21st November 2019 – Global Polyurethane Foam Market is expected to reach USD 91.96 billion by 2024. Polyurethane (PU) is a most adaptable plastic material formed by reacting a polyol with a polymeric isocyanate or di-isocyanate in presence of additives and catalyst. It is also termed as polycarbamates. Polyurethanes foam is also termed as PUR foam. It is formed by the reaction of addition, cyclotrimerization or condensation. The Polyurethane (PU) Foam Market is estimated to grow at a significant CAGR of 3.3% over the forecast period as the scope and its applications are rising enormously across the globe.
High demand for polyurethane foam from end users like building & construction and bedding & furniture, growing investment in renovation in non-residential buildings and new infrastructure development in Brazil, the United States, India, and China are documented as major factors of Polyurethane (PU) Foam Market that are estimated to enhance the growth in the years to come. Polyurethane Foam industry is segmented based on type, end user, and region.
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Spray foam, flexible foam, and rigid foam are the types that could be explored in Polyurethane (PU) Foam in the forecast period. Flexible foam sector accounted for the substantial market share of polyurethane foam and is estimated to lead the overall market in the coming years. This may be because of high demand from automotive industries. The market may be categorized based on end users like footwear, building & construction, packaging, bedding & furniture, automotive, electronics, and others that may be explored in the forecast period.
Globally, Asia Pacific accounted for the substantial market share of Polyurethane (PU) Foam and is estimated to lead the overall market in the coming years. The reason behind the overall market growth could be high demand for flexible polyurethane foam and growing acceptance in end use industries. The developing countries like China and India are the major consumers of polyurethane foam in this region.
Instead, North America and Europe are also estimated to have a positive influence on the future growth. North America is the second largest region with significant market share. However, Europe is estimated to grow at fastest pace with the highest CAGR in the foremost period.
The key players of Polyurethane Foam Market are Huntsman Corporation, BASF SE, The Dow Chemical Company, and Covestro. These players are concentrating on inorganic growth to sustain themselves amongst fierce competition. As companies all over the world have to believe that alliance with a market would permit them proportional market existence and authority to declare the leadership position.
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