Market Trends of Microcellular Polyurethane Foam Industry
This section covers the major market trends shaping the Microcellular Polyurethane Foam Market according to our research experts:
Growing Demand from the Automotive Industry
- Microcellular polyurethane foam is widely used in the automotive industry and is expected to grow rapidly during the forecast period.
- Microcellular polyurethane foams serve a greater purpose in the automotive industry owing to their lightweight as they are used for a variety of purposes such as sealing, gaskets, weatherproofing, cushioning and vibration control.
- In the automotive sector, apart from engine covers, polyurethane foams are used in seating for comfort as well as cushioning and car bodies to provide insulation against heat and noise of the engine.
- High-density closed-cell foams are used in the bumper and other protective applications because of their high strength and flexibility whereas open cell structures are often used to produce engine covers that are characterized by good sound absorption and thermal engine encapsulation. While the part has an open-cell foam structure on the bottom surface and can absorb a lot of energy because of the open-cell foam structure, the material on the front side forms a coherent skin with an attractive surface appearance.
- Global automotive production is currently on the decline with a decrease in production in 2018 and 2019. But, with the growing advancements to decrease the weight of automobiles, the usage of microcellular polyurethane foams has been growing. Over the forecast period, the automobile production is expected to be stabilized with a considerable in production expected.
- Hence, owing to the above mentioned factors, the demand for microcellular polyurethane foams from automobile segment is expected to increase over the forecast period.
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Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market for microcellular polyurethane foam during the forecast period as a result of the increase in demand from the automotive and aerospace & defense industry in countries like India, and China.
- Microcellular polyurethane foam is widely used in aerospace and defense to provide excellent comfort and cushioning during travel. In 2019, China has allocated around USD 177.61 billion for military and defense sector.
- Furthermore, in the union budget 2019-20, India allocated about USD 61.96 billion for the developments in the defense sector. The increase in investments in the defense sector from India and China is expected to drive the market growth during the forecast period. The increasing use of lightweight components in aerospace and defense aircraft is expected to drive the market for microcellular polyurethane foam because of their durability and flexibility.
- In India, the automotive production has declined in 2019 by about 12.2% reaching a total of about 4,516,017 vehicles. However, the recent developments in long range electric vehicles and by achieving global safety and quality standards is expected to drive the market in the forecast period.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for microcellular polyurethane foam market during the forecast period.
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