Polyurethane Foam Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Polyurethane Foam Market Analysis
The Global Polyurethane Foam Market is projected to register a CAGR of more than 5% during the forecast period (2022-2027).
The market was negatively impacted by COVID-19 in 2020. Due to the COVID-19 outbreak in the first half of 2020, the various end-user industries automotive, transportation, building & construction were significantly affected. However, the situation became stable in 2021 and the market is projected to grow steadily.
- Over the short term, rising demand in the construction industry in the Asia-Pacific region, and the growing furnishing industry are some of the driving factors which are stimulating the market demand.
- Strict environmental regulations for the manufacturing of PU foam are hindering the market's growth.
- Increasing the production of bio-based polyols products is likely to create opportunities for the market in the coming years.
- Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.
Polyurethane Foam Market Trends
This section covers the major market trends shaping the Polyurethane Foam Market according to our research experts:
Building & Construction Segment Dominates the Market
- Polyurethane foam finds its largest application in the building and construction industry, where it is used in various household, commercial, and industrial applications
- Polyurethane foam is a flexible chemical product that can be used for bonding, filling, sealing, and insulation in a variety of building applications. Its strong thermal and acoustic insulation capabilities make it ideal for applications such as water pipe insulation, roof, and wall bonding and sealing, and, most critically, door and window frame installation.
- According to US Censor Bureau, the total spending on construction in April 2022 was estimated to be USD 1,744.8 billion, which is 12.3 % above the April 2021 estimate of USD 1,5553.5 billion. which has stimulated the consumption of paints and coatings. This has enhanced the demand for the market studied.
- According to European Commission, in comparison to 2020, annual average construction production increased by 5.2% across the euro region and 4.8% in the EU in 2021. Furthermore, in December 2021 the UK monthly construction output increased by 2% as compared to the previous month. Thus, with the increasing building and construction activities, the demand for polyurethane foam will also significantly increase.
- Owing to all these factors, the market for Polyurethane Foam is likely to grow globally during the forecast period.
Asia Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the market. In the region, China is the largest economy, in terms of GDP. China and India are among the fastest emerging economies in the world.
- China is the largest consumer of PU as it is the largest producer of footwear globally. China is the world's largest footwear manufacturer and exporter, dominating worldwide. China shipped more than 8 billion pairs of shoes and boots in 2021.
- On the other hand, China is the world's greatest producer and purchaser of automobiles. According to OICA, China has the largest automotive production base in the world, with a total vehicle production of 26.08 million units in 2021, registering an increase of 3% compared to 25.23 million units produced last year.
- Furthermore, the footwear sector in India, which is the world's second-largest maker of shoes after China, is anticipated to generate USD 23.97 billion in revenue in 2022, up 32.62% from 2021.
- Moreover in India, the government aims to boost the construction of buildings in the country. In the union budget of 2022, the government has allocated USD 6.4 billion for PM Awas Yojna and 60,000 houses will be identified as beneficiaries under the scheme in rural and urban areas, which is expected to stimulate the demand for the Polyurethane Foam Market in the country.
- Due to all such factors, the market for Polyurethane Foam in the region is expected to have a steady growth during the forecast period.
Polyurethane Foam Industry Overview
The Polyurethane Foam market is consolidated in nature. Some of the major players in the market include (not in any particular manner) Arkema, BASF, Dow, Huntsman Corporation, Covestro AG, and others.
Polyurethane Foam Market Leaders
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Arkema
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BASF
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DOW
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Huntsman International LLC.
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Covestro AG
*Disclaimer: Major Players sorted in no particular order
Polyurethane Foam Market News
- In June 2021, BASF and Shanghai Harvest Insulation Engineering Co., Ltd (Harvest) signed a Joint Development Agreement (JDA) to create prefabricated cryogenic pipes using BASF's Elastopor Cryo polyurethane rigid foam system.
- In July 2020, Dow and Eco-Mobilier had established a new partnership for the RENUVATM Mattress Recycling Program's collection and supply of post-consumer polyurethane foam.
Polyurethane Foam Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
-
4.1 Drivers
- 4.1.1 Rising Demand in the Construction Industry in Asia-Pacific Region
- 4.1.2 Growing Furnishing Industry
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4.2 Restraints
- 4.2.1 Strict Environmental Regulations for Manufacturing of PU Foam
- 4.2.2 High Cost of Raw Materials
- 4.3 Value Chain / Supply Chain Analysis
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4.4 Porters 5 Force Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 Type
- 5.1.1 Rigid Foam
- 5.1.2 Flexible Foam
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5.2 End User Industry
- 5.2.1 Building & Construction
- 5.2.2 Bedding & Furniture
- 5.2.3 Footwear
- 5.2.4 Automotive
- 5.2.5 Electronics
- 5.2.6 Packaging
- 5.2.7 Other End-user Industries
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5.3 Geography
- 5.3.1 Asia-Pacific
- 5.3.1.1 India
- 5.3.1.2 China
- 5.3.1.3 Japan
- 5.3.1.4 South Korea
- 5.3.1.5 Rest of Asia-Pacific
- 5.3.2 North America
- 5.3.2.1 United States
- 5.3.2.2 Canada
- 5.3.2.3 Mexico
- 5.3.3 Europe
- 5.3.3.1 Germany
- 5.3.3.2 United Kingdom
- 5.3.3.3 France
- 5.3.3.4 Italy
- 5.3.3.5 Rest of Europe
- 5.3.4 South America
- 5.3.4.1 Argentina
- 5.3.4.2 Brazil
- 5.3.4.3 Rest of South America
- 5.3.5 Middle East and Africa
- 5.3.5.1 South Africa
- 5.3.5.2 Saudi Arabia
- 5.3.5.3 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%) **/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 Arkema
- 6.4.2 BASF
- 6.4.3 Convestro AG
- 6.4.4 Dow
- 6.4.5 Foamcraft Inc.
- 6.4.6 Henkel Ag & Co. Kgaa
- 6.4.7 Huntsman International LLC.
- 6.4.8 INOAC Corporation
- 6.4.9 Recticel NV/SA
- 6.4.10 Rogers Corporation
- 6.4.11 Saint Gobian
- 6.4.12 SEKISUI CHEMICAL CO., LTD.
- 6.4.13 UFP Technologies Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Increasing the Production of Bio-Based Polyols
Polyurethane Foam Industry Segmentation
Polyurethane foam is a linear polymer made up of organic units connected by carbamate linkages. It is widely used in the construction, automotive, and household appliance industries, among other applications. Their interior structure is responsible for their low weight and superior mechanical and thermal insulation properties. The Polyurethane Foam Market is segmented by type, end-user industry, and geography. By type, the market is segmented into rigid foam and flexible foam. By end-user industry, the market is segmented into building & construction, bedding & furniture, footwear, automotive, electronics, packaging, and others. The report also covers the market size and forecasts for the Polyurethane Foam Market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (kilo tons).
| Type | Rigid Foam | |
| Flexible Foam | ||
| End User Industry | Building & Construction | |
| Bedding & Furniture | ||
| Footwear | ||
| Automotive | ||
| Electronics | ||
| Packaging | ||
| Other End-user Industries | ||
| Geography | Asia-Pacific | India |
| China | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Rest of Europe | ||
| Geography | South America | Argentina |
| Brazil | ||
| Rest of South America | ||
| Geography | Middle East and Africa | South Africa |
| Saudi Arabia | ||
| Rest of Middle East and Africa |
Polyurethane Foam Market Research FAQs
What is the current Polyurethane Foam Market size?
The Polyurethane Foam Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Polyurethane Foam Market?
Arkema, BASF, DOW, Huntsman International LLC. and Covestro AG are the major companies operating in the Polyurethane Foam Market.
Which is the fastest growing region in Polyurethane Foam Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Polyurethane Foam Market?
In 2024, the Asia-Pacific accounts for the largest market share in Polyurethane Foam Market.
What years does this Polyurethane Foam Market cover?
The report covers the Polyurethane Foam Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Polyurethane Foam Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the factors driving the Polyurethane Foam Market?
The factors driving the Polyurethane Foam Market are a) Increasing demand from bedding & furniture industry b) Rising Demand in the Construction Industry in Asia-Pacific Region c) Increasing the production of bio-based polyols products
Which segment accounted for the largest Polyurethane Foam Market share?
Building and Construction Segment accounted for the largest Polyurethane Foam Market share.
Polyurethane Foam Industry Report
The global polyurethane foam market is charting a course of significant growth, propelled by escalating demand from key sectors such as construction and automotive. This surge is primarily due to the foam's exceptional insulation capabilities, positioning it as an ideal solution for energy-efficient building practices. Manufacturers are capitalizing on this trend by producing materials that not only conserve energy but also promote sustainability. Concurrently, the automotive industry's increasing reliance on polyurethane foam for seating, interior components, and soundproofing is enhancing vehicle comfort and efficiency. Amidst these developments, a notable shift towards bio-based polyols is emerging, presenting a greener alternative to conventional materials and addressing pressing environmental concerns. Despite facing hurdles like stringent environmental regulations and the volatility of raw material costs, the market's trajectory remains upward, especially in the Asia Pacific region, which is experiencing robust industrial growth and a spike in demand from the construction and automotive domains. The outlook for the polyurethane foam market is optimistic, with burgeoning opportunities in bio-based products and broader industry applications. For a deeper dive into the polyurethane foam market, including insights on market share, size, and revenue growth rates, Mordor Intelligence™ offers comprehensive analysis and forecasts, available for download as a free report PDF.
