The polyurethane foam market was valued at US$ 49,340.3 Million in 2022, and from 2022 and 2032, it is expected to rise at a CAGR of 6.3%. In 2032, the market is anticipated to reach US$ 90893.84 Million.
The polyurethane foam market is anticipated to grow more quickly than in the past. Demand for polyurethane foam in the end-use markets is increasing significantly. Polyurethane foam is a more practical and safe approach to reduce carbon emissions and the consequences of global warming. This is the main force behind the market's growth.
Demand for polyurethane foam is increasing quickly because of less waste, improved product lifespan, and increased recyclability. Industrialization is boosting the market by increasing the use of polyurethane foam in packaging, furniture, building, and footwear.
| Attributes | Details |
|---|---|
| Market for Polyurethane Foam CAGR | 6.3% |
| Market Size for Polyurethane Foam 2022 | US$ 49,340.3 Million |
| Market Size for Polyurethane Foam 2032 | US$ 90893.84 Million |
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In the automobile sector, there is a high demand for polyurethane foam. There is a wide adoption of polyurethane foam in a variety of automobile components, including windows, cabins, and body panels.
The increased demand for passenger cars, more electrification, and growing interest in improving vehicle performance have all contributed to the expansion of the global automotive market. The constantly changing way of life is the main factor driving the demand for polyurethane foam resulting in the surged sales of polyurethane foam.
As a result, the polyurethane foam market is anticipated to still be influenced by its application in the auto sector.
Growing Demand for Polyurethane Foam is Being Stimulated by Sports and Leisure Sector.
Due to its low cost, toughness, versatility, and being lightweight, there is a wide adoption of polyurethane foam in the sport and leisure industries.
Two products on the market that use low to medium density high load bearing materials to provide mechanical damping of unexpected strikes are rugby post protectors and tackle shields.
Stringent Government Rules to Limit Market Growth for Polyurethane Foam
The most significant constraint to the expansion of the polyurethane foam market are the rigorous environmental requirements imposed by the US Environmental Protection Agency (EPA) on new and existing plant sites producing flexible polyurethane foams.
Polyurethane foam production prices are higher due to the high cost of essential raw chemicals used by producers, such as polymeric isocyanate, methyl di-p-phenylene, and toluene diisocyanate. As a result, stringent government regulations are limiting the market growth of the polyurethane foam.
The Chinese Polyurethane Foam Market's Growth Prospects
China's market is expected to grow at the fastest rate. Rising demand for polyurethane foams across a variety of industries, as well as the growing presence of foreign companies dealing in polyurethane foams, are expected to drive the Chinese market for polyurethane foam.
China is home to a number of rapidly expanding industries that present significant growth opportunities for polyurethane foam manufacturers. In both consumer and industrial goods, such as furniture, mattresses, carpet cushions, fibers, and textiles, flexible foam is used as an insulator. As a result, China's growing demand for polyurethane foam is anticipated to continue to drive the market.
The market is consolidated due to the presence of multiple industry players. Arkema, BASF, Dow, Huntsman Corporation, Covestro AG, and others are among the market's leading participants.
To fulfil the increasing worldwide demand, the corporations are investing heavily in expanding their manufacturing facilities. To capitalize on market prospects, they are developing new production units in hitherto untapped places.
In June 2021, Rogers Corporation announced the release of a product to address the demand for high-performance materials that allow for the manufacturing of smaller and lighter electronic gadgets.
In July 2020, Dow and Eco-Mobilier formed a new partnership for the collection and supply of post-consumer polyurethane foam through the RENUVATM Mattress Recycling Program.
A type of plastic or polymer is known as polyurethane is a part of a sizable and incredibly diversified family of polymers. Polyurethane foam is a solid or open-structured polyurethane material. The majority of polyurethane foam products are rigid or flexible. Polyurethane's utility is increased by its capacity to handle challenging situations and be shaped into unanticipated shapes. Polyurethane foam shields the goods because of its exceptional adhesive and dielectric properties. The polyurethane foam's resilience to abrasion, temperature change, moisture, impact, and weather. This lengthens the useful life of items made of polyurethane foam, supporting the market's explosive growth.
To maintain a constant temperature and reduce noise levels, thermal insulators like polyurethane foam are utilized in walls, roofs, doors, and windows. The polyurethane foam industry enables control of heat flow, air infiltration, and solar heating systems. The building's rigidity, robustness, and strength are all improved by the industrial roof insulation methods offered. The sport and leisure industries place a significant demand on polyurethane foam because of its low cost, hardness, adaptability, and lightweight.
There is a sizable and robust market demand for the product in the automotive industry. A wide range of automobile parts, including windows, interiors, doors, and car bodies, frequently use the chemical. The product's overall weight is decreased when it is utilized in automobiles, which enhances corrosion resistance, insulation, and fuel efficiency. Polyurethane foam usage has increased in both residential and commercial structures because of its high energy efficiency, low energy costs, and variety of insulations.
Principal Consultant
From 2017 to 2021, the market for Polyurethane Foam expanded at a compound annual growth rate (CAGR) of 5.7%. The polyurethane foam sector has faced enormous challenges as a result of the COVID-19 outbreak. The Polyurethane Foam Market has a detrimental effect on total growth when compared to other industries. Due to the COVID-19 pandemic's breakout, the world economy had slumped since the beginning of 2020. The production of the automobile industry is impacted by the COVID-19 outbreak.
Many manufacturing firms are either out of business or have insufficient production capacity. The pandemic's reduction in industrial activity has had a negative effect on the market for polyurethane foam. Engineers India Research Institute (EIRI) reports that the Indian automobile industry expanded by approximately 18% overall. The start of the Covid-19 outbreak and the continued lockdowns in India and the rest of the world made the situation worse. Therefore, the decline in demand from the automobile sector was responsible for impeding the expansion of the polyurethane foam market.
The market for Polyurethane Foam is predicted to expand more swiftly than in the past. Over the anticipated timeframe, the market is expected to grow at a CAGR of 6.3%. The end-use markets' demand for polyurethane foam is rising quickly. A more practical and secure way to lessen carbon emissions and the effects of global warming is with polyurethane foam. This is the primary driver of the worldwide polyurethane foam market's expansion.
Due to less waste, increased recyclability, and improved product lifespan, polyurethane foam demand is rising rapidly. The use of polyurethane foam in construction, packaging, furniture, and footwear is also rising due to industrialization, which is fueling the global market.
Significant Market Traction from Automotive Industry
Polyurethane foam is in exceptionally high demand in the automotive industry. A wide range of automobile parts, including windows, interiors, doors, and car bodies, frequently use the chemical. The product's overall weight is decreased when it is utilized in automobiles, which enhances corrosion resistance, insulation, and fuel efficiency.
Global market expansion has been supported by the rise in demand for passenger cars, increased electrification of vehicles, and a growing desire to enhance vehicle performance. The demand for polyurethane foam is mostly driven by the ever-evolving lifestyle. The International Organization of Motor Vehicle Manufacturers estimates that in 2020, passenger vehicle sales will total US$711 billion worldwide. As a result, the global market for polyurethane foam will continue to be driven by its use in the automobile industry.
Thriving demand from the sports and leisure industry to augment the growth for polyurethane foam
The sport and leisure industries place a significant demand on polyurethane foam because of its low cost, hardness, adaptability, and lightweight. Motorcycle and bicycle helmet liners are made of polyurethane materials to provide cushioning and shock absorption. It is used in the production of head and other body part protection gear for athletes. The thing is also widely used as padding for sports mats for martial arts, wrestling, and gymnastics. Rugby post protectors and tackle shields are two devices on the market that use low to medium-density high-load-bearing materials to provide mechanical damping of unexpected hits.
The U.S. Bureau of Labour Statistics reports that Americans spend 5.5 hours on average each day engaging in sports and leisure activities in 2020. As a result, the market for polyurethane foam will continue to be driven by rising demand for sporting activities.
Stringent Government regulations to constraint the growth
The high cost of essential raw materials used to make polyurethane foams, such as methyl di-p-phenylene, toluene diisocyanate, and polymeric isocyanate, results in higher production costs for these foams. These elements make it difficult for the producers of polyurethane foam to keep their production costs under control. Thus, the growth of the polyurethane foam business is being constrained by stringent government regulations.
The greatest impediment to the expansion of the polyurethane foam sector is the stringent environmental regulations that the US Environmental Protection Agency (EPA) has established for new and existing plant sites that are engaged in the production of flexible polyurethane foams. Higher production costs for polyurethane foams are a result of the high cost of key raw ingredients required in their manufacturers, such as polymeric isocyanate, methyl di-p-phenylene, and toluene diisocyanate. These factors make it challenging for polyurethane foam manufacturers to keep their manufacturing costs in check. Thus, strict government rules are limiting the growth of the polyurethane foam industry.
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Low-density polyurethane foam makes up a sizable component of the polyurethane foam market. Low-density polyethylene foam has a wide variety of uses since it has so many beneficial characteristics, including buoyancy, chemical resistance, energy absorption, water resistance, and cushioning capabilities. Low-density polyurethane foam is used in a wide range of industries, including automotive, furniture, footwear, and electronics, because of its increased versatility.
This foam is commonly used in footwear and furniture due to its density, stiffness, durability, and quality. It is also utilized in footwear as a basis that is both supportive and comfy. The footwear business in India, which contributes over 2% of the GDP and employs 2 million people, is one of the largest employers in the nation. The footwear market had a value of US$10.6 billion in 2019; by 2024, it is expected to grow to US$15.5 billion.
Over 58 percent of the nation's retail footwear market is made up of men's shoes, which dominates the Indian footwear business. Because of this, the need for polyurethane foam in the footwear sector will continue to grow.
The market for polyurethane foam was dominated by the building and construction sector. Due to its high strength-to-weight ratio, insulating capabilities, durability, and adaptability, polyurethane foam is utilized in buildings to reduce energy consumption. Wide-ranging uses of polyurethane foam in this market include walls, roofs, front doors, and garage doors because it adds architectural flexibility and improves energy efficiency.
According to the Ministry of Housing & Urban Affairs, India's GDP from construction increased to US$31.53 billion in the third quarter of 2021 from US$28.9 billion in the second quarter. Therefore, during the projection period, the use of polyurethane foam in building and construction would support market growth.
The market for polyurethane foam is predicted to grow at the fastest rate during the forecast period in China. It is projected that factors like rising demand for polyurethane foams across a range of industries and the growing presence of foreign companies dealing in polyurethane foams will drive the polyurethane foams market in China. The land is easily accessible in this area, and skilled labour is available for a reasonable price.
In addition, China is home to several rapidly growing industries that offer significant expansion opportunities for PU foam manufacturers. Flexible foam is used as an insulator in both consumer and industrial goods such as furniture, mattresses, carpet cushions, fibers, and textiles. As a result, the market for polyurethane foam will continue to be driven by China's growing need.
Market participants are spending globally to improve their Polyurethane Foam production capacity to meet the growing needs of end consumers. The numerous technological innovations and the increasing growth attempts of the top competitors through strategic alliances, Mergers, and agreements have opened up a wide range of market prospects.
Further, participants are exerting great effort to create and launch cutting-edge technological innovations to stay ahead of the competition. All of these developments imply that the Polyurethane Foam market will have enormous growth potential internationally in the years to come.
For Instance,
In June 2021, Rogers Corporation announced the release of a product designed to meet the demand for high-performing materials that enable the production of thinner and lighter electronic devices. The guaranteed water-sealing qualities of the ultra-thin self-adhesive PORON AquaPro 37TS9 are available.
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 6.3% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2017 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million for Value, Volume in Tons, and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Product Type, Density, Application, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia & Pacific; Middle East and Africa |
| Key Countries Covered | USA, Canada, Mexico, Brazil, Germany, UK, France, Italy, Spain, Russia, BENELUX, China, Japan, South Korea, India, ASEAN Countries, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, South Africa |
| Key Companies Profiled | The Dow Chemical Company; BASF SE; Bayer AG; Rogers Corporation; UFP Technologies, Inc.; Tosoh Corporation; Armacell GmbH; Foamcraft, Inc.; FoamPartner Group; Future Foam, Inc.; Nitto Denko Corporation; Eurofoam Group; Saint-Gobain; Woodbridge Group; Evonik Industries; LyondellBasell Industries; Sekisui Chemical Co. Ltd. |
| Customization & Pricing | Available upon Request |
The market is likely to register a CAGR of 6.3% through 2032.
The market is currently valued at US$ 49340.3 Mn in 2022.
The market is likely to grow to a valuation of US$ 90893.84 Mn by 2032.
Asia Pacific is likely to be a leading market during the forecast period.
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Polyurethane Foam Market
