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The global polyurethane (PU) foam market exhibited moderate growth during 2015-2020. Polyurethane foam is a synthetic polymer that offers insulation and protection to materials against abrasion, temperature, moisture, impact and corrosion. It is commonly available in the spray, flexible and rigid forms and is primarily used as stuffing in beddings and furniture. It is hypoallergenic, non-toxic, does not degrade over time and can also rapidly react with moisture to expand and bond with the surfaces with high adhesion after application. Owing to this, it finds extensive applications across various other industries, including automotive, packaging, construction and electronics.
Significant growth in the construction industry, along with the rising product demand from the furnishing sector, is one of the key factors that is creating a positive outlook for the market. Furthermore, widespread adoption of flexible and semi-rigid polyurethane foams that are used with coatings, paints and adhesives in residential and commercial complexes is also contributing to the market growth. Additionally, various product innovations and the development of bio-based polyols that are used for manufacturing polyurethane foam and have minimal carbon emissions into the environment, are providing an impetus to the demand for this type of foam. Moreover, extensive utilization of polyurethane foam in the automotive industry is acting as another major growth-inducing factor. It is used in this industry for manufacturing light-weight automobile components, such as dashboards, airbags, armrests and other exterior parts, which further aids in enhancing the overall fuel-efficiency of the vehicle. Other factors, including rapid industrialization, along with increasing product demand from the packaging industry, are projected to drive the market further. Looking forward, IMARC Group expects the global polyurethane (PU) foam market to grow at a CAGR of 6.81% during 2021-2026.
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The report has also analysed the competitive landscape of the market 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., Wanhua Chemical Group Co. Ltd., etc.
We expect the global polyurethane (PU) foam market to exhibit a CAGR of 6.81% during 2021-2026.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary halt in numerous construction activities, thereby negatively impacting the market for PU foam.
Significant growth in the construction industry, along with the rising adoption of flexible and semi-rigid polyurethane foams for coatings, paints, and adhesives in residential and commercial complexes, are currently driving the global polyurethane (PU) foam market.
Based on the product type, the market has been bifurcated into flexible foam, rigid foam, and spray foam. Currently, flexible foam holds the majority of the total market share.
Based on the end-use industry, the market has been divided into bedding and furniture, building and construction, electronics, automotive, packaging, footwear, and others. The bedding and furniture industry currently exhibits a clear dominance in the market.
On a regional level, the market has been segmented into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where Asia Pacific currently dominates the global market.
Some of the major players in the global polyurethane (PU) foam market include 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., Wanhua Chemical Group Co. Ltd., etc.
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