Global colored polyurethane (PU) foams market is anticipated to witness rapid growth over the forecast period owing to growing construction industry. The market is expected to reach over USD 17 billion by 2022 growing at an estimated CAGR of over 7.5% from 2015 to 2022.
Flexible colored PU foams segment was the largest product segment and accounted for over 55% of the market volume share in 2014. Growing furniture, packaging, and automotive industries may attribute to the high product demand. Asia Pacific is anticipated to witness the highest growth over the next seven years owing to high demand from automotive and electronics industry. The demand in this region is expected to grow at a CAGR of over 6.0% from 2015 to 2022.
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Colored PU foams are thermosetting polymers that offer versatile designs, high performance, thermal resistance, and flexibility to the products. Growing construction industry in emerging economies such as India, China, Japan, and Brazil is estimated to positively impact market growth.
Rising product demand in automobile and packaging industry is expected to drive the market over the forecast period. Diisocyanates are major raw materials used for manufacturing polyurethane. Volatile diisocyanate and naphtha prices may hinder industry growth over the forecast period.
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Isocyanates and liquid resin blends are anticipated to contain toxic components that may lead to health hazards. Isocyanates are skin and respiratory sensitizers. Also, glycols, amines, and phosphates that exist in the spray polyurethane foam may cause health hazards. Stringent EPA and REACH regulations regarding increased toxicity levels on using diisocyanates are anticipated to restrain industry growth.
On the basis of product, the market is segmented into flexible and rigid foams. Flexible PU foams was the largest product segment in 2014 on account of rising demand from various end-use industries including automotive, packaging, and furniture. Rigid PU foams are anticipated to witness fastest growth in future on account of growing electronics industry in emerging economies such as India, China, and Japan.
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