Polyurethane foams Market Overview and Introduction

The global polyurethane foam market was valued at over US$ 50.0 Bn in 2018 and is anticipated to grow at a CAGR of 8.2% from 2019 to 2030.

Polyurethane foams (PUFs) are the most vital class of polymeric foams. It accounts for more than 65% of the global polyurethane consumption. High demand of polyurethane foams from the construction and bedding & furniture industry is the major factor driving the market growth. Moreover, rising demand from automotive and electronic industries is bolstering the growth of the market. However, fluctuating prices of raw materials and stringent government regulations are the factors curbing the market growth.

Most of the polyols used in the manufacturing of polyurethane foams are petroleum derivatives. Owing to increasing environmental concerns and scarcity of petroleum in the future is forcing the manufacturers to use renewable and bio-based raw materials. Thus, renewable polyols is the obvious alternative for petroleum derived polyols. Companies such as BASF SE, Dow Chemical, Shell Chemicals Ltd and Bayer Material Science have already started the commercialization of bio-based polyols. Companies are continuously taking R & D activities to produce polyols from renewable sources such as vegetable oils and biomass residues.

Polyurethane foams Market by Type

The market is segmented into flexible and rigid foams type. In 2018, flexible type accounted for the largest share of the market and projected to maintain its dominance through the forecast period of 2019-2030. Flexible polyurethane is durable, comfortable, light and supportive. It is largely used in automotive, furniture and bedding industries.

Polyurethane foams Market by End Users

By end use industry, in 2018 construction segment accounted for the major chunk of the market share and projected to maintain its position over the coming years. Polyurethane foams are used as insulators in the construction industry. The overall market for construction is anticipated to grow over US$ 15 trillion by 2030. As the construction industry will grow, subsequently the demand for polyurethane foams will also grow. Demand for polyurethane foams from automotive industry is anticipated to grow at a faster pace over the forecast period. Ideally it is used for cushioning purposes in car manufacturing but it also provides protection against noise and heat of the engine owing to its insulating properties.

Polyurethane foams Market by Region

In 2018, Asia Pacific stands out as the clear leader of the market in terms of value and volume. China is the major producer and consumer of polyurethane foams. Rising demand for polyurethane foams from construction, electronics and automotive industries is the prime factor driving the market growth. India, South Korea, Indonesia and Malaysia are other major consumers of this market in those region. Owing to rise in per capita income, urbanization, infrastructural development and globalization in these economies is offering huge market potential.

Polyurethane foams Market Prominent Players

The market is highly fragmented. Some of the dominant players present in this market are Huntsman Corporation, Covestro AG, The Dow Chemical Company, BASF SE, Trelleborg AB and Recticel NV. Some of the other players present in this market are Chemtura Corporation, Sekisui Chemical Co. Ltd, Rogers Corporation and Fxi-Foamex Innovations among others.