New York (US), May 24, 2023 (GLOBE NEWSWIRE) -- Polyurethane Foam Market Overview
The MRFR study reports imply that the “Polyurethane Foam Market Research Report Information by Type, Region, and Application - Forecast Till 2032”, the global “Polyurethane Foam market research predicts that the market is likely to bolster substantially during the review era from 2023 to 2032 at a substantial growth rate of around 7.20%. The reports further predict that the Polyurethane Foam market size will be nearly USD 76.65 billion by the end of 2032. The study reports that the market was worth nearly USD 41 billion in 2022.
Market Scope:
The global Polyurethane Foam industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the growing consumption of polyurethane foam across the globel.
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Competitive Analysis
The listing of the prominent leaders across the global market for Polyurethane Foam includes players such as:
- LANXESS (Germany)
- Trelleborg AG (Sweden)
- NITTO DENKO Corporation (Japan)
- Huntsman International LLC (U.S.)
- SEKISUI CHEMICAL CO. LTD. (Japan)
- DowDuPont Inc. (U.S.)
- Wanhua Chemical Group Co.Ltd
- Recticel (Belgium)
- Covestro AG (Germany)
- BASF SE (Germany)
- Tosoh Corporation (Japan)
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 76.65 billion |
| CAGR | 7.20% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Dynamics | Rising demand for sports and leisure industry. Increased consumption of polyurethane foam in the automotive sector |
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Market USP Covered
Market Drivers
The global Polyurethane Foam industry has lately demonstrated immense development. The primary parameter causing a surge in the performance of the market is the growing consumption of polyurethane foam across the globe. Furthermore, the huge demand in the automobile industry is also likely to be one of the crucial parameters supporting the market's growth. Moreover, factors such as energy efficiency, reducing overall weight, improving sustainability, decreasing waste production, increasing need for electric & passenger cars, environmentally friendly business practices, and restrictions on both import and export are also likely to have a positive impact on the performance of the market over the coming years.
Market Restraints
On the contrary, some parameters may restrict the market's development. The main parameter limiting the market's development is the high costs associated.
COVID-19 Impact
The COVID-19 pandemic has had a massive impact on several industry areas worldwide. The Polyurethane Foam market is no different than others. The market experienced a tremendous setback during the pandemic, given the halt of several industrial operations and manufacturing activities. However, with the world recovering from the impact caused by the global health hazard, the market is anticipated to grow considerably over the coming years.
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Segment Analysis
Among all the types, the Rigid segment secured the leading position across the global polyurethane foam market in 2022 with the largest contribution of nearly 49% worth USD 20.1 billion. Rigid foams are used for several insulation purposes in building and refrigeration; they are energy efficient and lower energy expenses. They are used more frequently in packaging applications, driving demand and overall market growth.
Among all the application areas, the Building & Construction category secured the leading position across the global polyurethane foam market in 2022, with the largest contribution of nearly 59%. The main parameter supporting the development of the market segment is the durability, insulation properties, and high strength ratio of Polyurethane Foam. Furthermore, lowering energy consumption is also likely to contribute to the segment's growth over the coming years.
Regional Analysis
The global market for Polyurethane Foam is studied across five major parts: Asia-Pacific, Europe, North America, Latin America, and Middle & Africa.
The research reports by MRFR suggest that the Asia-Pacific Region is anticipated to secure the top position across the global Polyurethane Foam industry over the assessment era. The Region has India and China as the leading growth contributors. The main parameter supporting the development of the regional market is the growth and development in the electronic and transportation sectors across the Region. Furthermore, the growing number of vehicles and electronic gadgets sales is also considered one of the crucial parameters enhancing the performance of the regional market. Moreover, China's Polyurethane Foam market dominated the market share, and the Indian Polyurethane Foam market is expected to grow at a fast CAGR in the Asia-Pacific region.
The North American regional market for polyurethane is anticipated to secure the second spot across the globe over the assessment period. The main parameter supporting the development of the regional market is the increased standard of living. Furthermore, the high disposable income across the Region is also projected to impact the regional market's growth positively.
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The European regional market for polyurethane is anticipated to showcase the highest growth rate over the review timeframe. The main parameter supporting the development of the regional market is the spreading awareness of the environment across the Region. Furthermore, the rising per capita disposable income is also projected to impact the growth of the regional market positively. The Region has Germany as the leading growth contributor with the largest revenue share. On the other hand, the U.K. Polyurethane Foam market is anticipated to showcase the maximum growth rate over the coming years.
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