Polyurethane Foam Market Research Report - Forecast to 2030

Polyurethane Foam Market: Information By End-use Industry (Bedding & Furniture, Building & Construction, Automotive, Electronics, Footwear, Packaging, Others (Application, Textiles & Apparel, and Transportation)), By Type Industry (Rigid Foam, Flexible Foam, and Spray Foam), and Region (North America, Europe, Asia-Pacific, and the Rest of the World)—Forecast till 2030

ID: MRFR/CnM/1165-CR | December 2018 | Region: Global | 157 Pages         

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Polyurethane Foam Market

Polyurethane Foam Market is projected to be worth USD 76.06 Billion by 2030, registering a CAGR of 7.2% during the forecast period (2022 - 2030).

Segmentation
By Type Flexible Rigid Spray
By Application Building & Construction Bedding & Furniture Automotive Electronics Packaging Footwear Others
Key Players
Companies Profiled   LANXESS (Germany)   NITTO DENKO Corporation (Japan)   SEKISUI CHEMICAL CO. LTD. (Japan)   Wanhua Chemical Group Co.Ltd   Covestro AG (Germany)   Tosoh Corporation (Japan)   BASF SE (Germany)   Recticel (Belgium)   DowDuPont Inc. (US)   Huntsman International LLC (US)   Trelleborg AG (Sweden)
Drivers
Market Driving Forces   Growing Environmental Consciousness Drives the Market Growth
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Global Polyurethane Foam Market Research (MRFR Insights)


The polyurethane foam market is projected to register a CAGR of 7.20% from 2022 to 2030. A major market driver is the continuous expansion of the building industry and the growing demand for furnishings. In addition, polyurethane foam is utilized extensively as a component of coatings, paints, and adhesives in residential and commercial properties, boosting the market's growth. The polyurethane foam market size is expected to reach approximately USD 76.06 Billion by 2030. Moreover, the market's leading players are involved in developing awareness campaigns and establishing innovative products, which are predicted to promote the growth of daily disposables. For instance, an engineered pipe services company based in the US announced in March 2022 that it would use Perma-Pipe's XTRU-THERM insulation system in Saudi Arabia and Egypt for an additional USD 15 million.


COVID-19 Impact Analysis


Polyurethane foam has been severely challenged by the COVID-19 pandemic in 2020. Overall growth was negative in the global market compared to other industries. A global economic downturn has occurred since the outbreak of COVID-19 in early 2020. Many countries have imposed strict lockdowns to curb the spread of COVID-19 to control the spread of the disease. This is expected to impact the automotive industry's production significantly. The pandemic has adversely impacted market activity, with many manufacturing companies shut down or running out of capacity. As a result of the Covid-19 pandemic and the ongoing lockdowns across India and the world, Engineers India Research Institute (EIRI) reports a nearly 18 percent degrowth in India's automotive industry. Therefore, decreasing automotive demand hampers the growth of the market.


Polyurethane Foam Market Dynamics


Polyurethane foam protects materials against abrasion, temperature, moisture, impact, and corrosion. Several forms of it are available, including spray, flexible, and rigid, and it is primarily used as stuffing in furniture and bedding. When applied, it rapidly expands and bonds with the surfaces with high adhesion due to moisture. It is non-toxic, hypoallergenic, does not degrade over time, and does not degrade over time. As a result, it finds extensive application across numerous industries, including automotive, packaging, construction, and electronics.


Market Drivers:



  • The automotive industry is experiencing an increase in demand


The automotive industry has a high demand for polyurethane foam. A wide range of applications includes car seats, doors, bumpers, interiors, windows, and car bodies. Using the product reduces overall weight, enhancing fuel economy, insulation, sound absorption, and corrosion resistance. The high demand for passenger vehicles, the growing electrification of vehicles, and the desire to improve vehicle performance have fueled the market's growth. Considering the ever-evolving lifestyle, polyurethane foam is important in market demand. In 2020, global passenger vehicle sales are expected to reach USD 711 billion, according to the International Organization of Motor Vehicle Manufacturers. It is therefore expected that the use of polyurethane foam in the automotive sector will continue to drive the global market for the material.


Market Restraints:



  • The government has strict regulations


There are stringent environmental regulations imposed by the US Environmental Protection Agency (EPA) on new and existing plants that make flexible polyurethane foams. A high cost of raw materials used in polyurethane foam manufacturing, such as toluene diisocyanate, methyl di -phenylene, and polymeric isocyanate, results in polyurethane foam production costs. Because of these factors, polyurethane foam manufacturers have difficulty controlling production costs. Therefore, strict government regulations hinder the industry's growth.


Market Opportunities:



  • An increase in bio-based polyol production


In the manufacture of polyurethane foams, polyols are primarily used. Regarding fossil fuels and plastics, the polyurethane foam industry has continuously sought more eco-friendly business practices to minimize their environmental impact. Regarding sustainability and cost-effectiveness, soy-based polyols offer significant advantages over conventional polyols. Furthermore, they reduce dependency on petroleum-based raw materials. The factors listed above allow polyurethane manufacturers to reduce the amount of petroleum they use in the production of polyurethane foams, and they can also reduce the cost of manufacturing them.


Polyurethane Foam Market Segmentation


End-use Insight


The global polyurethane foam market segmentation, based on the end-use Industry, is bedding & furniture, building & construction, automotive, electronics, footwear, packaging, and others (application, textiles, & apparel, and transportation). The global polyurethane foam market growth was prominently high under the building & construction polyurethane foam category in 2021. The high strength-to-weight ratio, insulation properties, durability, and versatility of this material make it an excellent choice for buildings to reduce energy consumption.


Type Industry Insight


Based on the type of industry, the global polyurethane foam market segmentation is divided into rigid foam, flexible foam, and spray foam. The rigid foam category dominated the market for polyurethane foam in 2021. It is energy efficient and helps to reduce energy costs because rigid foams are used in various insulation applications in refrigeration and construction. Packaging applications are increasingly utilizing rigid foams.


Global Polyurethane Foam Market Share, by Region, 2021 (%) Polyurethane Foam Market Share, by Region, 2021 Polyurethane Foam Market Overview, by Region


By region, the polyurethane foam market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific accounted for the most extensive market share. North America will exhibit the highest CAGR during the forecast period.


Asia-Pacific


Asia-Pacific dominated the market share in 2021. A major driving force behind the growth will be the development of transportation and electronics sectors in China, India, Korea, and Taiwan. Increased economic growth has led to increased sales of vehicles and electronic appliances in the region. Additionally, as employment increases, urbanization and urban migration have stimulated investments in construction, transportation, and packaging, driving industry growth. Asia Pacific is expected to lead the way as the world's fastest-growing region.


North America


North America accounted for the second-largest market share in the market in 2021 due to an expected upsurge in PU foam sales in the North American region in the future due to high consumer disposable income and luxurious living conditions in countries such as the U.S. and Canada.


Polyurethane Foam Market Competitive Landscape


There are numerous players in the market that compete based on raw materials, such as polyol, methylene diphenyl diisocyanate, and toluene diisocyanate used to manufacture polyurethane. Research & development activities are being conducted by established players such as RAMPF Holding GmbH & Co KG to formulate new products to gain an edge over the competition. Furthermore, they embrace strategic growth initiatives, such as development, product introduction, joint ventures, and partnerships, to strengthen their market position and capture an extensive customer base. For instance, in October 2022, A US company that designs, manufactures, distributes, and installs pipe insulation systems has recently announced further contracts totaling USD 15 million in the Saudi Arabian and Egyptian markets for its XTRU-THERM insulation system. Similarly, in March 2022, the American engineered pipe services company Perma-Pipe International Holdings, Inc. recently announced further contracts worth USD 15 million for its XTRU-THERM insulation system in Saudi Arabia and Egypt.


Prominent players in the global polyurethane foam market research include BASF SE, Covestro AG, Foamcraft Inc., Future Foam Inc., and 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.Scope of the Polyurethane Foam Market Report


End-Use Industry Outlook



  • Bedding & Furniture

  • Building & Construction

  • Automotive

  • Electronics

  • Footwear

  • Packaging

  • Others (Application, Textiles & Apparel, and Transportation


Type Industry Outlook



  • Rigid Foam

  • Flexible Foam

  • Spray Foam


Region Outlook




  • North America

    • US

    • Canada

    • Mexico




  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Rest of Europe




  • Asia-Pacific

    • China

    • India

    • Japan

    • Australia and New Zealand

    • Rest of Asia-Pacific




  • Rest of the World

    • South America

    • Middle East

    • Africa




Objectives of the Study


The objectives of the study are summarized in 5 stages. They are as mentioned below:


Polyurethane Foam Market Forecast & Size:


To identify and estimate the market size for the global polyurethane foam market report segmented by end-use and type by value (in US dollars). Also, to understand the consumption/ demand created by consumers of global polyurethane foam market forecast between 2022 and 2030


Market Landscape and Trends:


To identify the global polyurethane foam market growth and infer the drivers, restraints, opportunities, and challenges.


Market Influencing Factors:


To find out the factors which are affecting the global polyurethane foam market size


Impact of COVID-19:


To identify and understand the various factors involved in the market affected by the pandemic


Company Profiling:


To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.


Intended Audience



  • Polyurethane Foam producers

  • Raw material suppliers

  • Retailers, wholesalers, and distributors

  • Governments, associations, and industrial bodies

  • Pharma companies



Report Scope:

Report Attribute/Metric Details
  Market Size   2030: USD 76.06 Billion
  CAGR   7.20% CAGR (2022-2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2020
  Forecast Units    Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   End-Use and Type
  Geographies Covered   North America, Europe, Asia-Pacific, and the Rest of the World (RoW)
  Key Vendors   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.
  Key Market Opportunities   An increase in bio-based polyol production
  Key Market Drivers   The sports and leisure industry is growing in demand


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Frequently Asked Questions (FAQ) :

The global polyurethane foam market forecast period is 2022 - 2030

The market is expected to register a CAGR of ~7.20% over the next 10 years, according to global polyurethane foam market research

North America is expected to register the highest CAGR during 2022 - 2030

Asia-Pacific held the largest share in 2021

The market size is expected to be USD 76.06 Billion by 2030.

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. are the major companies operating in the global market.