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The polyurethane foam (PU) market size is estimated to grow at a CAGR of 8.12% between 2023 and 2028. The market size is forecast to increase by USD 23.14 billion. The growth of the market depends on several factors, including the increasing demand for PU foams in furniture and bedding, the rising demand for PU foams in China, and the superior properties of PU foams.
The report includes a comprehensive outlook on the Polyurethane Foam Market, offering forecasts for the industry segmented by Type, which comprises flexible PU foams, rigid PU foams, and molded PU foams. Additionally, it categorizes Application into furniture and bedding, building and construction, transport, appliances, and others, and covers Geography regions, including APAC, Europe, North America, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
Polyurethane (PU) foams are manufactured by reacting polyols with diisocyanates, such as methylene diphenyl diisocyanate (MDI) and toluene diisocyanate (TDI), in the presence of catalysts, such as alkali metal salts of carboxylic acids and phenols, organometallic compounds, and aliphatic and aromatic amines.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
Increasing demand for PU foams in furniture and bedding is the key factor driving market growth. PU foams are used in different applications, such as furniture and bedding, construction, and automotive. Flexible PU foams are soft, durable, maintain shape, and provide support. They are widely used in cushioning material and have many desirable physical properties, including low odor, lightweight, resilience, and the ability to rapidly recover after compression. Therefore, flexible PU foams are widely used in upholstered furniture and bedding.
Moreover, flexible PU foams are an excellent and safe filling material for seating cushions and mattresses and can be customized as per the requirement of the consumer. The growing population in APAC is expected to drive the demand for furniture and bedding, which is further expected to drive the demand for PU foams during the forecast period.
Increased use of methylal and HFOs as alternatives to HFCs and HCFCsis the primary trend shaping market growth. Methylal and HFOs are replacing HCFCs and HFCs as blowing agents in the manufacturing of PU foams. These alternatives are effective and have lower GWP content than HFCs and HCFCs. Methylal is a clear, colorless, and flammable liquid with a sweet odor and a relatively low boiling point. It is moderately soluble in water and miscible with the most common organic solvents.
Moreover, HFOs are regarded as the next-generation blowing agents and are broadly used in the manufacturing of PU foams. HFO-based PU foam-blowing agents contain highly fluorinated or chlorinated short-chain, propene, or butene-based olefins. Various companies are offering HFO-based PU foam-blowing agents, which can be used as replacements for HFCs and HCFCs. Hence, such factors will drive the growth of the market during the forecast period.
Regulations on the use of blowing agents are a challenge that affects market growth. The elimination of ozone-depleting chemicals continues to be a key challenge for polyurethane foam market players. Many emerging countries, including China, India, and Brazil, are trying to follow the Montreal Protocol to ban substances that deplete the ozone layer. The protocol varies with the region. Moreover, HFCs, HCFCs, and HFOs. are used as blowing agents during the manufacturing of PU foams. There is a ban on using HFCs and HCFCs in the manufacturing of PU foams.
For instance, in the US, the Montreal Protocol is stringent and is implemented to protect the ozone layer from depletion owing to toxic blowing agents, such as HFCs and HCFCs. In addition, the Japanese government implemented the Kyoto Protocol to make PU foam eco-friendly. In China, the ongoing phaseout of HCFCs has led to the use of alternative low-GWP substitutes, such as methylal and HFOs. These protocols will pose a challenge for companies that manufacture PU foam and hinder the growth of the global PU foam market during the forecast period.
The market share growth by the flexible PU foams segment will be significant during the forecast period. Flexible PU foams are broadly used in furniture and bedding, carpet cushioning for diverse industrial applications, automotive seating, and textile laminates. In the transportation industry, flexible PU foams are used in armrests, HVAC components, seating, headrests, interior panels and skins, car and truck fenders, truck beds, and support rings for run-flat tires, among other parts.
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The flexible PU foams segment accounted for USD 15.18 billion in 2018. Moreover, in the packaging industry, flexible PU foams are used to provide protection and cushioning to packaged products. Flexible PU foams are used for packaging highly sensitive electronic components such as printed circuit boards. Flexible PU foams are also used in the textile industry to manufacture leather products, shoes, tents, life rafts, labels, handbags, and insulation liners. The increasing applications of flexible PU foams in various industries will drive polyurethane foam (PU) market growth during the forecast period.
Based on application, the furniture and bedding?segment will account for the largest share of this segment.?Flexible PU foams are soft and durable and widely used in cushions, soft cores of sofas, and other upholstered household furniture, and commercial and institutional furniture such as seating for offices, theatres, and stadiums. In bedding, PU foams are used in mattresses owing to their unique properties, such as resilience, memory, anti-bacterial, and breathability. In addition, the increasing demand for mattresses in bedding and furniture will lead to high demand for PU foams and will expand the growth of the polyurethane foam market during the forecast period.
APAC is estimated to contribute 47% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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In APAC, major countries, such as China, South Korea, India, and Japan, are the leading consumers of PU foams in the region. Flexible PU foams are mostly used in mattresses and cushions. The growing population in APAC is expected to lead to a high demand for furniture and bedding, which will increase the demand for PU foams in the region. In addition, increasing construction activities and rising demand for electronic appliances in China and India contribute to the growing demand for PU foams in the region. Moreover, the dominance of China and India in the growing contract packaging industry in the region is anticipated to consume a considerable amount of PU foam, which will drive polyurethane foam market growth during the forecast period.
Companies are implementing various strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
All Foam Products Co., Armacell International SA, Changzhou Sanhe Plastic Rubber Co. Ltd., Clark Foam Products Corp., FoamPartner Switzerland AG, INOAC Corp., Johnson Controls International Plc, JSP Ltd., Mitsui Chemicals Inc., Orlando Products Inc., PAR Group Ltd., Pregis LLC, PTI Rubber and Gaskets Inc., Rogers Foam Corp., Sealed Air Corp., Wisconsin Foam Products, Zotefoams plc, Hira Industries LLC, and Palziv Inc.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018-2022.
Polyurethane Foam Market Scope |
|
Report Coverage |
Details |
Page number |
173 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.12% |
Market Growth 2024-2028 |
USD 23.14 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.64 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 47% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
All Foam Products Co., Armacell International SA, Changzhou Sanhe Plastic Rubber Co. Ltd., Clark Foam Products Corp., Dafa AS, FoamPartner Switzerland AG, INOAC Corp., Johnson Controls International Plc, JSP Ltd., Mitsui Chemicals Inc., Orlando Products Inc., PAR Group Ltd., Pregis LLC, PTI Rubber and Gaskets Inc., Rogers Foam Corp., Sealed Air Corp., Wisconsin Foam Products, Zotefoams plc, Hira Industries LLC, and Palziv Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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