At 7.1% CAGR, Asia Pacific One-Component Polyurethane Foam Market is Projected to be Worth US$ 2,235.15 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific one-component polyurethane foam market was valued at US$ 1,291.65 million in 2023 and is expected to reach US$ 2,235.15 million by 2031, registering a CAGR of 7.1% from 2023 to 2031. Rising demand for sustainable and environment-friendly foam and soaring demand from automotive and packaging industries are among the critical factors attributed to drive the Asia Pacific one-component polyurethane foam market growth.

The automotive and packaging industries are major end-use industries of one-component polyurethane foam. In the automotive industry, one-component polyurethane foam is used to provide sound and vibration dampening, seal joints or cavities to prevent water and oil penetration and provide energy absorption in case of a crash. The automotive industry is growing in various countries across the world due to factors such as the transition toward electric vehicles, economic growth, increasing population, government support for automotive production, and rising investments in the industry. According to the Organisation Internationale des Constructeurs d'Automobiles (OICA), the global sales of passenger cars increased from 84.8 million in 2022 to 93.5 million in 2023. In December 2022, the passenger vehicle market in China expanded due to increased retail sales. According to the China Passenger Car Association, ~2.17 million passenger cars were sold through retail channels in December 2022, an increase of 3% year-on-year. From January to December 2022, 20.54 million passenger cars were sold in China, a rise of 1.9% year-on-year. The China Passenger Car Association states that a car-purchase tax cut policy has massively contributed to vehicle sales since its amendment in June 2022. The policy reduced the purchase tax by 50% for passenger cars that cost under 300,000 yuan (~US$ 43,103), have engine displacement below 2 liters, and are purchased between June 1 and December 31, 2022. Further, India has a strong automotive industry in terms of domestic demand and exports. The automotive industry in India is growing due to the rising income of middle-class people, increasing investments, and policy support from the government of India. In the country, the automobile sector received a cumulative equity FDI inflow of about US$ 34.11 billion between April 2000 and December 2022. Several automakers have started investing heavily in various segments of the industry in India to keep up with the growing demand. In February 2023, Nissan and Renault announced their plan to invest US$ 600 million in India over the next 3–5 years to expand their share in the passenger cars and electric vehicles market. All these factors are driving the growth of the automotive industry in India.

One-component polyurethane foam, with its excellent cushioning properties and high durability, provides an ideal material for protecting fragile and valuable items, reducing the risk of damage. The growing packaging industry is poised to drive the demand for one-component polyurethane foam significantly. The surge in e-commerce and online shopping has led to an unprecedented increase in the volume of packages being shipped worldwide. This boom necessitates robust and efficient packaging solutions to ensure product safety during transit. Therefore, the strong growth of the automotive industry and packaging in various countries across the world is driving the demand for one-component polyurethane foam.

On the contrary, stringent government regulations hamper the growth of Asia Pacific one-component polyurethane foam market.

Based on raw material, the Asia Pacific one-component polyurethane foam market is divided into methylene diphenyl diisocyanate, toluene diisocyanate, polyether polyols, polyester polyols, and others. The polyether polyols segment held 38.9% market share in 2023, amassing US$ 501.92 million. It is projected to garner US$ 861.88 million by 2031 to register 7.0% CAGR during 2023–2031.

In terms of application, the Asia Pacific one-component polyurethane foam market is segmented into construction, insulation, packaging, automotive, and others. The construction segment held 32.7% share of Asia Pacific one-component polyurethane foam market in 2023, amassing US$ 422.72 million. It is anticipated to garner US$ 775.11 million by 2031 to expand at 7.9% CAGR during 2023–2031.

By end use, the Asia Pacific one-component polyurethane foam market is bifurcated into residential and commercial. The residential segment held 52.9% share of Asia Pacific one-component polyurethane foam market in 2023, amassing US$ 683.16 million. It is projected to garner US$ 1,122.18 million by 2031 to expand at 6.4% CAGR from 2023 to 2031.

Based on country, the Asia Pacific one-component polyurethane foam market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 38.0% share of Asia Pacific one-component polyurethane foam market in 2023. It was assessed at US$ 490.66 million in 2023 and is likely to hit US$ 841.53 million by 2031, registering a CAGR of 7.0% during 2023–2031.

Key players operating in the Asia Pacific one-component polyurethane foam market are Henkel AG & Co KGaA, Sika AG, The Dow Chemical Co, BASF SE, Huntsman Corp, Selena Group, Tremco CPG Inc., and Soudal Group, among others.

• In September 2022, Covestro offered polyether polyols using bio-circular¹ feedstock. Together with renewable1 toluene diisocyanate (TDI) and climate-neutral² methylene diphenyl diisocyanate (MDI), the company can supply both key raw material components for the production of polyurethane (polyurethane) foams based on alternative raw materials. Like TDI and MDI, the polyols are produced with the help of the mass balance approach using renewable precursors – from biowaste and residual materials – which are allocated to the products by calculation.
• In February 2022, Evonik has developed a chemical recycling process for converting flexible polyurethane foams back to the original polyol raw material. As the next phase of the development, Evonik will scale-up trials of its new hydrolysis process in partnership with The Vita Group, a provider of flexible polyurethane foam products.

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