Polyurethane Foam Market Is Estimated To Reach USD 77 Billion By 2024

Global Polyurethane Foam Market: Key Highlights

According to the new market research report “Polyurethane Foam Market by Type (Rigid PU Foam, Flexible PU Foam, Spray Foam), by Application (Transport and Automotive, Sports and Leisure, Consumer Goods, Construction, Healthcare, Electronics, Packaging, Others), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2017 to 2024)”, the global polyurethane foam market is estimated to reach USD 77 Billion by 2024 at a CAGR of around 7.1% during the review period.
Polyurethane foams are the foams which are obtained through a reaction between the polyol and diisocyanate through continuous reaction process or batch process
Polyurethane is referred to as the special class of polymers which are obtained through a synthetic blend of organic compounds
These foams are known for their versatility and thus are used in car cushioning and automotive interiors, mattresses, bedding and furniture, carpet, medical dressings, soundproofing systems, thermal insulation, clothing and many more application areas

Polyurethane Foam Market

Global Polyurethane Foam Market: Key Market Dynamics

Growing demand from end use industries such as automotive and constriction owing to higher demand for residential apartments, ongoing urbanization and consumer shift towards light and comfortable mattress in automotive has expected to surge the demand for product market
Emergence of bio-based polyurethane foam for production of Natural oil polyols (NOPs) and sugars, which possess similar characteristics and properties that of conventional polyurethane foam has expected to boost the product demand
Stringent regulations imposed by governing bodies in order to control the air pollution has expected to hinder the growth of polyurethane foam market

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Global Polyurethane Foam Market: Regional Overview

North America

North America is accounted sustainable growth of polyurethane foam market during the forecasted period. This is attributed to higher demand for polyurethane foam form several end use industries including furniture, construction, automotive, and packaging. Moreover, the growth in region is driven by growing residential construction, growing infrastructure activities in order to improve public transportation, and expanding manufacturing activities. According to the US Department of Commerce, in June 2020, the new 1,225,000 residential buildings were constructed in the US

Asia-Pacific

Asia-Pacific is accounted to hold largest share in growth of polyurethane foam market. This is attributed to rising demand for flexible polyurethane foam coupled with rising application in building & construction, and automotive industry. China, India, Indonesia, and Malaysia are emerging markets in construction industry. According to India Brand Equity Foundation, the Foreign Direct Investment (FDI) in construction development sector was USD 25.6 billion till March 2020 in India.

Global Polyurethane Foam Market: Key Players Overview

BASF SE:

BASF SE is a German German-based company engaged in manufacturing and distributing speciality chemical. The company operates broadly through chemical, materials, industrial solution, surface technologies, nutrition & care, and agriculture solution business segment. Seed treatment fungicides products are offered under agriculture solution business segment. In January 2018, the company developed flexible polyurethane integral foam which will be used to produce lightweight engine coverings with a one shot process.

Armacell:

Armacell is a German-based company and is one of the leading providers of engineered foam. The company is inventor of flexible foam for equipment insulation. Armacell has 24 production plants in 16 countries through which the company operates through two main businesses namely engineered foam, and advanced insulation. The company is registered with 300 patents. In August 2018, Armacell acquired Guarto SRL, an Italian manufacturer of acoustic insulation solutions. This acquisition will help Armacell to extend its footprints in Italy.

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