Polyurethane Foam Market Overview to 2023: —
The global polyurethane foam market is poised to touch a valuation of USD 76,065.74 million by 2023, according to Market Research Future (MRFR). Owing to the rising demand from the building and construction industry the polyurethane foam market is expected to register a CAGR of 8.36% during the forecast period (2018-2023).
Polyurethane (PU) foams exhibit high structural strength and resistance to wind, which minimizes the need for additional mechanical reinforcement. Hence, it is extensively used in the building and construction industry to insulate roof underlays, exterior walls, floorings, interior wall cavities, attics, crawlspaces, door frames, and window frames, among others.
Insulation plays a vital role in energy conservation and increases the overall building efficiency. Majority of the energy consumed by a building is utilized for interior space heating and cooling, and a large portion of that heat is lost through the air leakages in the external walls, window frames, floorings, and attics. The emphasis on energy-efficiency and bio-polyols are likely to provide an opportunity for the polyurethane foam market to expand into new ventures.
Rising demand from the construction sector is the key market driver. Besides, the growing home furnishing industry fosters the market growth of polyurethane foams. Furthermore, alternatives of polyols and isocyanates are expected to provide new growth opportunities to the players operating in the market during the forecast period.
However, stringent regulations imposed on the use of methylene chloride as a blowing agent are expected to obstruct the market growth to some extent. In addition, volatile raw material prices are posing a challenge to market growth.
Request for Free Sample Report@ https://www.marketresearchfuture.com/sample_request/1697
By type, the polyurethane foam market is segmented into flexible, rigid, and spray. Flexible foams accounted for 48.55% share in 2017 and touted to showcase a strong CAGR of 8.50% till 2023. This can be attributed to its application in furniture, thermal insulation, and soundproofing. The spray segment can exhibit 8.70% CAGR during the forecast period and accrue USD 12,444.4 million by 2023 thanks to massive roofing demands.
By application, it is segmented into automotive, packaging, bedding & furniture, electronics, building & construction, footwear, and others. The building & construction application will contribute the maximum to the polyurethane foam market thanks to new development projects globally. It had accounted for a large portion of market demand in 2017. Furthermore, energy-consciousness is likely to induce demand for PU foams till the end of the forecast period. Bedding & furniture was the second largest segment in 2017 followed by automotive. Automotive is predicted to accrue revenue for the market at 8.95% CAGR over the forecast period.
By region, the polyurethane foam market is segmented into North America, Latin America, Europe, Asia Pacific (APAC), and Middle East & Africa (MEA).
The Asia Pacific region accounted for the leading market, holding 41.31 % of the share in the global polyurethane foam market, in the year 2017. Primary factors driving the regional market include the strong growth in demand for the product in the leading end-use industries such as automotive, building and construction, bedding and furniture, packaging, and footwear.
Europe was the second-largest market for polyurethane foams accounting for 24.78 % market share, in 2017. The robust automotive industry in Germany is a key driving force which will lead the market to register 7.38% CAGR of during the forecast period.
The North American region is emerging as a promising market for polyurethane foams owing to the building & construction industry in the region which is majorly led by the growing renovation & reconstruction activities. In the years 2017, the region has acquired almost 17.92% of the market share of the global polyurethane foam market.
Furthermore, the regulatory norms and directions led by the US Environmental Protection Agency (EPA) alongside the government initiatives such as Weatherization Assistance Program (WAP) to promote thermal insulation will fuel the demand for the product in coming years.
NITTO DENKO Corporation
SEKISUI CHEMICAL CO., LTD.
Wanhua Chemical Group Co., Ltd
Huntsman International LLC
Get Complete Research Report by Market Research Future@ https://www.marketresearchfuture.com/reports/polyurethane-foam-market-1697
Name: Market Research Future
Email: Send Email
Organization: Market Research Future
Address: Market Research Future, Office No. 524/528, Amanora Chambers, Magarpatta Road, Hadapsar, Pune - 411028, Maharashtra, India, +1 646 845 9312, Email: firstname.lastname@example.org
Release ID: 494082