Market Forecast and Highlights:
Global Polyurethane Foam Market is expected to cross USD 50 billion in 2016 and is expected to grow at approximate CAGR of more than 9.1% from 2016 to 2022.
Increasing demand for refrigerators and freezers, furniture and bedding, automotive, coatings & adhesives, and others applications have accelerated the global demand for polyurethane foam. Owing to this, it has been predicted that the global market will touch a higher growth rate at the end of forecasted period. Other factors such as rising construction spending, emerging economies, and increasing need of automotive and several environmental benefits are expected to drive the regional as well as global market.
The key players of polyurethane foam market report include BASF, Dow Chemical, Evonik, Bayer AG, Trelleborg AG, Ekisui Chemical, Huntsman Corporation, Armacell GmbH, Future Foam, Trelleborg AB and others.
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Polyurethane Foam Market:
The polyurethane foam market is majorly driven by the increase usage of furnishings, automotive interiors, carpet underlay and in many other industries such as medical, packaging and technical applications. As per analysis, the rapidly growing application industries has boosted the overall market which in turn has created a platform for polyurethane foam manufacturers to cover the overall market. Owing to this factor, there will be a bounteous scope for the domestic as well as international players to introduce new product launch and opportunities for the new entrants. The number of factors which have enhanced the global polyurethane foam market could be considered as growing urbanization in emerging economies of Asia-Pacific, protecting environment by conversing energy, affordability are the other driving factors. Geographically, Asia-Pacific has witnessed to be the fastest growing as well as the largest market for polyurethane foam by covering approximately 45% of the total market size, where China’s contribution to the overall market has created several opportunities. Followed by Asia-Pacific, North America and Europe would be the second and third leading region in terms of value and volume.
Scope of the Report:
The scope of the study categorizes the polyurethane foam market as type and application. On the basis of type the market is segmented into rigid foam and flexible foam. On the basis of application, it is segmented into refrigerators and freezers, furniture and bedding, automotive, coatings and adhesives and others applications.
Market Research Analysis:
It is expected that the polyurethane foam market will advance with higher growth rate as compared to previous years. The current challenge for the market is the unavailability of skilled labor and fluctuating material costs and European crisis. The growing population and urbanization in the emerging economies with increasing need for infrastructure in the region is driving the market of polyurethane foam over the next five years, especially in APAC. The flexible foam is estimated to be the leading foam of polyurethane foam.
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