World Polyurethane Foam Market Share, Size, Trends, Industry Analysis Report 2021-2028 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Polyurethane Foam Market Share, Size, Trends, Industry Analysis Report, By Product; By End-Use; By Density Composition; By Regions; Segment Forecast, 2021 - 2028" report has been added to ResearchAndMarkets.com's offering.

The global polyurethane foam market size is expected to reach USD 110.4 billion by 2028

The adoption of the foam is expected to increase during the forecast period owing to wide applications in industries such as building and construction, automotive, packaging, and furniture among others.

Increasing environmental concerns associated with energy conservation coupled with the introduction of stringent regulations regarding carbon emissions would further support the market growth. Increasing demand for modernized and high-performing vehicles along with increasing investment in the construction industry, especially in emerging economies of Asia-Pacific, supplement the market growth.

The different types of polyurethane foam in the market include rigid, flexible, spray, and others. Rigid ones are used for the manufacturing of thermal insulating products owing to their high strength, lightweight, low density, and moisture resistance. The rising environmental concerns have increased the adoption of polyurethane foam in the construction sector. Use of rigid polyurethane foam results in enhanced energy efficiency, reduced project weight, and cost-efficiency.

The polyurethane foam of different density compositions such as high-density, medium-density, and low-density are available in the market. Low-density product is widely used in thermal insulation applications. Buildings are insulated with low-density products for heat and noise control. It also assists in reducing air leakage, increasing strength and durability, and improving the building's resistance to wind uplift.

Polyurethane foam is used in diverse industries such as automotive, packaging, electrical and electronics, furniture and furnishing, building and construction, footwear, and others. The building and construction segment accounted for the highest share in 2020. However, the automotive segment is expected to grow at a significant rate during the forecast period.

The use of the polyurethane product in the vehicle body increases durability and strength while reducing overall weight, thereby offering insulation against heat and noise. The use of polyurethane foam in seats, armrests, headrests, doors, and windows provides improved comfort, enhanced safety, greater environmental performance, and higher energy efficiency.

Asia Pacific dominated the global market for polyurethane foam in 2020 and is expected to maintain its dominance over the forecast period. Increasing application in sealing and insulation of electronic products coupled with rising awareness regarding the adoption of electric vehicles fuels growth in this region. Rising industrial growth, urbanization, and growth in the automotive sector support market growth.

Increasing applications in construction and packaging industries further increase the demand for polyurethane foam in Asia-Pacific. Leading global players are expanding their presence in developing nations of China, Japan, India, and South Korea to tap the growth opportunities offered by these countries.

Owing to technological advancements, and the greater need to cater to customer requirements, companies are collaborating in order to strengthen the market presence and gain market share. Broadening of the product portfolio is another trend that is visible in the industry.

Some of the major market participants include DowDuPont, Eurofoam Group, Saint-Gobain S.A., Woodbridge Group, Evonik, Bayer AG, LyondellBasell Industries, BASF SE, Arkema S.A., Rogers Corporation, Sekisui Chemical Co. Ltd., Foamcraft, Inc., Ineos Group AG, UFP Technologies, Inc., Chemtura Corporation, Covestro AG, Nitto Denko Corporation, and Nippon Polyurethane Industry Co., Ltd.

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