LONDON--(BUSINESS WIRE)--The global polyurethane foam market is expected to post a CAGR of more than 3% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The growth of the construction, automotive, and packaging industries in China is one of the key factors driving the global demand for PU foam. China is witnessing a rise in the number of residential projects which has increased the demand for PU foams from the building and construction industry. Similarly, the rising adoption of passenger vehicles in the country has increased the demand for PU foams from the automobile industry. Hence, the rising demand for PU foams from end-user industries is expected to fuel the growth of the global polyurethane foam market.
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As per Technavio, the emergence of bio-based PU foams will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Polyurethane Foam Market: Emergence of Bio-Based PU Foams
Many researchers and vendors are focusing on the development of bio-based PU foams to replace fossil fuel-based foams especially for food and pharmaceutical packaging applications. Renewable materials such as vegetable fats and oils and cornstarch are being used to produce bio-based PU foams. Some vendors are using modified natural rubber or waste tire crumbs to produce bio-based PU foams. Thus, the increasing production of bio-based PU foam will have a positive impact on the growth of the market during the forecast period.
“Increased use of methylal and HFOs as an alternative to HFCs and HCFCs and the rising production capacity of thermoplastic PU are other factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Polyurethane Foam Market: Segmentation Analysis
This market report segments the global polyurethane foam market by type (flexible PU foams, rigid PU foams, and molded PU foams), application (furniture and bedding, building and construction, transport, appliances, and others), and geography (APAC, Europe, Middle East and Africa, North America, and South America).
The APAC region led the market in 2018, followed by Europe, North America, the Middle East and Africa, and South America respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market. This is due to the growing demand for electronic appliances and the increase in construction activities in the region. Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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