Polyurethane Foam Market to Touch USD 76.65 Billion by 2032

Overview 

The global polyurethane foam market is anticipated to grow at 7.20% CAGR during the forecast period 2023 - 2032. The building and construction industries' rising demand and growing environmental consciousness will be the key factors determining the growth potential of the market, suggest analysts. The market report suggests that strict environmental regulations as well as growing prices of primary feedstock products will affect the market growth. During the forecast period, 2023 - 2032 the market for polyurethane foam will reach USD 76.65 billion by 2032. The growth in the market remains positive across all the type and application segments, however, segments like building and construction have experienced increased growth during the forecast period 2023 - 2032. 

Growing environmental awareness and sustainability and cost-effectiveness are said to be the key market growth factors. Although, during the forecast period 2023 - 2032, the factors like volatile organic material and adverse health effects could hamper the market growth. The global market report also covers type and application segments and in-depth analysis of Europe, Asia-Pacific, North America, and the Middle East and Africa regions. 

Market Segmentation 

The global polyurethane foam market is segmented based on type and application. The market is further segmented based on type into rigid, spray, and flexible. The market is also segmented into automotive, bedding & furniture, building & construction, electronics, footwear, packaging, others on the basis of application. 

Shortage of TDI may hinder the market growth. The market research report suggests that companies in the market could be supported by growing issues regarding the use of fossil fuels as well as minimise reliance on petroleum-based raw materials  during the forecast period. The market is set to register growth at a high CAGR owing to these key factors. The type and application segments along with regional markets have been analyzed in the global market research report. The research analysts studying the market have put out polyurethane foam market forecasts in the market research report in order to support market-based companies. The market research report provides an extensive understanding of the market based on the information and forecasts till 2032. 

Regional Overview 

The polyurethane foam market is spread across North America, Europe, Asia-Pacific, and other parts of the world. The global market research report reveals that North America, APAC, and Europe regions will dominate the global market for polyurethane foam during the forecast period 2023-2032. As per market analysts, the market is set to witness tremendous growth across bedding & furniture segments in North America which covers markets across the United States, Canada, Mexico and several other regional markets. Companies active in the market are also analyzed and studied in the market research report. 

Growth factors such as physical benefits including increased exposure to water vapour. as well as higher resistance to water vapour are set to drive the polyurethane foam market growth across the European regional market for polyurethane foam. This region covers smaller market segments of Germany, Italy, France, and the United Kingdom. Additionally, the market research report covers the Asia-Pacific region covering markets from India, China, Japan, Australia, and others. The polyurethane foam market is also spread across the rest of the world. The market report covers all such regions including the Middle East, Africa, Brazil, and others. 

Competitive Landscape 

The demand for polyurethane foam has increased significantly over the years, due to advantages over traditional polyol and reduced reliance on raw materials based on petroleum. Companies functioning in the global polyurethane foam market are also being challenged due to high prices of raw materials and strict environmental regulations. Mergers and acquisitions by market companies are anticipated to help the market during the forecast period 2023-2032. As the market is set to register a high CAGR of 7.20% and is also anticipated to reach a US$76.65 billion by 2032, the report highlights key areas companies need to focus on. Based on SWOT analysis and market’s analysis based on Porters’ Five Force Model presented in the market report. 

Polyol and isocyanate alternatives, as per the market research report will support the growth. The global market might face slow growth due to restrictions imposed on methylene chloride. The report suggests that the market will see a healthy growth in the long run till 2032. The market research report offers detailed analysis of major organizations across the market. The global market research report offers analysis based on data collected from the market’s decision makers as well as primary and secondary sources. The polyurethane foam market research report presents analysis based information for companies functioning in the market. 

Industry News 

Covestro AG has agreed to sell its 51 percent stake in Pearl Covestro Polyurethane Systems, which runs a technology company in Dubai (United Arab Emirates), to existing co-shareholder Pearl Industries Overseas Ltd. The profits from the sale will be in the mid-single-digit million euro range. The outsourcing is part of Covestro's continuing asset allocation phase and represents a new move in the Polyurethanes segment's competitive focusing. The transaction is scheduled to close in the first half of 2021, pending approvals.