Polyurethane Foam Market

Polyurethane Foam Market Size, Share, Growth Analysis, By Application (Bedding, Furniture, Building & Construction, Automotive), By Type (Rigid Foam, Flexible Foam, Spray Foam.), By Region - Industry Forecast 2024-2031

Report ID: SQMIG15B2118 | Region: Global | Published Date: April, 2024
Pages: 251 | Tables: 69 | Figures: 75

Polyurethane Foam Market News

  • 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.
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Polyurethane Foam Market size was valued at USD 42.8 billion in 2022 and is poised to grow from USD 46.01 billion in 2023 to USD 82.06 billion by 2031, growing at a CAGR of 7.5% in the forecast period (2024-2031).

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. 'BASF SE', 'The Dow Chemical Company', 'Huntsman Corporation', 'Covestro AG', 'Recticel NV', 'Armacell International S.A.', 'Foamcraft, Inc.', 'Future Foam, Inc.', 'Carpenter Co.', 'Rogers Corporation', 'UFP Technologies, Inc.', 'Sekisui Chemical Co., Ltd.', 'Nitto Denko Corporation', 'Saint-Gobain S.A.', 'Woodbridge Foam Corporation', 'Vita Group', 'Zotefoams plc', 'Eurofoam GmbH', 'Wanhua Chemical Group Co., Ltd.', 'Trelleborg AB'

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.

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.

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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