The report "Polyurethane Foam Market by Type (Flexible, Rigid, Spray Foam), End User (Bedding & Furniture, Building & Construction, Electronics, Automotive, Footwear, Packaging), and Region (Asia Pacific, Europe, North America) - Global Forecast to 2027", offers in-depth information on factors like restraints, drivers and opportunities. Looking at the current global polyurethane foam market size, it is expected that there will be a rise from USD 54.2 billion in 2018 to reach USD 108.7 billion by 2027, at an 8.0% CAGR from 2018 to 2027. Polyurethane foams are used extensively in electronics, automotive, packaging, footwear, bedding & furniture, and building & construction. The growth of these sectors is anticipated to augment the global polyurethane foam industry growth.
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Polyurethane foam is a blend of rigidness, flexibility, and spray foam. Insulation has played a crucial role in the conservation of the energy and rise in the overall efficiency of the building. It is believed that buildings consume a significant amount of energy, especially in the interior areas for cooling & heating. Moreover, external walls and floorings also absorb cooling & heating, resulting in higher energy consumption, which is why the stress is given on energy-efficiency.
Flexible foams are likely to account for the majority of the polyurethane foam market share in 2018. Flexible foams and rigid foams have different chemical compositions, which entirely depends on their application area. The flexible foam segment is likely to exhibit tremendous growth as it is used widely in the construction, automotive, and electronics industries. These foams help manufacturers address issues associated with vibration, fuel-efficient, and weight.
Witnessing the current market scenario, it is likely that the growing demand for polyurethane foam right from the building, bedding, furniture, and even the construction industries along with the urbanizations which are currently going in Asia Pacific region is expected to boost market growth. It is the unique properties of this foam, which is driving the growth of polyurethane foams across the globe. It is also believed that the home furnishing industry fosters the growth of the polyurethane foam market.
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The automotive segment is expected to be growing with the highest CAGR, while it is the building & construction end-user segment that would contribute to a considerable share of the polyurethane foam industry. It is, however, believed that Asia Pacific is estimated to account for the majority of the global polyurethane foam market share during the forecast period. Emerging economies such as India, Malaysia, Thailand, and Indonesia will also play an important role in driving growth. Such foams are used for making interior trims, seat cushioning, door handles, dashboards, and even ear knobs to name a few.
Some key players operating in the global polyurethane foam market include The Dow Chemical Company (US), Covestro (Germany), and BASF SE (Germany). Such companies are striving hard to improve their share within the industry landscape by making provisions to accommodate future demands.
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