocarbons (HC) segment dominated the market with the largest market share of 29.16% and market revenue of 0.43 billion.
The type segment is divided into hydrochlorofluorocarbons (HCFC), hydrofluorocarbons (HFC), hydrofluoroolefin (HFO), hydrocarbons (HC), and others. In 2022, the hydrocarbons (HC) segment dominated the market with the largest market share of 29.16% and market revenue of 0.43 billion. This growth is attributed to the growing use of oxygenated hydrocarbons like methyl formate in integral skin & polystyrene foam applications.
- In 2022, the building and construction segment dominated the market with the largest market share of 23.17% and market revenue of 0.34 billion.
The application segment comprises bedding and furniture, building and construction, appliances, automotive, packaging, and others. In 2022, the building and construction segment dominated the market with the largest market share of 23.17% and market revenue of 0.34 billion. This growth is attributed to the high mechanical strength and its insulation properties.
Key Trends
- Polyurethane foam technology is constantly evolving in order to meet the ever-changing needs of consumers. Some of the key trends that are currently shaping the industry include:
- Increased focus on sustainability: Polyurethane foam is increasingly being seen as a more sustainable alternative to other conventional insulation materials such as fiberglass and cellulose. This is due to the fact that it can be made from recycled materials and does not require the use of harmful chemicals during its production.
- Improved performance: Polyurethane foam is continually being developed to offer better performance in terms of thermal insulation, acoustical properties and fire resistance.
- Greater versatility: Polyurethane foam can be used in a wide variety of applications, from construction and automotive to packaging and appliances. Its versatility makes it an ideal solution for many different industries.
The increasing use of polyurethane (PU) foam in the automotive & construction industry market growth is the drive to market growth
The widespread use of polyurethane foam in the automobile industry is another key development driver. It is utilized in this industry to make lightweight automobile components including dashboards, airbags, armrests, and other exterior parts, all of which help to improve the vehicle’s overall fuel efficiency. In addition, the extensive usage of flexible and semi-rigid polyurethane foams in residential and commercial complexes, which are employed with coatings, paints, and adhesives, is fuelling market expansion. moreover, the inclusion of these products in other components will also propel the growth of the polyurethane foam market.
The environmental protection regulations in the polyurethane (PU) foam market have restrained the growth of the market.
The use of methylene chloride can be hazardous to one’s health. In addition, it releases toxic volatile organic compounds. The rise of the polyurethane foam business is threatened by strict limitations imposed on the usage of methylene chloride. For example, the United States Environmental Protection Agency’s (EPA) regulations for new and existing plant sites have stifled industry expansion.
Polyurethane (PU) Foam Market Report Scope
| Report Attribute | Details |
| Market size value in 2021 | USD 38.60 Billion in 2022 |
| Revenue forecast in 2029 | USD 41.10 Billion by 2029 |
| Growth rate | CAGR of 7% from 2023 to 2029 |
| Base year for estimation | 2022 |
| Historical data | 2017 - 2022 |
| Forecast period | 2023 - 2029 |
| Quantitative units | Volume in kilo tons, revenue in USD million and CAGR from 2023 to 2029 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product, application, region |
| Regional scope | North America; Europe; China; Asia; Pacific; Central & South America; MEA |
| Key companies profiled | Covestro AG, BASF SE, Wanhua Chemical Group Co., Ltd., Dow Inc., Huntsman Corporation, Sekisui Chemical Co., Ltd., Compagnie de Saint-Gobain SA |
| Key Market Opportunities | Polyurethane (PU) Foam Market Increasing Awareness for Energy Conservation to Drive Growth in the Global |
Key Players
- BASF
- Sekisui Chemical Co. Ltd.
- Huntsman Corporation
- Chemtura Corporation
- Compagnie De Saint-Gobain S.A.
- Eurofoam Group
- Covestro AG
- DowDupont
- Nitto Denko Corporation
- Armacell
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Segment Overview
Polyurethane Foam Market is segmented by Type, by Density Composition, and by Application.
| by Type | by Density Composition | by Application | by Regions |
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Market Dynamics:
Key Drivers
Growing Demand from the Automotive Industry Will Fuel Market Growth for Polyurethane Foam
The demand for polyurethane foam is anticipated to be strong across a range of end user sectors, including the building industry. Polyurethane foams are flexible, strong, synthetically stable, and they provide insulation from heat, moisture, and electricity. They also possess the abilities to maintain improved cushioning and fixing. Due to these characteristics, polyurethane foams are used in the oil and gas, automotive, and other industries. The use of polyurethane foams in the protection of pipes in the oil and gas sector guarantees efficient operational functioning. In the car industry, polyurethane foam must be built into components such as seats, consoles, and other exteriors. The use of these foams supports private buildings by maintaining constant temperature and noise levels.
High Demand for High-Density Composition Foam is Driving Polyurethane Foam Market
The worldwide polyurethane foam market is divided into low-density, medium-density, and high-density polyurethane foams based on their density makeup. The market proportion that high-density polyurethane foam represents is the biggest. Industrial-grade foam with this kind of density makeup is available in all levels of hardness. Unlike other density compositions, it is extremely capable of withstanding high pressure, which is why they are extensively used in many sectors, including building and construction.
Expanding Building and Construction Industry is Propelling Polyurethane Foam Market Growth
The worldwide polyurethane foam market is divided into various end-user categories, including bedding and furnishings, building and construction, technology, cars, footwear, and packaging. The biggest market share belongs to the building and construction business, which uses a variety of polyurethane foam. This foam is used for air closing, carpeting, waterproofing, and as a heat barrier. As structural and insulating foams, spray and rigid polyurethane foams are also used in building.
Restraints & Challenges
The high cost of raw materials is a major challenge for the Polyurethane Foam market. The raw materials used to produce Polyurethane Foam are extremely expensive, which makes the final product very costly. In addition, the volatile prices of raw materials can have a significant impact on the cost of Polyurethane Foam.
The stringent regulations regarding the use of Polyurethane Foam are another challenge for the market. Polyurethane Foam is classified as a hazardous material, and its use is regulated by various government agencies. These regulations can make it difficult for companies to use Polyurethane Foam in their products.
Key questions answered in this report
- What are the current market trends in the polyurethane foams market, and what are the most profitable opportunities for players?
- How the environmental regulations affect global as well as regional markets?
- Which is the most lucrative region for investment?
- What are the market size and trends in emerging markets?
- Which are the prime end-use industries for polyurethane foams across different geographies?
- Which are the major types of polyurethane foams and their market sizes?
- Which are the leading players, and what is their market position?
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