Polyurethane Foam Market by Type (Rigid Foam and Flexible Foam), Application (Automotive and Transportation, Bedding and Furniture, Building and Construction, Packaging, and Others): Global Market Size Estimates and Forecast (2022-2030)
The market crossed US$ 44.5 billion mark in 2022 and is expected to hit US$ 80.6 billion by 2030, recording a CAGR of 7.7% during the forecast period.
Technological advancements in the polyurethane foam systems to drive the market
Manufacturers are continuously focusing on developing high performing, low emission polyurethane foam systems to meet increasing consumer demand for such products. This aspect will favor the future growth of the market. For instance, in October 2021, Huntsman Corporation, an American chemical company launched ACOUSTIFLEX® LE and RUBIFLEX® LE, newer polyurethane foam product ranges to offer advanced automotive interior solutions to the consumers. Furthermore, increasing usage of polyurethane foam-based coatings, adhesives, and sealants for the building and construction related activities is likely to support the polyurethane foam demand globally. Also, growing usage of polyurethane foam materials during the production of bedding and furniture products is likely to accelerate the market growth during the forecast period.
Within the report, the market is segmented into type, application, and geography. By type, the market is further segmented into rigid foam and flexible foam. On the basis of application, the market is automotive and transportation, bedding and furniture, building and construction, packaging, and others. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
Flexible polyurethane foam material’s usage in packaging systems to drive market growth
Polyurethane foam (PFP) material is a polymer obtained from the reaction of isocyanates and polyols. The material is extensively used in the production process of gaskets, synthetic fibers, adhesives, and surface coatings. Flexible foam segment is expected to hold a significant share of the global market due to its extensive usage in sealing and specialty packaging, of transportation goods. In addition, increasing usage of flexible polyurethane foam material in the air-tight and water-tight insulation systems is further expected to support the flexible foam segmental growth.
Increasing usage in various industries is one of the major factors accelerating the market growth
Polyurethane foam materials are widely used in various applications such as packaging, building and construction, automotives, bedding and furniture, electronics, and so on. Increasing governmental support in the development of packaging industry is expected to increase the product demand globally. In addition, rising rigid polyurethane foam material’s usage in the automobile seats, armrests, and headrests is expected to offer a futuristic growth to the polyurethane foam market. Other application areas such as bedding and furniture, construction, electronics are also offering increasing product’s usage and supporting the market growth.
Recent strategic developments in polyurethane foam market
The polyurethane foam market has undergone several significant developments, and a few of these have been mentioned below:
- In December 2020, Sika AG, a German specialty chemical manufacturer launched Sikaflex, a polyurethane foam material for the manufacturing of adhesives and sealants.
- In February 2020, Huntsman Corporation, an American chemical company acquired Icynene-Lapolla, a North American distributor of spray polyurethane foam (SPF)-based insulation systems to increase its presence in the residential and commercial polyurethane foam application areas.
- In March 2019, Sika AG, a specialty chemical manufacturer acquired Belineco LLC-owned Switzerland-based polyurethane foam systems to expand its business in Belarus.
The polyurethane foam market is driven by several players implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. BASF SE, Europur, The Dow Chemical Company, Covestro AG, Huntsman, Foamcraft, Inc., Rogers Corporation, UFP Technologies, Inc. are among the prominent players operating in the market.
Target audience for the report:
- Chemical and materials manufacturing companies
- Chemical and materials suppliers
- Polyurethane foam-related associations, organizations, forums, and alliances
- Government bodies, such as regulating authorities and policy makers
- Venture capitalists, private equity firms, and start-up companies
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the market has been segmented on the basis of:
- Rigid Foam
- Flexible Foam
- Automotive and Transportation
- Bedding and Furniture
- Building and Construction
- North America
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
- Companies profiled
The List of Companies
- Covestro AG
- The Dow Chemical Company
- Rogers Corporation
- UFP Technologies, Inc.