Global Polyurethane (PU) Foam Market to Grow at 7.1% During 2023-2028, Bolstered by the Development of Environment-Friendly Products

March 22, 2021 | Chemical & Materials

IMARC Group’s latest report, titled “Polyurethane (PU) Foam Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global polyurethane (PU) foam market reached a value of US$ 48.9 Billion in 2022. Polyurethane (PU) foam refers to a type of synthetic polymer obtained from a reaction of polyols and diisocyanate that are produced from crude oil. It is manufactured using a discontinuous (molded) process or through a continuous slabstock production process. PU foam is nontoxic, hypoallergenic, non-degradable, and protects against abrasion, temperature, moisture, corrosion and impact. As a result, it is extensively utilized for producing seats, mattresses, cushions, fillers, carpets, insulation panels, clothes and shoes.

Global Polyurethane (PU) Foam Market Trends:

The global PU foam market is primarily driven by its increasing applications in various industries. In the construction sector, PU foams are used as insulating materials due to their unique physical properties and the ability to conserve energy. They are also employed in the automotive industry to enhance the functioning of various automobile components such as dashboards, airbags, armrests and exterior parts. Besides this, with rapid urbanization and the rising population, there has been an increase in bedding and furniture sales worldwide. This has escalated the demand for PU foams for use as the solid layer of foam molds to fit the body. Furthermore, PU foams are widely being used in refrigeration articles and packaging applications across the industrial sector since these foams reduce wastage and are highly recyclable in nature. Moreover, manufacturers are developing bio-based polyols for manufacturing PU foams as they release minimal carbon emissions into the environment. On account of these factors, the market is expected to grow at a CAGR of 7.1% during the forecast period (2023-2028).

Market Summary:

Based on the structure, the market has been categorized into open and closed cells.
On the basis of the product type, the market has been classified into flexible, rigid, and spray foams. Amongst these, rigid foams dominate the market.
The market has been divided based on the density into low, medium, and high.
On the basis of the end-use industry, building and construction exhibit a clear dominance in the market. Other major segments are bedding and furniture, electronics, automotive, packaging, footwear, and others.
Region-wise, Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others) holds the leading position in the market. Other major regions are North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
The competitive landscape of the market has been examined, with some of the key players being BASF SE, Covestro AG, Foamcraft Inc., Future Foam Inc., Huntsman International LLC (Indorama Ventures Public Company Limited), Recticel NV/SA, Rogers Corporation, Saint-Gobain S.A., Sekisui Chemical Co. Ltd., The Dow Chemical Company, Tosoh Corporation, UFP Technologies Inc. and Wanhua Chemical Group Co. Ltd.

Report Scope:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Segment Coverage	Structure, Product Type, Density, End-Use Industry, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	BASF SE, Covestro AG, Foamcraft Inc., Future Foam Inc., Huntsman International LLC. (Indorama Ventures Public Company Limited), Recticel NV/SA, Rogers Corporation, Saint-Gobain S.A., Sekisui Chemical Co. Ltd., The Dow Chemical Company, Tosoh Corporation, UFP Technologies Inc. and Wanhua Chemical Group Co. Ltd.
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Global Polyurethane (PU) Foam Market to Grow at 7.1% During 2023-2028, Bolstered by the Development of Environment-Friendly Products

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