Polyurethane Foam Market worth $61.5 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Dec. 17, 2021 /PRNewswire/ -- According to the report "Polyurethane Foam Market by Type (Rigid Foam, Flexible Foam, Spray Foam), End-use Industry (Building & Construction, Bedding & Furniture, Automotive, Electronics, Footwear, Packaging) and Region - Global Forecast to 2026", published by MarketsandMarkets™, the market is projected to grow from USD 42.8 billion in 2021 to USD 61.5 billion by 2026, at a CAGR of 7.5% from 2021 to 2026. The market is witnessing average growth across the world due to factors such as, growing end-use industries in emerging economies, increased use of polyurethane foams in building insulations for energy conservation and versatility and unique physical properties of polyurethane foams.
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By type, rigid foam is estimated to be the leading segment of polyurethane foam from 2021 to 2026.
By type, rigid foam is estimated to dominate the polyurethane foam market, globally, in terms of value. Factors, such as reduced energy costs, application as insulating foams and structural foams in commercial and residential constructions, as well as use of rigid foams for insulations in various electrical appliances such as water heaters, refrigerators, coolers, vending machines, and freezers, are expected to propel the demand for rigid foams in global polyurethane foam market.
By end-use industry, automotive is estimated to be the fastest-growing segment of polyurethane foam
By end-use industry, automotive segment is projected to record the highest growth in the global polyurethane foams market, during the forecast period. The high growth of the automotive end-use industry segment is majorly attributed to the surge in demand for lightweight vehicles, which in -turn encourages the use of polyurethane foams in this segment.
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Asia Pacific regional segment accounted for the largest share in the Polyurethane Foam market
The Polyurethane Foam market in the Asia Pacific region is accounted for the largest share in 2020. China, India, Japan, and South Korea are key countries contributing to the high demand for Polyurethane foam in this region. Innovation, price deflation, and rising household incomes, especially in emerging Asian markets, have resulted in the high demand for consumer electronic products, thereby contributing to the growth of the Polyurethane foam market in this region.
Covestro AG (Germany), BASF SE (Germany), Wanhua Chemical Group Co., Ltd. (China), Dow Inc. (US), Huntsman Corporation (US), Sekisui Chemical Co., Ltd. (Japan), Compagnie de Saint-Gobain SA (France), Bayer AG (Germany), Chemtura Corporation (Lanxess) (US), DuPont (US), Recticel NV/SA (Belgium), Rogers Corporation (US), UFP Technologies, Inc. (US), INOAC Corporation (Japan), Trelleborg AB (Sweden), FoamPartner Group (Switzerland), FXI (US), Armacell (Luxembourg), Eurofoam Group (Austria), Woodbridge Foam Corporation (Canada), Future Foam, Inc. (US), and Tosoh Corporation (Japan), Foamcraft, Inc. (US), are the key players in polyurethane foam market.
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