Polyurethane (PU) Foam Market Size Worth $110.4 Billion By 2028 | CAGR: 7.3%: Polaris Market Research
NEW YORK, June 15, 2021 /PRNewswire/ -- The global polyurethane foam market size is expected to reach USD 110.4 billion by 2028. according to a new study conducted by Polaris Market Research. the market is anticipated to register a CAGR of 7.3% from 2021 to 2028. Increasing consumption of polyurethane foam due to its rise in demand from the building and construction sector as building insulation for saving energy is a key factor driving the significant growth of the market. In addition to this, it is gaining higher traction owing to its elevated recyclability, reduced wastage, and improved lifecycle of the end product contributing to its increased demand across different end-use industries, thereby fueling the market growth. Moreover, the rise in demand for passenger vehicles and increasing electrification of vehicles are further propelling the market growth.
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Key Highlights of Polyurethane Foam Market
- Based on product, flexible foam emerged as the leading segment and contributed the largest share in the market. Increasing demand for the product from the furniture and transportation industries for cushioning applications has turned out as a major booster for the segment's growth.
- By density compositions, the low-density polyurethane foam segment accounted for the huge revenue share owing to its heavy use in diverse industries such as automotive, bedding, and electronics among others due to its higher versatility, durability, density, and quality.
- In terms of end-use, the building and construction dominated the global market for polyurethane foam on account of its wide application scope. The foam is primarily used in the development of buildings to save energy usage, owing to its strength-to-weight ratio and insulation properties.
- The COVID-19 pandemic majorly hampered the building & construction sector due to disruptions caused during the lockdown phase. However, this end-use industry still stands as one of the leading consumers of polyurethane foams due to its huge volume use in the industry.
- DuPont, a leading American chemical company has launched HFC-free Froth-Pak Spray Foam and announced a new standard for two-component polyurethane foams to support its initiatives to greenhouse gas emissions at the same time delivering sustainable innovation.
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Regional Developments
North America followed by Asia Pacific reason has contributed a huge market share and is projected to dominate the market during the forecast period as these regions continuously remain the leading consumer of polyurethane foam for the last several years. The rapidly expanding manufacturing sector and ample availability of raw materials are the key drivers for the market growth in these regions. In addition to this, continuous advancements in technology and the entrance of leading international players in the regional market further supporting the growth.
Competitive Outlook
The key players in operating in the polyurethane foam market are DowDuPont, Eurofoam Group, Saint-Gobain S.A., Woodbridge Group, Evonik, Bayer AG, LyondellBasell Industries, BASF SE, Arkema S.A., Rogers Corporation, Sekisui Chemical Co. Ltd., Foamcraft, Inc., Ineos Group AG, UFP Technologies, Inc., Chemtura Corporation, Covestro AG, Nitto Denko Corporation, and Nippon Polyurethane Industry Co., Ltd.
Target Audience
- Supply Side: Chemical Company, Foam Manufacturers
- Demand Side: Automotive Industry, Building & Construction Sector, Electrical & Electronics Industry
- Regulatory Side: Environmental Protection Agency
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Polaris Market Research has segmented the polyurethane foam market report on the basis of product type, end-use, density composition, and region:
Polyurethane Foam Product Type Outlook (Volume – Kilo Tons; Revenue – USD Million; 2016 – 2028)
- Rigid
- Flexible
- Spray
- Others
Polyurethane Foam End-Use Outlook (Volume – Kilo Tons; Revenue – USD Million; 2016 – 2028)
- Automotive
- Packaging
- Electrical & Electronics
- Furniture & Furnishing
- Building & Construction
- Footwear
- Others
Polyurethane Foam Density Composition Outlook (Volume – Kilo Tons; Revenue – USD Million; 2016 – 2028)
- High-Density
- Medium-Density
- Low-Density
Polyurethane Foam Regional Outlook (Volume – Kilo Tons; Revenue – USD Million; 2016 – 2028)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- RoE
- Asia Pacific
- China
- India
- Japan
- South Korea
- RoAPAC
- Latin America
- Brazil
- Mexico
- Colombia
- RoLATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Israel
- UAE
- RoMEA
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About Polaris Market Research
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to our customers.
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