Polyurethane Foam Market to Surpass USD 70 Billion by 2028

The polyurethane foam market is growing due to significant expansions in the building industry, along with rising product demand from the furnishing sector along with the extensive usage of flexible and semi-rigid polyurethane foams with coatings, paints, and adhesives in residential and commercial buildings

A recent study conducted by the strategic consulting and market research firm,Report Ocean, revealed that the polyurethane foam market was worth USD 42.9 billion in the year 2021. The market is forecast to grow at a CAGR of 7.40%, earning revenues of around USD 70.1 billion by the end of 2028. One of the major market drivers is the continuing expansion in the building industry, along with increasing product demand from the furnishing sector. In addition, the extensive usage of flexible and semi-rigid polyurethane foams with coatings, paints, and adhesives in residential and commercial buildings is fueling market expansion. However, the high cost of raw materials involved in the production of polyurethane foam may act as a huge restraining factor for the market growth.

High Demand for High-Density Composition Foam is Driving Polyurethane Foam Market

Based on density composition, the global polyurethane foam market is segmented into low-density polyurethane foams, medium-density polyurethane foams, and high-density polyurethane foams. The high-density polyurethane foam segment accounts for the largest market share. This kind of density composition is an industrial-grade foam that comes in all firmness. It is highly capable of withstanding high pressure, unlike other density compositions, due to which they are widely used in various industries including building and construction.

Expanding Building and Construction Industry is Propelling Polyurethane Foam Market Growth

Based on end-user, the global polyurethane foam market is segmented into bedding & furniture, building & construction, electronics, automotive, footwear, packaging, and others. The building and construction industry accounts for the largest market share owing to the wide range of polyurethane foam in this sector. This foam is utilized as a thermal insulator, in flooring and waterproofing, as well as for air sealing. Spray and stiff polyurethane foams are also employed in construction as structural and insulating foams.

Polyurethane Foam Market - By Type

Based on type, the global polyurethane foam market is segmented into flexible foam, rigid foam, and spray foams. The spray foams segment holds the largest share in the polyurethane foam market. Spray foams are commonly used for thermal and acoustic insulation, as well as flotation and roofing. These foams are utilized for both open-cell and closed-cell foam insulations in the building and construction sector and are primarily used for heat and sound insulation, which is fueling its market demand.

Polyurethane Foam Market - Regional Insights

Geographically, the global polyurethane foam market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. The Asia-Pacific region dominates the polyurethane foam market owing to increasing construction activities in emerging economies such as China, India, Vietnam, etc. Furthermore, the market is expected to benefit from increased penetration of polyurethane foam producers in these countries due to low-cost manufacturing and strong demand throughout the projected period.

Impact of COVID-19 on Polyurethane Foam Market

The COVID-19 epidemic had a detrimental influence on the global polyurethane foam market. During the lockdown, key end-user industries of polyurethane foam, such as construction and automotive, were entirely shut down, resulting in a huge drop in demand for polyurethane foam. Furthermore, due to limitations on import and export activity, the supply of raw materials was hampered. Several nations postponed their need for polyurethane foam during the peak of the COVID-19 spread, resulting in huge market losses.

Competitive Landscape

The leading market players of the polyurethane foam market are Inoac Corporation, Ufp Technologies, Inc., Saint-Gobain, Henkel Ag & Co. Kgaa, Basf Se, Wanhua Chemical Group Co., Ltd., Eurofoam Group, Polybit, Huntsman International Llc, Nitto Denko Corporation, Rogers Corporation, Foampartner, Covestro Ag, Sekisui Chemical Co., Ltd., Dow Inc., and other prominent players.

The market is consolidated with the presence of several global as well as regional industry players. The companies are significantly investing in expanding their production capacities to meet the surging global demand. They are establishing new production plants in unexplored regions to exploit market opportunities. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the polyurethane foam market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the polyurethane foam market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.