(I-BusinessNews.Com, October 16, 2019 ) Polyurethane Foam Â Market Worth Around USD 72 Billion by 2026
The Global Polyurethane Foam Market is valued at USD XX Million in 2018 and is estimated to grow at a CAGR of 6.46% over the forecast period to reach a USD XX Million by 2026. PU Foams can be found in mattresses, upholstered furniture and car seats. Its applications are virtually endless, ranging from small but essential items such as sponges in the kitchen, medical dressings to large filters and soundproofing systems that keep environment clean and quiet.
The growth of the polyurethane foam market can be attributed to the increasing demand for polyurethane foam from the bedding & furniture and building & construction end-use industries. Significant investments in new infrastructure development, new housing projects, and renovation of non-residential buildings in the US, China, India, and Brazil have also influenced the growth of the polyurethane foam market. Plastic foam is the second-most commonly used insulation material after wool. For manufacturing plastic foam, foaming agents are used to deliberately expand the plastic and convert it into a plastic of low density with closed or open cells that provide insulation Plastic foam insulation materials that are deployed in buildings include EPS, XPS, and polyurethane foams. Amongst these, polyurethane foams and EPS are the most widely used plastic foams. Polyurethane foam is formed by mixing two different ingredients, namely, an isocyanate and a polyol. It is a light weight product and is dimensionally stable. It is also moisture resistant and durable, thus making it adaptable to harsh weather conditions. Government regulatory policies globally will have a major impact on the insulation market in the future. Various government regulators have proposed guidelines regarding the construction of buildings and energy optimization. This will coerce the industrial, commercial, and residential users to deploy insulation as a means of attaining energy efficiency. Oversupply of oil and gas coupled with low demand has resulted in low prices worldwide, leading to a reduction in energy costs. This scenario is expected to have a cascading effect on the insulation market as the need for energy efficiency is one of the primary reasons for adopting insulation.
Asia-Pacific holds largest market share in global polyurethane foam market in 2018
The Asia Pacific Polyurethane Foam Market is valued at USD XX Million in 2018 and is estimated to grow at a CAGR of 6.85% over the forecast period to reach a USD XX Million by 2026. The region held 45.98% market share in 2018 and is expected to reach 47.36% by 2026. The growth in the industry is mainly due to rapid industrialization and growing middle class population and spending power that lead to increased investment in advanced consumer electronics and automotive. The growth is mainly supported by developing economies, such as India, China, and Japan. Electronic components are protected from environmental influence and mechanical shock by enclosing them in polyurethane. Due to the large pool of population, with increasing technological transformation such as from 3G to 4G, and ongoing developments for 5G, which doubles the need for electronics will further drive the growth of polyurethane foam products in the forecast period. The growing sales of consumer electronics such as smartphones, tablets, laptops and others are the major factors responsible for the growth of the Asia Pacific Polyurethane Foam Market.
The global polyurethane foam market is competitive with the large number of regional and international players. The companies are competing based on the price, product specifications, and market presence. The global polyurethane foam market share is characterized by competition based on prices and service provided to clients. Major industry participants are based in the U.S. and China. Major companies include Dow chemical company, BASF, Covestro AG, and Lanxess AG. The major focus of these companies is to achieve lower prices and to develop products with niche application and their investments are driven in the same direction.
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