According to the new market research report "Polyurethane Foam Market by Type (Flexible, Rigid, Spray Foam), End User (Bedding & Furniture, Building & Construction, Electronics, Automotive, Footwear, Packaging), and Region (Asia Pacific, Europe, North America) - Global Forecast to 2023", published by MarketsandMarkets™, the polyurethane foam market is estimated to be USD 54.19 billion in 2018 and is projected to reach USD 79.77 billion by 2023, at a CAGR of 8.0% from 2018 to 2023.
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The growth of the polyurethane foam market is primarily driven by the rising demand for polyurethane foam from the bedding & furniture and building & construction industries and ongoing urbanization in the Asia Pacific region. The unique properties of polyurethane foam are projected to drive the demand for polyurethane foam across the globe.
The flexible foam type segment is estimated to account for the largest share of the polyurethane foam market in 2018.
Based on type, the polyurethane foam market has been segmented into rigid foam, spray foam, and flexible foam. Flexible foams and rigid foams are available in different chemical compositions depending on the requirement of applications, wherein they are used. The flexible foam segment is estimated to account for the largest share of the polyurethane foam market in 2018. Flexible foams are widely used in the automotive, construction, and electronics industries. These foams help automobile manufacturers address issues pertaining to the weight, vibration, fuel efficiency, and durability of automobiles. Flexible foams are also used in bedding & upholstery, fabric coatings, print rollers, and footwear midsoles.
The segment is projected to be the fastest-growing end user segment of the polyurethane foam market during the forecast period.
Based on end user, the automotive segment is projected to grow at the highest CAGR during the forecast period. This growth can be attributed to the increasing use of semi-rigid polyurethane foams as integral skin foams for vehicle interiors and exterior parts. Polyurethane foams are also used in the development of seat cushions, interior trims, bumper systems, door handles, gear knobs, dashboards, and truck sandwich panels.
The building & construction end user segment is estimated to account for the largest share of the polyurethane foam market in 2018. There is an increase in the use of polyurethane foam owing to the growing demand for insulation from the building & construction industry.
Browse and in-depth TOC on "Polyurethane Foam Market"
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Asia Pacific is estimated to account for the largest share of the polyurethane foam market in 2018.
The Asia Pacific region is estimated to account for the largest share of the polyurethane foam market in 2018. Significant demand for polyurethane foams from emerging economies, such as China, India, Thailand, Malaysia, and Indonesia, is driving the growth of the Asia Pacific polyurethane foam market. In addition, the growth of the Asia Pacific polyurethane foam market can be attributed to the flourishing construction, electronics, and automotive industries in this region that are major consumers of polyurethane foams.
China is a leading manufacturer and consumer of polyurethane foams. This country is estimated to account for the largest share of the Asia Pacific polyurethane foam market in 2018. The polyurethane foam manufacturing industry in China has undergone massive globalization and consolidation with increasing capital investments and ongoing infrastructure development projects.
Key players operating in the polyurethane foam market include BASF SE (Germany), Covestro (Germany), The Dow Chemical Company (US), and Huntsman Corporation (US). These companies are undertaking efforts to increase their market share to address the future demand for polyurethane foam from the furniture and construction industries.
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