The global polyurethane foam market size was valued at USD 52.55 billion in 2023. The market is expected to expand from USD 55.70 billion in 2024 to USD 94.77 billion by 2032, exhibiting a CAGR of 6.9% over the study period.
Polyurethane foam is made through the reaction of polyols and diisocyanates, which are obtained from crude oil. The technological innovation in the production of polyurethane foam, memory foam and high-resilience foam, leads to the deployment of the product in the bedding & furniture industry. The expanding furnishing industry is bolstering the market’s growth.
The COVID-19 pandemic significantly influenced the market, specifically in 2020 and early 2021. There were issues owing to a temporary closure of manufacturing units, reduced demand from major industries, including construction, automotive, and furniture, and supply chain halts. Despite this, recovery signs were witnessed in the market due to the restart of industries and the adaptation of the pandemic.
Fortune Business Insights™ provides this information in its research report, titled “Polyurethane Foam Market Report, 2024-2032”.
Polyurethane Foam Segmentation:
Rising Consumer Preferences for Durable Foam-based Products to Spur the Flexible Foam Segment Expansion
On the basis of type, the market is divided into rigid foam, spray foam, and flexible foam. The flexible foam segment registered the largest polyurethane foam market share in 2023. The surging preferences of consumers for comfortable and durable foam-based products in bedding & furniture applications are augmenting the segment’s growth.
Personalized Support Delivered by the Product to Fuel the Bedding & Furniture Segment Growth
Based on application, the market is segregated into building & construction, electronics, footwear, transportation, packaging, bedding & furniture, and others. The bedding & furniture segment registered the largest share in 2023. The delivery of personalized support and alleviation of pressure points by the foam, which boosts sleep quality, is surging the bedding & furniture segment expansion.
From the regional perspective, the market is classified into Europe, the Middle East & Africa, North America, Asia Pacific, and Latin America.
Report Coverage
The report provides a detailed analysis of the COVID-19 pandemic impact, the top trends, and major industry developments. Besides this, it offers in-depth insights into the strategic measures undertaken by top companies to gain a competitive edge. Other elements of the report include the key driving and restraining factors impacting the market growth.
Drivers and Restraints:
Bio-based Polyurethane Foam to Surge Innovation, Escalating Market Growth
An opportunity is created for manufacturers to register more shares by launching bio-based products due to the rising prominence of environmental sustainability and responsibility. These products are innovative material options and a strategic initiative for players seeking to improve their environmental credentials while tapping into the expanding market for eco-conscious consumers.
However, the dynamic prices of raw materials may hamper the polyurethane foam market growth.
Regional Insights:
Asia Pacific Dominates Owing to Rising Investments in the Real Estate Sector
Asia Pacific captures the largest share of the market with surging investments by India, Japan, and China in the real estate sector for the development of robust infrastructure. This factor is anticipated to bolster the demand for PU foam products.
North America’s market growth is driven by rising demand for the product owing to the surging uptake of lightweight and sustainable materials. Technological innovations and regulations in the industry further surge the regional growth.
Source- https://www.fortunebusinessinsights.com/polyurethane-foam-market-110512
Competitive Landscape:
Top Players Focus on Co-development of Enhanced Products to Occupy the Top Position
The market represents the presence of emerging and established players with respect to the competitive scenario. Some of the prominent companies include BASF SE, Huntsman Corporation, Sekisui Chemical Co., Ltd., DOW, and Covestro AG. Joint ventures, partnerships, capacity expansions, mergers, and acquisitions are being focused on by leading companies to occupy the largest share. Many firms are jointly developing enhanced products to secure the top position.
Key Industry Development:
May 2022: Huntsman and BRUGG Pipes announced the co-development of a next-generation polyurethane foam system featuring superior insulation attributes. The system can be deployed to develop thermally efficient, pre-insulated, and highly flexible pipes.
List of Key Players Mentioned in the Report:
- Covestro AG (Germany)
- BASF SE (Germany)
- DOW (U.S.)
- Huntsman Corporation (U.S.)
- Sekisui Chemical Co., Ltd. (Japan)
- Saint-Gobain (France)
- DuPont (U.S.)
- Recticel NV/SA (Belgium)
- Rogers Corporation (U.S.)
- Sheela Foam Ltd (India)
