Polyurethane Foam Market

Global Polyurethane Foam Market Size, Share, Growth Analysis, By Application(Bedding, Furniture), By Type(Rigid Foam, Flexible Foam) - Industry Forecast 2022-2028


Report ID: SQSG15B2010 | Region: Global | Published Date: September, 2022 | Pages: 251 | Tables: 70 | Figures: 66

Global Polyurethane Foam Market Insights

Global Polyurethane Foam Market was valued at USD 42.8 billion in 2021, and it is expected to reach USD 61.5 billion by 2028, at a CAGR of 7.5% during the forecast period (2022–2028).

Polyurethane foam is an extensively used polymer and plastic. They are available in two forms i.e., Rigid and flexible foams. Rigid foams are used for various insulation applications pertaining to refrigeration and construction. Its energy efficient and help in cutting energy costs. Flexible foams are used mainly as a cushioning substance in end-use industries such as packaging, furniture, bedding and transportation.

Environmental benefits of this product include high recyclability and clean incineration for pollutant filtration, reduced wastage, and greater sustainability. However, several governments and federal agencies are increasingly being concerned with the detrimental health effects of isocyanates utilized in PU production. Growing need in automotive components including dashboards, armrests, airbags, other vehicular components, and exteriors is anticipated to drive consumption. Strengthening economies, improvements in sovereign balance sheets, and positive demographic outlook, mainly in Southeast Asian countries such as India, Vietnam, Indonesia, and Thailand are likely to contribute to high growth in demand. Polyurethane foams are anticipated to witness increased market penetration owing to properties such as superior insulation that is ideal for roofs and walls in new houses. Their usage in buildings helps to maintain uniform temperature and reducing noise levels. Increasing construction spending in countries such as India, Indonesia, Korea, UAE, and Qatar due to strong industrial sector growth coupled with rising urban population is anticipated to fuel growth.

Governmental support in the form of tax incentives and subsidy schemes to encourage the manufacturing sector in countries such as China and India are also likely to promote bio-based PU to replace conventional polymers.

Market snapshot

Global Market Size

USD 42.8 billion

Largest Segment

Rigid Foam

Fastest Growth

Flexible Foam

Growth Rate

7.5% CAGR

Global Polyurethane Foam Market, 2021-2028 ($ Bn)
Country Share for Asia Pacific Region- 2021 (%)
Global Polyurethane Foam Market Size By Type 2021-2028 ($ Bn)
Global Polyurethane Foam Market Size By Type 2021-2028 (%)

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Global Polyurethane Foam Market Segmental Analysis

Global polyurethane foam market is segmented based on application, type, and region. On the basis of application, it is segmented into bedding and furniture, building & construction, automotive, electronic, others (footwear, packaging, textiles & apparel, and transportation). On the basis of type, the polyurethane foam market is segmented as flexible foam, rigid foam and spray foam. Based on the region, it is segmented as North America, Europe, Asia Pacific, Middle East and Africa.

Analysis by Application

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 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.

Analysis by Type

Based on type, the global polyurethane foam market is segmented into flexible foam, rigid foam, and spray foams. The spray foams segment held the largest share in the global 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 fuelling its market demand.

Global Polyurethane Foam Market Size By Type 2021-2028 (%)

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Global Polyurethane Foam Market Regional Insights

The Asia-Pacific region dominates the global 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. Increasing demand from the bedding and furniture industry owing to rising urban population in emerging economies of Asia Pacific such as China, India, and Indonesia is anticipated to drive growth over the forecast period. Although, strong economic development in India and China has shifted the equilibrium and Asia Pacific is expected to emerge as the leading consumer. The shift of leading automotive manufacturers to countries such as India and Thailand, Vietnam and Malaysia from mature economies of North America and Europe has complimented the growth of the industry in the region.

North America polyurethane foams market is expected to generate USD 13.24 billion by 2028 due to the increasing demand for renovation and reconstruction activities. The North American region is emerging as a promising market for polyurethane foams, due to the construction & construction industry, which is mainly driven by renovation & reconstruction activities.

Various environmental and legal factors aid industrial development in Central and South America, as well as the Middle East and Africa. These regions also house major countries such as Brazil and South Africa, which are expanding rapidly due to expanding automotive and construction sectors. This is expected to propel the polyurethane foam market during the forecast period.

Global Polyurethane Foam Market By Geography, 2021-2028
  • Largest
  • Fastest

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Global Polyurethane Foam Market Dynamics

Driver

Polyurethane foam is used in insulation, adhesives, sealants, and binders in a variety of construction products and other applications. Polyurethane foams are highly flexible materials, which help reduce total infrastructural costs by minimizing energy consumption in buildings. They enable architects to insulate buildings in an improved manner, which reduces the consumptions of gas, oil, and electricity in them. This has led increased use of polyurethane foams for building insulation application.

The building and renovation industry typically uses PU foams to insulate external walls, interior wall cavities, flooring, crawlspaces, attics, window frames, and door frames. The following years are expected to see increased demand for home furnishings, in addition to the rise in the home furnishing industry. Polyurethane foam manufacturers are continually striving for better business practices in light of issues regarding fossil fuel use and plastics.

Restraint

Major restraint to the growth of the polyurethane foam market are the stringent environmental regulations formulated by the US Environmental Protection Agency (EPA) for new and existing plan sites that are engaged in manufacturing of flexible polyurethane foam. The high cost of key feedstock materials, such as toluene diisocyanate, methyl di-p-phenylene, and polymeric isocyanate, which are used for manufacturing polyurethane foams lead to the increased production costs of polyurethane foams. These factors pose a challenge to the polyurethane foams manufacturers in controlling their production.

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Global Polyurethane Foam Market 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, Foam partner, 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.

Top Players in the Global Polyurethane Foam Market

  • LANXESS (Germany)
  • NITTO DENKO Corporation (Japan)
  • SEKISUI CHEMICAL CO. LTD. (Japan)
  • Wanhua Chemical Group Co. Ltd
  • Covestro AG (Germany)
  • Tosoh Corporation (Japan)
  • BASF SE (Germany)
  • Recticel (Belgium)
  • DowDuPont Inc. (US)
  • Huntsman International LLC (US)
  • Trelleborg AG (Sweden)

Recent Developments

  • In June 2021, Rogers Corporation announced the launch of a product designed to meet the need for high-performing materials that facilitate the design of thinner and lighter electronic devices. PORON AquaPro 37TS9 delivers reliable water sealing capabilities in an ultra-thin self-adhesive form.
  • In January 2020, Covestro AG collaborated with Recticel NV/SA to develop mattresses from end-of-life mattresses. This collaboration aims at creating a circular economy in the polyurethane foam market that is expected to help both the companies in reducing the use of raw materials for the production of polyurethane foams.
  • In August 2019, Wanhua Chemical Group Co., Ltd. acquired a 100% stake in Chematur Technologies AB (Sweden) for USD 134 million. The acquired company is a leading provider of raw materials for polyurethane foams and supplies MDI, TDI, and hydrogen peroxide products. This acquisition strengthened the position of Wanhua Chemical Group Co., Ltd. in the polyurethane foam market.
  • In March 2022, Perma-Pipe International Holdings, Inc., a US-based engineered pipe services company, announced further contracts of USD 15 million in Saudi Arabia and Egypt to utilize Perma-Pipe’s XTRU-THERM insulation system.
  • In October 2022, S7 Technics, Russian aircraft maintenance, repair, and overhaul service provider, announced the launch of the production of polyurethane foam cushions for aircraft seats.

Global Polyurethane Foam Key Market Trends

Polyols are majorly used to manufacture polyurethane foams. Growing concerns regarding the use of fossil fuels and the impact of plastics on the environment have led the polyurethane foam industry to continuously strive for sustainable business practice. Bio-derived materials, such as soy-based polyols, offer significant advantages over conventional polyols in terms of sustainability and cost-effectiveness. They also reduce dependence on petroleum-based raw materials. These factors offer an opportunity for polyurethane manufacturers to reduce their dependency on petroleum-based raw materials for the production of polyurethane foams and also to reduce the manufacturing costs of these foams.

Emerging trends, which have a direct impact on the dynamics of the industry, including emergence of carbon dioxide based flexible foam, and polyurethane foam based on natural raw materials.

Global Polyurethane Foam Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our analysis, the future of the polyurethane foam market looks promising with opportunities in building and construction, bedding and furniture, automotive and transportation, electrical and electronic and footwear application. The major growth drivers for this market are growth in bedding and furniture industry, high demand of polyurethane foam in building insulation for energy conservation and increasing automotive production.

Report Metric Details
Market size value in 2021 USD 42.8 billion
Market size value in 2028 USD 61.5 billion
Growth Rate 7.5%
Base year 2021
Forecast period 2022–2028
Forecast Unit (Value) USD Billion
Segments covered
  • Application
    • Bedding, Furniture, Building & Construction, Automotive, Electronic, Others (Footwear, Packaging, Textiles & Apparel, , Transportation.)
  • Type
    • Rigid Foam, Flexible Foam, Spray Foam.
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • LANXESS (Germany)
  • NITTO DENKO Corporation (Japan)
  • SEKISUI CHEMICAL CO. LTD. (Japan)
  • Wanhua Chemical Group Co. Ltd
  • Covestro AG (Germany)
  • Tosoh Corporation (Japan)
  • BASF SE (Germany)
  • Recticel (Belgium)
  • DowDuPont Inc. (US)
  • Huntsman International LLC (US)
  • Trelleborg AG (Sweden)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Polyurethane Foam Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Polyurethane Foam Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Polyurethane Foam Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Polyurethane Foam Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Polyurethane Foam Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Polyurethane Foam Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQ's

Global Polyurethane Foam Market was valued at USD 42.8 billion in 2021, and it is expected to reach USD 61.5 billion by 2028, at a CAGR of 7.5% during the forecast period (2022–2028).

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, Foam partner, Covestro Ag, Sekisui Chemical Co., Ltd., Dow Inc., and other prominent players. 'LANXESS (Germany)', 'NITTO DENKO Corporation (Japan)', 'SEKISUI CHEMICAL CO. LTD. (Japan)', 'Wanhua Chemical Group Co. Ltd', 'Covestro AG (Germany)', 'Tosoh Corporation (Japan)', 'BASF SE (Germany)', 'Recticel (Belgium)', 'DowDuPont Inc. (US)', 'Huntsman International LLC (US)', 'Trelleborg AG (Sweden)'

The Asia-Pacific region dominates the global 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. Increasing demand from the bedding and furniture industry owing to rising urban population in emerging economies of Asia Pacific such as China, India, and Indonesia is anticipated to drive growth over the forecast period. Although, strong economic development in India and China has shifted the equilibrium and Asia Pacific is expected to emerge as the leading consumer. The shift of leading automotive manufacturers to countries such as India and Thailand, Vietnam and Malaysia from mature economies of North America and Europe has complimented the growth of the industry in the region.

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Polyurethane Foam Market

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